$ENVB
Enveric Biosciences, Inc. Stock $envb

$envb Overview Financials Valuation SEC Filings Company Website

2023 Q2 Form 10-Q Financial Statement

#000149315223016990 Filed on May 15, 2023

Income Statement

Concept	2023 Q2	2023 Q1	2022 Q1
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$3.155M	$2.784M	$2.768M
YoY Change	26.15%	0.59%	-58.13%
% of Gross Profit
Research & Development	$2.513M	$1.990M	$1.959M
YoY Change	18.54%	1.6%	1124.19%
% of Gross Profit
Depreciation & Amortization	$44.33K	$44.30K	$69.27K
YoY Change	2.35%	-36.05%
% of Gross Profit
Operating Expenses	$2.513M	$1.990M	$4.796M
YoY Change	18.54%	-58.51%	-29.16%
Operating Profit	-$5.755M	-$4.861M	-$4.796M
YoY Change	22.27%	1.35%
Interest Expense	-$367.2K	$11.00	-$4.140K
YoY Change	-55074.55%	-100.27%
% of Operating Profit
Other Income/Expense, Net	-$601.0K	$183.2K	$276.0K
YoY Change	-131.37%	-33.63%	-92.14%
Pretax Income	-$6.356M	-$4.678M	-$4.524M
YoY Change	127.77%	3.39%	39.2%
Income Tax
% Of Pretax Income
Net Earnings	-$6.356M	-$4.678M	-$4.524M
YoY Change	127.77%	3.39%	39.17%
Net Earnings / Revenue
Basic Earnings Per Share	-$3.04	-$2.31	-$5.34
Diluted Earnings Per Share	-$3.04	-$2.31	-$5.340M
COMMON SHARES
Basic Shares Outstanding	2.078M shares	2.078M shares	847.1K shares
Diluted Shares Outstanding	2.108M shares	2.078M shares

Balance Sheet

Concept	2023 Q2	2023 Q1	2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$7.081M	$12.56M	$21.69M
YoY Change	-60.68%	-42.1%	-4.26%
Cash & Equivalents	$7.081M	$12.56M	$21.69M
Short-Term Investments
Other Short-Term Assets	$1.819M	$2.277M	$970.9K
YoY Change	33.69%	134.54%	26.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$8.900M	$14.84M	$22.67M
YoY Change	-54.05%	-34.53%	-3.22%
LONG-TERM ASSETS
Property, Plant & Equipment	$595.2K	$638.9K	$928.1K
YoY Change	-24.02%	-31.16%
Goodwill	$295.3K	$337.5K
YoY Change	-81.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$900.2K	$1.013M	$9.514M
YoY Change	-90.22%	-89.35%	301.42%
TOTAL ASSETS
Total Short-Term Assets	$8.900M	$14.84M	$22.67M
Total Long-Term Assets	$900.2K	$1.013M	$9.514M
Total Assets	$9.800M	$15.85M	$32.18M
YoY Change	-65.7%	-50.74%	24.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.234M	$1.793M	$1.218M
YoY Change	63.66%	47.17%	93.38%
Accrued Expenses	$1.499M	$1.028M	$875.2K
YoY Change	49.31%	17.48%
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	$4.926M	$4.438M	$2.094M
YoY Change	111.89%	112.0%	232.3%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities			$4.013M
YoY Change			-34.96%
Total Long-Term Liabilities	$0.00	$0.00	$4.013M
YoY Change	-100.0%	-100.0%	-34.96%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.926M	$4.438M	$2.094M
Total Long-Term Liabilities	$0.00	$0.00	$4.013M
Total Liabilities	$4.926M	$5.447M	$7.737M
YoY Change	-17.47%	-29.61%	13.95%
SHAREHOLDERS EQUITY
Retained Earnings	-$90.24M	-$83.89M
YoY Change	32.61%
Common Stock	$21.42K	$20.78K
YoY Change	103.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$4.875M	$10.41M	$24.44M
YoY Change
Total Liabilities & Shareholders Equity	$9.800M	$15.85M	$32.18M
YoY Change	-65.7%	-50.74%	24.77%

Cashflow Statement

Concept	2023 Q2	2023 Q1	2022 Q1
OPERATING ACTIVITIES
Net Income	-$6.356M	-$4.678M	-$4.524M
YoY Change	127.77%	3.39%	39.17%
Depreciation, Depletion And Amortization	$44.33K	$44.30K	$69.27K
YoY Change	2.35%	-36.05%
Cash From Operating Activities	-$4.466M	-$5.137M	-$4.549M
YoY Change	-2.6%	12.93%	43.95%
INVESTING ACTIVITIES
Capital Expenditures	$20.00	$5.169K	-$505.5K
YoY Change	-100.04%	-101.02%
Acquisitions
YoY Change
Other Investing Activities	$16.87K		$0.00
YoY Change			-100.0%
Cash From Investing Activities	$16.86K	-$5.169K	-$505.5K
YoY Change	-131.29%	-98.98%	-25.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-1.052M		9.398M
YoY Change	-209.81%		-62.23%
NET CHANGE
Cash From Operating Activities	-4.466M	-$5.137M	-4.549M
Cash From Investing Activities	16.86K	-$5.169K	-505.5K
Cash From Financing Activities	-1.052M		9.398M
Net Change In Cash	-5.501M	-$5.162M	4.343M
YoY Change	49.44%	-218.85%	-79.36%
FREE CASH FLOW
Cash From Operating Activities	-$4.466M	-$5.137M	-$4.549M
Capital Expenditures	$20.00	$5.169K	-$505.5K
Free Cash Flow	-$4.466M	-$5.142M	-$4.043M
YoY Change	-1.44%	27.17%	27.96%

Facts In Submission

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CY2023Q1	dei	Entity File Number EntityFileNumber	001-38286
CY2023Q1	dei	Entity Registrant Name EntityRegistrantName	ENVERIC BIOSCIENCES, INC.
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CY2023Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-5137009	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-4548941	usd
CY2023Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	5169	usd
CY2022Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	505507	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-5169	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-505507	usd
CY2022Q1	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	9397884	usd
CY2022Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	9397884	usd
CY2023Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	-19893	usd
CY2022Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	-4900	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-5162071	usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	4338536	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	17723884	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	17355999	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	12561813	usd
CY2022Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	21694535	usd
CY2023Q1	us-gaap	Interest Paid Net InterestPaidNet	11	usd
CY2022Q1	us-gaap	Interest Paid Net InterestPaidNet	4138	usd
CY2022Q1	ENVB	Warrants Issued In Conjunction With Notes Payable WarrantsIssuedInConjunctionWithNotesPayable	3595420	usd
CY2023Q1	ENVB	Preferred Dividends Attributable To Redeemable Noncontrolling Interest PreferredDividendsAttributableToRedeemableNoncontrollingInterest	12329	usd
CY2023Q1	ENVB	Accretion Of Embedded Derivative To Redemption Value AccretionOfEmbeddedDerivativeToRedemptionValue	110991	usd
CY2023Q1	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_805_eus-gaap--NatureOfOperations_zqmJaU4lmdni" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_822_z2ENYInS47Oi">BUSINESS AND LIQUIDITY AND OTHER UNCERTAINTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Nature of Operations</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enveric Biosciences, Inc. (“Enveric Biosciences, Inc.” “Enveric” or the “Company”) is a pharmaceutical company developing innovative, evidence-based cannabinoid medicines. The head office of the Company is located in Naples, Florida. The Company has the following wholly owned subsidiaries: Jay Pharma Inc. (“Jay Pharma”), 1306432 B.C. Ltd. (“HoldCo”), MagicMed Industries, Inc. (“MagicMed”), Enveric Canada, and Enveric Therapeutics, Pty. Ltd. (“Enveric Therapeutics”). The Company has an Amalgamation Agreement (“Amalgamation Agreement”) and tender agreement (“Tender Agreement”) with Jay Pharma, which was entered into in prior years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MagicMed Industries develops and commercializes psychedelic-derived pharmaceutical candidates. MagicMed’s psychedelic derivatives library, the Psybrary™, is an essential building block from which the industry can develop new patented products. The initial focus of the Psybrary™ is on psilocybin and DMT derivatives, and it is then expected to be expanded to other psychedelics.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the Company’s amalgamation with MagicMed completed in September 2021 (the “Amalgamation”), the Company has continued to pursue the development of MagicMed’s proprietary psychedelic derivatives library, the Psybrary™ which the Company believes will help to identify and develop the right drug candidates needed to address mental health challenges, including cancer-related distress. The Company synthesizes novel versions of classic psychedelics, such as psilocybin, N-dimethyltryptamine (DMT), mescaline and MDMA, using a mixture of chemistry and synthetic biology, resulting in the expansion of the Psybrary™, which includes 15 patent families with over a million potential variations and hundreds of synthesized molecules. Within the Psybrary™ the Company has three different types of molecules, Generation 1 (classic psychedelics), Generation 2 (pro-drugs), and Generation 3 (new chemical entities). The Company is working to add novel psychedelic molecular compounds and derivatives (“Psychedelic Derivatives”) on a regular basis through its work at Enveric Labs in Calgary, Alberta, Canada, where the Company has a team of PhD scientists with expertise in synthetic biology and chemistry. To date the Company has created over 500 molecules that are housed in the Psybrary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company screens newly synthesized molecules in the Psybrary™ through PsyAI™, a proprietary artificial intelligence (AI) tool. Leveraging AI systems is expected to reduce the time and cost of pre-clinical, clinical, and commercial development. The Company believes it streamlines pharmaceutical design by predicting ideal binding structures of molecules, manufacturing capabilities, and pharmacological effects to help determine ideal drug candidates, tailored to each indication. Each of these molecules that the Company believes are patentable can then be further screened to see how changes to its makeup alter its effects in order to synthesize additional new molecules. New compounds of sufficient purity are undergoing pharmacological screening, including non-clinical (receptors/cell lines), preclinical (animal), and ultimately clinical (human) evaluations. The Company intends to utilize the Psybrary™ and the AI tool to categorize and characterize the Psybrary™ substituents to focus on bringing more psychedelics-inspired molecules from discovery to the clinical phase.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Akos Spin-Off</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 11, 2022, the Company announced plans to transfer and spin-off its cannabinoid clinical development pipeline assets to Akos Biosciences, Inc. (formerly known as Acanna Therapeutics, Inc.), a majority-owned subsidiary of the Company (hereafter referred to as “Akos”), which was incorporated on April 13, 2022, by way of dividend to Enveric shareholders (the “Spin-Off”). The Spin-Off was subject to various conditions, including Akos meeting the qualifications for listing on the Nasdaq Stock Market, and if successful, would result in two standalone public companies. The new company resulting from the Spin-Off will be referred to as Akos. As of May 5, 2023, since the Spin-Off has not occurred, the holders of the Akos Series A Preferred Stock have the right, but not the obligation, to cause Akos to purchase all or a portion of the Akos Series A Preferred Stock. As of May 12, 2023, the holders of the Akos Series A Preferred Stock have exercised this right to force redemption of all of the Akos Series A Preferred Stock for $<span id="xdx_90E_eus-gaap--DividendsPayableAmountPerShare_iI_c20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkWcjKr1gJSi" title="Dividends, per share">1,000</span> per share, plus accrued but unpaid dividends of approximately $<span id="xdx_907_ecustom--UnpaidDividends_c20230511__20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9GARSDxSWJd" title="Unpaid dividends">50,000</span> for a total of approximately $<span id="xdx_90B_eus-gaap--DividendsPreferredStock_c20230511__20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqB9vwpTgDn3" title="Dividends">1,050,000</span>. The Company has 20 days following the receipt of the Put Exercise Notice (the “Put Exercise Notice”) to make the payment. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See Notes 7 and</span> 9.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reverse Stock Split</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 14, 2022, the Company effected a <span id="xdx_905_eus-gaap--StockholdersEquityReverseStockSplit_c20220713__20220714_z6tvNMrJM02j" title="Reverse stock split">1-for-50 reverse stock split</span>. All historical share and per share amounts reflected throughout this report have been adjusted to reflect the Reverse Stock Split.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Australian Subsidiary</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On March 21, 2023, the Company established Enveric Therapeutics, an Australia-based subsidiary, to support the Company’s plans to advance its EVM201 Series towards the clinic. Enveric Therapeutics will oversee the Company’s preclinical, clinical, and regulatory activities in Australia, including ongoing interactions with the local Human Research Ethics Committees (HREC) and the Therapeutic Goods Administration (TGA), Australia’s regulatory authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern, Liquidity and Other Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred a loss since inception resulting in an accumulated deficit of $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230331_zkzfU4LGp0cc" title="Accumulated deficit">83,885,313</span> as of March 31, 2023, and further losses are anticipated in the development of its business. Further, the Company has operating cash outflows of $<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20230331_zMCMrODEMVy1" title="Net cash used in operating activities">5,137,009</span> for the three months ended March 31, 2023. For the three months ended March 31, 2023, the Company had a loss from operations of $<span id="xdx_901_eus-gaap--OperatingIncomeLoss_iN_di_c20230101__20230331_zfDEOworTscj" title="Loss from operations">4,860,678</span>. Since its inception, being a research and development company, the Company has not yet generated revenue and the Company has incurred continuing losses from its operations. The Company’s operations have been funded principally through the issuance of debt and equity. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In assessing the Company’s ability to continue as a going concern, the Company monitors and analyzes its cash and its ability to generate sufficient cash flow in the future to support its operating and capital expenditure commitments. At March 31, 2023, the Company had cash of $<span id="xdx_90B_eus-gaap--Cash_iI_c20230331_zlM39Um2DTq2">12,561,813</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and working capital of $<span id="xdx_909_ecustom--WorkingCapital_iI_c20230331_zJPNPTLomHS5">10,400,754</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The Company’s current cash on hand is not sufficient enough to satisfy its operating cash needs for the 12 months from the filing of this Quarterly Report on Form 10-Q. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. Management’s plan to alleviate the conditions that raise substantial doubt include reducing the Company’s rate of spend, managing its cash flow, advancing its programs, and raising additional working capital through public or private equity or debt financings or other sources, which may include collaborations with third parties as well as disciplined cash spending, to increase the Company’s cash runway. See Note 9. Adequate additional financing may not be available to us on acceptable terms, or at all. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures including delaying or discontinuing certain operating activities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s material cash requirements consist of working capital to fund capital expenditures incurred at their research facility in Calgary and their operations, which consist primarily of, without limitation, employee related expenses, product development activities conducted by third parties, research materials and lab supplies, facility related expenses including rent and maintenance, costs associated with preclinical studies, patent related costs, costs of regulatory and public company compliance, insurance costs, audit costs, consultants and legal fees. Additionally, the Company currently utilizes third-party contract CROs to assist with clinical development activities. If the Company obtains regulatory approval for any of their product candidates, they expect to incur significant expenses to engage third-party contract CMOs to carry out their clinical manufacturing activities as they do not yet have a commercial organization, and incur significant expenses related to developing their internal commercialization capability to support product sales, marketing and distribution. The Company’s current working capital resources are not sufficient to fund these material cash requirements for the next twelve months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As a result of these factors, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date of the financial statements are issued. The Company’s unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In May 2023, the Company entered into a cost reduction plan, including a reduction in force of approximately <span id="xdx_906_ecustom--CostReductionPercentage_iI_pid_dp_uPure_c20230531__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zbZQq1fFnLig" title="Cost reduction percentage">35</span>% of its full-time employees. Additionally, contracts with seven consultants that were focused on the Akos cannabinoid spin-out will be terminated. The Company expects to record a charge of approximately $<span id="xdx_90F_eus-gaap--SeveranceCosts1_c20230501__20230531__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSNdvJxWSn7b" title="Severance costs">500,000</span> in severance and benefits. The Company expects the charges will be recognized primarily in the second quarter of 2023, with the majority of such charges anticipated to be paid by the end of the second quarter of 2023. The estimated costs that the Company expects to incur in connection with the cost reduction plan are subject to a number of assumptions, and actual results may differ significantly from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the cost reduction plan. The reduction in force may take longer than anticipated and the reduction in force may have an adverse impact on the Company’s performance. The plan includes a focus on progressing the Company’s existing non-cannabinoid pipeline while reducing the rate of spend and managing cash flow. The Company expects to substantially complete the reduction in force by the end of the second quarter of 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers the current inflationary trend existing in the North American economic environment reasonably likely to have a material unfavorable impact on results of continuing operations. Higher rates of price inflation, as compared to recent prior levels of price inflation, have caused a general increase in the cost of labor and materials. In addition, there is an increased risk of the Company experiencing labor shortages due to a potential inability to attract and retain human resources due to increased labor costs resulting from the current inflationary environment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2022Q3	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	1-for-50 reverse stock split
CY2023Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-83885313	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-5137009	usd
CY2023Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-4860678	usd
CY2023Q1	us-gaap	Cash Cash	12561813	usd
CY2023Q1	ENVB	Working Capital WorkingCapital	10400754	usd
CY2023Q1	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84B_eus-gaap--UseOfEstimates_zbcQWPYC49qb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_z2CIYP2evPda">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 amount of assets and liabilities at the date of the financial statements and expenses during the periods reported. By their nature, these estimates are subject to measurement uncertainty and the effects on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include determining the fair value of transactions involving common stock and the valuation of stock-based compensation, accruals associated with third party providers supporting research and development efforts, and estimated fair values of long lived assets used to record impairment charges related to intangible assets. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	0	usd
CY2022Q1	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	0	usd
CY2023Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	42188	usd
CY2022Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	42188	usd
CY2023Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	1028182	usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	1705655	usd
CY2023Q1	us-gaap	Common Stock Voting Rights CommonStockVotingRights	The holders of the Company’s common stock are entitled to one vote per share.
CY2023Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2023Q1	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zAU4GImKKoPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zfYAc0Xhpql8">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, may exceed the federal depository insurance coverage of $<span id="xdx_90C_eus-gaap--CashFDICInsuredAmount_iI_c20230331__srt--StatementGeographicalAxis__country--US_zbMqENstkaN9">250,000</span> in the United States and Australia and $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_iI_c20230331__srt--StatementGeographicalAxis__country--CA_zbybFYQnDmUi" title="Cash insured amount">100,000</span> in Canada. The Company has not experienced losses on these accounts, and management believes the Company is not exposed to significant risks on such accounts. As of March 31, 2023, the Company had greater than $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20230331__srt--StatementGeographicalAxis__country--US_zblmspJQaBjf" title="Cash FDIC insured amount">250,000</span> at US financial institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	1927170	shares
CY2022Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	830758	shares
CY2023Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	20000000	shares
CY2022Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	379686	usd
CY2023Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	42188	usd
CY2023Q1	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	337498	usd
CY2023Q1	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	223073	usd
CY2022Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	178775	usd
CY2023Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	638935	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	677485	usd
CY2023Q1	us-gaap	Depreciation Depreciation	44298	usd
CY2022Q1	us-gaap	Depreciation Depreciation	27077	usd
CY2023Q1	ENVB	Accrued Product Development Cost AccruedProductDevelopmentCost	147968	usd
CY2022Q4	ENVB	Accrued Product Development Cost AccruedProductDevelopmentCost	195104	usd
CY2023Q1	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	397912	usd
CY2022Q4	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	1175963	usd
CY2023Q1	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	246976	usd
CY2022Q4	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	83255	usd
CY2023Q1	us-gaap	Accrued Income Taxes Current AccruedIncomeTaxesCurrent	217326	usd
CY2023Q1	us-gaap	Accrued Royalties Current AccruedRoyaltiesCurrent	18000	usd
CY2022Q4	us-gaap	Accrued Royalties Current AccruedRoyaltiesCurrent	251333	usd
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Description ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription	(i) increase the aggregate number of shares available for the grant of awards by 146,083 shares to a total of 200,000 shares, and (ii) add an “evergreen” provision whereby the number of shares authorized for issuance pursuant to awards under the Incentive Plan will be automatically increased on the first trading date immediately following the date the Company issues any share of Common Stock (defined below) to any person or entity, to the extent necessary so that the number of shares of the Company’s Common Stock authorized for issuance under the Incentive Plan will equal the greater of (x) 200,000 shares, and (y) 15% of the total number of shares of the Company’s Common Stock outstanding as of such issuance date. The Plan Amendment was approved by the Company’s stockholders at a special meeting of the Company’s stockholders held on July 14, 2022.
CY2022Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	48329	shares
CY2022Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	37.05
CY2022Q4	ENVB	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue	44.82
CY2023Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P4Y1M6D
CY2023Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	375	shares
CY2023Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	3.07
CY2023Q1	ENVB	Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageGrantDateFairValue	2.58
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	47954	shares
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	37.29
CY2023Q1	ENVB	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue	49.79
CY2023Q1	ENVB	Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm	P3Y10M24D
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	26901	shares
CY2023Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	58.37
CY2023Q1	ENVB	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue	78.21
CY2023Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P2Y8M12D
CY2023Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	484749	usd
CY2022Q1	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	719767	usd
CY2022Q4	us-gaap	Redeemable Noncontrolling Interest Equity Carrying Amount RedeemableNoncontrollingInterestEquityCarryingAmount	885028	usd
CY2023Q1	us-gaap	Temporary Equity Stock Issued During Period Value New Issues TemporaryEquityStockIssuedDuringPeriodValueNewIssues	12329	usd
CY2023Q1	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	110991	usd
CY2023Q1	us-gaap	Redeemable Noncontrolling Interest Equity Carrying Amount RedeemableNoncontrollingInterestEquityCarryingAmount	1008348	usd

Files In Submission

Name	View Source	Status
envb-20230331_def.xml	Edgar Link	unprocessable
envb-20230331_cal.xml	Edgar Link	unprocessable
0001493152-23-016990-index-headers.html	Edgar Link	pending
0001493152-23-016990-index.html	Edgar Link	pending
0001493152-23-016990.txt	Edgar Link	pending
0001493152-23-016990-xbrl.zip	Edgar Link	pending
envb-20230331.xsd	Edgar Link	pending
ex10-2.htm	Edgar Link	pending
ex31-1.htm	Edgar Link	pending
ex31-2.htm	Edgar Link	pending
ex32.htm	Edgar Link	pending
ex99-1.htm	Edgar Link	pending
ex99-1_001.jpg	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
form10-q.htm	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
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envb-20230331_pre.xml	Edgar Link	unprocessable
envb-20230331_lab.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
form10-q_htm.xml	Edgar Link	completed
R31.htm	Edgar Link	pending
R32.htm	Edgar Link	pending
R33.htm	Edgar Link	pending
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R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$ENVB
Enveric Biosciences, Inc. Stock $envb

2023 Q2 Form 10-Q Financial Statement

#000149315223016990 Filed on May 15, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ENVB Enveric Biosciences, Inc. Stock $envb

2023 Q2 Form 10-Q Financial Statement

#000149315223016990 Filed on May 15, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ENVB
Enveric Biosciences, Inc. Stock $envb