2023 Q4 Form 10-Q Financial Statement

#000149315223040493 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $930.7K $2.010M $3.515M
YoY Change -67.02% -42.81% 65.48%
% of Gross Profit
Research & Development $1.369M $1.352M $2.056M
YoY Change -27.69% -34.24% 68.59%
% of Gross Profit
Depreciation & Amortization $83.98K $44.11K $44.46K
YoY Change -2.91% -0.79% -90.82%
% of Gross Profit
Operating Expenses $2.384M $1.352M $2.056M
YoY Change -50.35% -34.24% -41.55%
Operating Profit -$3.448M -$5.657M
YoY Change -39.04% 60.85%
Interest Expense $609.2K $560.0K $308.00
YoY Change -62.44% 181718.18% -183.24%
% of Operating Profit
Other Income/Expense, Net -$1.639M $632.8K $3.178M
YoY Change -448.82% -80.09% 294.86%
Pretax Income -$3.414M -$2.816M -$2.479M
YoY Change -66.41% 13.58% -8.61%
Income Tax $22.32K $6.595K
% Of Pretax Income
Net Earnings -$3.436M -$2.822M -$2.479M
YoY Change -60.96% 13.85% -8.61%
Net Earnings / Revenue
Basic Earnings Per Share -$1.30 -$1.46
Diluted Earnings Per Share -$1.50 -$1.30 -$1.387M
COMMON SHARES
Basic Shares Outstanding 2.321M shares 2.148M shares 1.575M shares
Diluted Shares Outstanding 2.165M shares 1.787M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.288M $4.270M $21.20M
YoY Change -87.09% -79.86% -1.15%
Cash & Equivalents $2.288M $4.267M $21.20M
Short-Term Investments
Other Short-Term Assets $1.294M $1.560M $1.066M
YoY Change 82.69% 46.37% 27.93%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.582M $5.827M $22.27M
YoY Change -80.57% -73.83% -0.07%
LONG-TERM ASSETS
Property, Plant & Equipment $507.4K $539.2K $712.9K
YoY Change -25.11% -24.38% 407.18%
Goodwill $253.1K $1.468M
YoY Change -82.76%
Intangibles $210.9K $6.319M
YoY Change -44.45%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $718.3K $792.3K $8.589M
YoY Change -35.92% -90.78% -81.91%
TOTAL ASSETS
Total Short-Term Assets $3.582M $5.827M $22.27M
Total Long-Term Assets $718.3K $792.3K $8.589M
Total Assets $4.300M $6.619M $30.86M
YoY Change -78.01% -78.55% -55.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.219M $1.098M $710.3K
YoY Change 163.08% 54.61% -67.16%
Accrued Expenses $1.076M $1.534M $1.113M
YoY Change -36.94% 37.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.344M $4.184M $2.598M
YoY Change -41.35% 61.02% 20.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.514M
YoY Change -20.59%
Total Long-Term Liabilities $0.00 $0.00 $4.655M
YoY Change -100.0% 47.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.344M $4.184M $2.598M
Total Long-Term Liabilities $0.00 $0.00 $4.655M
Total Liabilities $2.344M $4.180M $7.254M
YoY Change -41.35% -42.37% -49.6%
SHAREHOLDERS EQUITY
Retained Earnings -$96.50M -$93.06M -$70.53M
YoY Change 21.83% 31.95%
Common Stock $27.39K $21.82K $20.78K
YoY Change 31.81% 4.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.956M $2.436M $22.84M
YoY Change
Total Liabilities & Shareholders Equity $4.300M $6.619M $30.86M
YoY Change -78.01% -78.55% -55.77%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$3.436M -$2.822M -$2.479M
YoY Change -60.96% 13.85% -8.61%
Depreciation, Depletion And Amortization $83.98K $44.11K $44.46K
YoY Change -2.91% -0.79% -90.82%
Cash From Operating Activities -$1.754M -$2.740M -$4.550M
YoY Change -49.33% -39.79% 106.26%
INVESTING ACTIVITIES
Capital Expenditures -$4.820K $0.00 -$18.57K
YoY Change -177.74% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$3.150K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $1.670K $0.00 -$18.57K
YoY Change -126.94% -100.0% -100.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -183.1K -110.0K 7.824M
YoY Change -101.41% -78242300.0%
NET CHANGE
Cash From Operating Activities -1.754M -2.740M -4.550M
Cash From Investing Activities 1.670K 0.000 -18.57K
Cash From Financing Activities -183.1K -110.0K 7.824M
Net Change In Cash -1.936M -2.850M 3.255M
YoY Change -44.18% -187.55% 283.36%
FREE CASH FLOW
Cash From Operating Activities -$1.754M -$2.740M -$4.550M
Capital Expenditures -$4.820K $0.00 -$18.57K
Free Cash Flow -$1.750M -$2.740M -$4.532M
YoY Change -49.55% -39.54%

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<p id="xdx_808_eus-gaap--NatureOfOperations_zZOWzTBnJPt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_820_z5d9H6FlAmac">BUSINESS AND LIQUIDITY AND OTHER UNCERTAINTIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.35pt; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enveric Biosciences, Inc. (“Enveric” or the “Company”) is a biotechnology company developing novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. 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 Inc., and Enveric Therapeutics, Pty. Ltd. (“Enveric Therapeutics”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leveraging its unique discovery and development platform, The Psybrary™, Enveric has created a robust Intellectual Property portfolio of New Chemical Entities for specific mental health indications. Enveric’s lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. Enveric is developing the first product from the EVM201 Series – EB-373 – for the treatment of psychiatric disorders. Enveric is also advancing its second program, the EVM301 Series, expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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, 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 the Company’s 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 0pt 0pt 0; 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 0pt 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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”). As of May 12, 2023, the holders of the Company’s Akos Series A Preferred Stock, par value $<span id="xdx_906_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zH0eJxeqbZ5" title="Preferred stock, par value">0.01</span> per share (“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_900_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zAlqNJHINDm3" title="Dividends, per share">1,000</span> per share, plus accrued but unpaid dividends of $<span id="xdx_900_ecustom--UnpaidDividends_c20230511__20230512__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zCidaWMzeCf9" title="Unpaid dividends">52,057</span> for a total of $<span id="xdx_901_eus-gaap--DividendsPreferredStock_c20230511__20230512_zUE8CUwd6b34" title="Dividends">1,052,057</span>. The Company made full payment on May 19, 2023. See Note 8.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Australian Subsidiary</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 21, 2023, the Company established Enveric Therapeutics, an Australia-based subsidiary, to support the Company’s plans to advance its lead program, the EVM201 Series, comprised of the next generation synthetic prodrugs of the active metabolite, psilocin (“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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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 0pt 0pt 0; text-align: center"><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; margin: 0pt 0pt 0pt 0; text-align: center"><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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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_c20230930_zyyUvCe1Q1Y4" title="Accumulated deficit">93,063,582</span> as of September 30, 2023, and further losses are anticipated in the development of its business. Further, the Company had operating cash outflows of $<span id="xdx_90E_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20230930_zMdsI3DQIgIb" title="Net cash used in operating activities">12,343,363</span> for the nine months ended September 30, 2023. For the nine months ended September 30, 2023, the Company had a loss from operations of $<span id="xdx_902_eus-gaap--OperatingIncomeLoss_iN_di_c20230101__20230930_zpYlggpFTxq4" title="Loss from operations">14,064,080</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 0pt 0pt 0; 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 0pt 0pt 0; 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 September 30, 2023, the Company had cash of $<span id="xdx_902_eus-gaap--Cash_iI_c20230930_zSFLuh10xYv3" title="Cash">4,266,568</span> and working capital of $<span id="xdx_904_ecustom--WorkingCapital_iI_c20230930_zEJOSkTqVgoe" title="Working capital">1,643,374</span>. The Company’s current cash on hand is insufficient to satisfy its operating cash needs for the 12 months following 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 has included the Equity Distribution Agreement with Canaccord for proceeds of up to $<span id="xdx_90D_eus-gaap--ProceedsFromShortTermDebt_pn5n6_c20230101__20230930__us-gaap--TypeOfArrangementAxis__custom--EquityDistributionAgreementMember_zt3c3qBJSUHh" title="Additional working capital">2.4</span> million (see Note 7) and the Purchase Agreement with Lincoln Park (see Note 10), subject to registration, and may include collaborations with additional third parties, as well as disciplined cash spending, to increase the Company’s cash runway. Adequate additional financing may not be available to the Company 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: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 research organizations (“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 manufacturing organizations (“CMOs”) to carry out their clinical manufacturing activities as it does not yet have a commercialization infrastructure, and incur significant expenses related to developing its internal commercialization capability to support product sales, marketing and distribution. The Company’s current working capital resources are insufficient to fund these material cash requirements for the next twelve months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reduction in Force/Restructuring</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2023, the Company entered into a cost reduction plan, including a reduction in force of approximately 35% of its full-time employees to streamline its operations and conserve cash resources. Additionally, contracts with seven consultants that were focused on the Akos cannabinoid spin-out were terminated. The Company recognized severance charges of approximately $<span id="xdx_909_eus-gaap--SeveranceCosts1_c20230501__20230531_zxu8RWK4igDi" title="Severance costs">453,059</span> through September 30, 2023. The plan included a focus on progressing the Company’s existing non-cannabinoid pipeline while reducing the rate of spend and managing cash flow. In June 2023, the Company completed the reduction in force, with such severance expenses recorded in general and administrative accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 16, 2023, the Company entered into a separation agreement with Avani Kanubaddi, the Company’s President and Chief Operating Officer (the “Kanubaddi Separation Agreement”). In accordance with the Kanubaddi Separation Agreement, Mr. Kanubaddi’s outstanding restricted stock units (“RSUs”) will retain their vesting conditions. Mr. Kanubaddi’s 2023 salary and benefits of $<span id="xdx_90C_eus-gaap--SalariesAndWages_c20230615__20230616__us-gaap--TypeOfArrangementAxis__custom--KanubaddiSeparationAgreementMember_zix7YcCkanme" title="Salaries and benefit">550,974</span> were accrued and will be paid out in twelve equal monthly installments beginning in July 2023. Upon termination, any unvested time-based RSUs became fully vested. The Company accelerated expense recognized related to these shares that vested was $<span id="xdx_907_ecustom--ExpenseRelatedToAccelerationOfVesting_c20230615__20230616__us-gaap--TypeOfArrangementAxis__custom--MrKanubaddiEmploymentAgreementMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTwurjCl2yW5" title="Expense related to acceleration of vesting">231,273</span>. Of the <span id="xdx_906_ecustom--MarketPerformanceBasedShares_iI_c20230616__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwjR13z5wUke" title="Market performance based shares">11,278</span> market performance-based RSUs previously granted, <span id="xdx_902_ecustom--MarketPerformanceBasedShares_iI_c20230616__us-gaap--TypeOfArrangementAxis__custom--MrKanubaddiEmploymentAgreementMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zmKplWzf0dE9" title="Market performance based shares">3,759</span> will continue to be subject to the original terms and conditions of Mr. Kanubaddi’s employment agreement and the remainder were forfeited.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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 0pt 0pt 0; text-align: center"><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; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p id="xdx_899_eus-gaap--ScheduleOfRestructuringAndRelatedCostsTextBlock_zvmyhp9yqXog" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BD_zh4bX6A308Zj" style="display: none">SCHEDULE OF RESTRUCTURING COSTS PAYABLE</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Accrued Restructuring Costs</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">January 1, 2023 Beginning balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--RestructuringAndRelatedCostCostIncurredToDate1_iS_c20230101__20230930_zPNSGCYsvV6g" style="text-align: right" title="Restructuring cost payable, beginning"><span style="-sec-ix-hidden: xdx2ixbrl0999">—</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: right">Restructuring costs incurred</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--RestructuringAndRelatedCostIncurredCost_c20230101__20230930_zGmeHs9oE1gb" style="width: 56%; text-align: right" title="Restructuring costs incurred">1,004,033</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1.5pt">Restructuring costs paid</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--RestructuringCosts_c20230101__20230930_zr45BgIf8gN8" style="border-bottom: Black 1.5pt solid; text-align: right" title="Restructuring costs">(396,431</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 2.5pt">September 30, 2023 ending balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--RestructuringAndRelatedCostCostIncurredToDate1_iE_c20230101__20230930_zqxBK6O1Ejm2" style="border-bottom: Black 2.5pt double; text-align: right" title="Restructuring cost payable, ending">607,602</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_ziTdDqB4gdc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1052057 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93063582 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12343363 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-14064080 usd
CY2023Q3 us-gaap Cash
Cash
4266568 usd
CY2023Q3 ENVB Working Capital
WorkingCapital
1643374 usd
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
453059 usd
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
1004033 usd
us-gaap Restructuring Costs
RestructuringCosts
-396431 usd
CY2023Q3 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
607602 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zrbmf91SDFOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zXPqm69fXUP9">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_z0QdQQNDZ0N4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zhuvd1vi2PU7">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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_90B_eus-gaap--CashFDICInsuredAmount_iI_c20230930__srt--StatementGeographicalAxis__country--US_z8pdxhOi2v0i" title="Cash FDIC insured amount">250,000</span> in the United States and Australia and $<span id="xdx_907_eus-gaap--CashFDICInsuredAmount_iI_c20230930__srt--StatementGeographicalAxis__country--CA_z7aoJ0vi7a42" 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 September 30, 2023, the Company had greater than $<span id="xdx_909_eus-gaap--CashFDICInsuredAmount_iI_c20230930__srt--StatementGeographicalAxis__country--US_ze0UQJhWZzo8" title="Cash FDIC insured amount">250,000</span> at United States financial institutions, less than $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_iI_c20230930__srt--StatementGeographicalAxis__country--AU_zN1c7ZXUhIs2" title="Cash FDIC insured amount">250,000</span> at Australian financial institutions, and greater than $<span id="xdx_907_eus-gaap--CashFDICInsuredAmount_iI_c20230930__srt--StatementGeographicalAxis__country--CA_zBJaSOX7bAV2" title="Cash FDIC insured amount">100,000</span> at Canadian financial institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
125800 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1880843 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1880843 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1875811 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1875811 shares
CY2023Q3 ENVB Prepaid Research And Development
PrepaidResearchAndDevelopment
651623 usd
CY2022Q4 ENVB Prepaid Research And Development
PrepaidResearchAndDevelopment
268686 usd
CY2023Q3 us-gaap Prepaid Taxes
PrepaidTaxes
229909 usd
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
159782 usd
CY2023Q3 ENVB Prepaid Professional Fees
PrepaidProfessionalFees
74500 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
332508 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
174406 usd
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
146014 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
105179 usd
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
125800 usd
CY2023Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
18000 usd
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
251333 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1560354 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
708053 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
379686 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126566 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
253120 usd
CY2023Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2022Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
42191 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
42191 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126566 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
126563 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
307067 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
178775 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
539152 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
677485 usd
CY2023Q3 us-gaap Depreciation
Depreciation
44105 usd
CY2022Q3 us-gaap Depreciation
Depreciation
44458 usd
us-gaap Depreciation
Depreciation
132734 usd
us-gaap Depreciation
Depreciation
114850 usd
CY2023Q3 ENVB Accrued Product Development Cost
AccruedProductDevelopmentCost
94663 usd
CY2022Q4 ENVB Accrued Product Development Cost
AccruedProductDevelopmentCost
195104 usd
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
729616 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1175963 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
74499 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
83255 usd
CY2023Q3 ENVB Accrued Restructuring Costs
AccruedRestructuringCosts
607602 usd
CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
9449 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1533829 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1705655 usd
us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of the Company’s common stock are entitled to one vote per share
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
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 shareholders at a special meeting of the Company’s shareholders 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
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y1M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
16476 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.79
ENVB Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedWeightedAverageGrantDateFairValue
5.80
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
31852 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
53.18
CY2023Q3 ENVB Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValue
74.04
ENVB Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm
P3Y4M24D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
24626 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
63.72
CY2023Q3 ENVB Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
86.52
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
328253 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
590190 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1638365 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1932553 usd
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
714000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
885028 usd
us-gaap Temporary Equity Stock Issued During Period Value New Issues
TemporaryEquityStockIssuedDuringPeriodValueNewIssues
19041 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
147988 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
1052057 usd

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