$ENVB
Enveric Biosciences, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156761920010243 Filed on May 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q4
Revenue $8.250M $9.603M $9.060M
YoY Change -25.1% -10.14% -11.87%
Cost Of Revenue $6.440M $7.721M $7.340M
YoY Change -25.4% -9.66% -12.41%
Gross Profit $1.820M $1.882M $1.730M
YoY Change -23.6% -12.07% -9.42%
Gross Profit Margin 22.06% 19.59% 19.09%
Selling, General & Admin $2.470M $2.925M $3.130M
YoY Change -25.06% 1.64% 14.23%
% of Gross Profit 135.71% 155.43% 180.92%
Research & Development $70.00K $0.00
YoY Change
% of Gross Profit 3.85% 0.0%
Depreciation & Amortization $530.0K $560.0K $1.150M
YoY Change -5.36% 0.0% 82.54%
% of Gross Profit 29.12% 29.76% 66.47%
Operating Expenses $3.000M $3.484M $3.710M
YoY Change -22.25% 1.33% 3.92%
Operating Profit -$1.180M -$1.603M -$1.980M
YoY Change -20.08% 23.43% 19.28%
Interest Expense -$370.0K $160.1K -$140.0K
YoY Change -336.18% 12.28% -6.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Pretax Income -$1.560M -$1.763M -$2.120M
YoY Change 25.81% -6.8% -84.23%
Income Tax $20.00K $21.89K $400.0K
% Of Pretax Income
Net Earnings -$1.570M -$1.785M -$2.530M
YoY Change 24.94% -4.06% -87.2%
Net Earnings / Revenue -19.03% -18.58% -27.92%
Basic Earnings Per Share -$0.60
Diluted Earnings Per Share -$1.784M -$0.60 -$4.016M
COMMON SHARES
Basic Shares Outstanding 3.247M 3.175M 62.82M
Diluted Shares Outstanding 3.175M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.090M $1.270M $430.0K
YoY Change 30.62% -26.16% -68.61%
Cash & Equivalents $2.090M $1.267M $431.4K
Short-Term Investments
Other Short-Term Assets $890.0K $874.9K $783.6K
YoY Change 8.54% 4.15% -4.27%
Inventory
Prepaid Expenses
Receivables $7.290M $8.102M $6.384M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.27M $10.24M $7.599M
YoY Change -6.35% -10.61% -24.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.010M $115.5K $83.13K
YoY Change 1593.72% 92.54% 41.15%
Goodwill $13.73M $13.73M
YoY Change 0.0%
Intangibles $3.036M $3.584M
YoY Change -37.97%
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $10.00K
YoY Change -75.0% -66.67% 0.0%
Total Long-Term Assets $17.24M $16.89M $17.41M
YoY Change -6.87% -11.33% -11.09%
TOTAL ASSETS
Total Short-Term Assets $10.27M $10.24M $7.599M
Total Long-Term Assets $17.24M $16.89M $17.41M
Total Assets $27.51M $27.14M $25.01M
YoY Change -6.68% -11.06% -15.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.870M $5.254M $4.696M
YoY Change -1.54% 3.43% 7.28%
Accrued Expenses $2.130M $2.180M $2.110M
YoY Change 18.33% 33.74% 24.12%
Deferred Revenue
YoY Change
Short-Term Debt $5.230M $1.000M $0.00
YoY Change 4.18% -80.73% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.77M $16.91M $14.38M
YoY Change -11.11% 14.98% -2.08%
LONG-TERM LIABILITIES
Long-Term Debt $1.150M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $710.0K $170.0K
YoY Change -83.29% -95.94%
Total Long-Term Liabilities $1.860M $0.00 $0.00
YoY Change -56.25% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.77M $16.91M $14.38M
Total Long-Term Liabilities $1.860M $0.00 $0.00
Total Liabilities $14.63M $16.91M $14.38M
YoY Change -21.42% -12.55% -23.81%
SHAREHOLDERS EQUITY
Retained Earnings -$42.40M -$40.51M
YoY Change 17.49%
Common Stock $32.47K $25.22K
YoY Change 48.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.88M $10.22M $10.62M
YoY Change
Total Liabilities & Shareholders Equity $27.51M $27.14M $25.01M
YoY Change -6.68% -11.06% -15.63%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$1.570M -$1.785M -$2.530M
YoY Change 24.94% -4.06% -87.2%
Depreciation, Depletion And Amortization $530.0K $560.0K $1.150M
YoY Change -5.36% 0.0% 82.54%
Cash From Operating Activities -$570.0K -$2.293M -$980.0K
YoY Change 16.33% 133.01% -2.97%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$40.00K -$50.00K
YoY Change -100.0% 300.0%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities $0.00 -$43.37K -$50.00K
YoY Change -100.0% -61.25% -350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.390M 3.172M -130.0K
YoY Change 189.58% 119.12% -144.83%
NET CHANGE
Cash From Operating Activities -570.0K -2.293M -980.0K
Cash From Investing Activities 0.000 -43.37K -50.00K
Cash From Financing Activities 1.390M 3.172M -130.0K
Net Change In Cash 820.0K 836.0K -1.160M
YoY Change -730.77% 137.64% 65.71%
FREE CASH FLOW
Cash From Operating Activities -$570.0K -$2.293M -$980.0K
Capital Expenditures $0.00 -$40.00K -$50.00K
Free Cash Flow -$570.0K -$2.253M -$930.0K
YoY Change 21.28% 131.29%

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">NOTE 2.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">BASIS OF PRESENTATION:</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP, and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Certain information and disclosure notes normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to ensure the information presented is not misleading.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">The accompanying unaudited condensed consolidated financial statements reflect all adjustments (which were of a normal, recurring nature) that, in the opinion of management, are necessary to present fairly our financial position, results of operations and cash flows as of and for the interim periods presented. All intercompany transactions have been eliminated in the accompanying unaudited condensed consolidated financial statements.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">Our comprehensive income (loss) consists of net income (loss) plus or minus any periodic currency translation adjustments.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Recent Accounting Pronouncements</div><div><br /></div><div style="font-weight: bold;">New Standards to Be Implemented</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">In January 2017, the FASB issued ASU No. 2017-04, simplifying the Test for Goodwill Impairment. Under this new standard, goodwill impairment would be measured as the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This update is effective for annual periods beginning after December 15, 2019, and interim periods within those periods. Early adoption is permitted for interim or annual goodwill impairment test performed on testing dates after January 1, 2017. The company does not expect any material impact on its financial statements.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842)&#8221;. This new standard replaces the existing guidance on leases and requires the lessee to recognize a right-of-use asset and a lease liability for all leases with lease terms equal to or greater than twelve months. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize total lease expense on a straight-line basis. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2018. Upon adoption, entities will be required to use a modified retrospective transition which provides for certain practical expedients. Entities are required to apply the new standard at the beginning of the earliest comparative period presented. Early adoption of this new standard is permitted.<br /></div></div>
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CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1892362
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
3484141
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
3438326
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1298362
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1602575
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
18714
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-35503
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
783606
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
874856
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-35503
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
18714
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1989894
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2177206
CY2020Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
43374
CY2019Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
11923
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
100000
CY2019Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
105705
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
107835
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
424938
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
424938
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
4249
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
4249
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
424938
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
424938
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2019Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-19772
CY2020Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
3172431
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1467595
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-1784527
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-1859972
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83128
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115521
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-42400593
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-40508231
CY2020Q1 us-gaap Revenues
Revenues
9602528
CY2019Q1 us-gaap Revenues
Revenues
10686196
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2877309
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2924518
CY2020Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1000000
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
10621547
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
10223117
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10759097
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
11162329
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3175040
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1807403
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3175040
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1807403
CY2020Q1 amrh Convertible Notes
ConvertibleNotes
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">NOTE 10.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">CONVERTIBLE NOTES:</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 36pt;">On March 7, 2017, we completed the sale and issuance of 8% Convertible Unsecured Promissory Notes (the &#8220;2017 Notes&#8221;) for aggregate proceeds to us of $1.25 million from four accredited investors, including one of the Company&#8217;s then-directors, Dhruwa N. Rai, and David Luci, who became a director of the Company in February 2018. The 2017 Notes were issued pursuant to Securities Purchase Agreements between the Company and each investor. The 2017 Notes bear interest at 8% per annum until maturity in March 2020, with interest being paid annually on the first, second and third anniversaries of the issuance of the 2017 Notes beginning in March 2018. From and after an event of default and for so long as the event of default is continuing, the 2017 Notes will bear default interest at the rate of 10% per annum.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt; color: #000000;"><font style="background-color: #FFFFFF;">We have not repaid the 2017 Notes and do not currently have sufficient funds available to meet these obligations.</font></div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">During the first quarter of 2019 the company repaid $0.25 million towards 2017 notes.</div><div><br /></div><div style="text-align: justify; text-indent: 36pt;">The 2017 Notes are convertible into shares of our common stock at a conversion price equal to $2.80. The holders of the 2017 Notes have the right, at their option, at any time and from time to time to convert, in part or in whole, the outstanding principal amount and all accrued and unpaid interest under the 2017 Notes into shares of the Company&#8217;s common stock at the conversion price.</div><div style="text-align: justify; text-indent: 36pt;"><br /></div><div style="font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 36pt;">On November 25, 2019, the Company entered into a securities purchase agreement with an institutional investor for the sale of a $1,000,000 convertible debenture (the &#8220;First Debenture&#8221;).</div><div><br /></div><div style="font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 36pt;">The First Debenture accrues interest at rate of 5% and will be due six (6) months from the issue date. The First Debenture may be converted at any time after the issue date into shares of Company&#8217;s Common Stock at a price equal to $2.725.</div><div><br /></div><div></div><div style="font-family: 'Times New Roman', Times, serif; text-indent: 36pt;">On January 14, 2020, the Company entered into a securities purchase agreement (with the same institutional investor for the sale of a $500,000 convertible debenture (the &#8220;Second Debenture&#8221; and collectively with the First Debenture, the &#8220;Debentures&#8221;).</div><div><br /></div><div style="margin: 0px 0px 8pt; font-family: 'Times New Roman', Times, serif; text-indent: 36pt;">The Second Debenture accrues interest at rate of 5% and is due on the same date as the First Debenture. The Second Debenture may be converted at any time after the issue date into shares of Company&#8217;s Common Stock at a price equal to $2.725.</div></div>
CY2019Q4 amrh Unsecured Convertible Debt Current
UnsecuredConvertibleDebtCurrent
1000000
CY2020Q1 amrh Unsecured Convertible Debt Current
UnsecuredConvertibleDebtCurrent
1500000
CY2019Q4 amrh Business Combination Cash Consideration Payable Current
BusinessCombinationCashConsiderationPayableCurrent
2496000
CY2020Q1 amrh Business Combination Cash Consideration Payable Current
BusinessCombinationCashConsiderationPayableCurrent
1000000
CY2020Q1 amrh Stock Option Restricted Stock Unit And Warrant Expense
StockOptionRestrictedStockUnitAndWarrantExpense
19810
CY2019Q1 amrh Stock Option Restricted Stock Unit And Warrant Expense
StockOptionRestrictedStockUnitAndWarrantExpense
277377
CY2020Q1 amrh Number Of Subsidiaries
NumberOfSubsidiaries
11
CY2020Q1 amrh Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
127814
CY2020Q1 amrh Lessee Operating Lease Liability Payments Due Year Seven
LesseeOperatingLeaseLiabilityPaymentsDueYearSeven
64692
CY2020Q1 amrh Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
292878
CY2020Q1 amrh Stock Issued During Period Value Extinguishment Of Liability
StockIssuedDuringPeriodValueExtinguishmentOfLiability
1496000
CY2020Q1 amrh Stock Issued During Period Conversion Of Accrued Interest Value
StockIssuedDuringPeriodConversionOfAccruedInterestValue
13625
CY2019Q1 amrh Exercise Of Warrants Value
ExerciseOfWarrantsValue
1467595
CY2019Q1 amrh Shares Issued Towards Earn Outs Value
SharesIssuedTowardsEarnOutsValue
605223

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