2020 Q2 Form 10-Q Financial Statement

#000161883520000216 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $19.73M $6.695M
YoY Change 194.73% -41.32%
% of Gross Profit
Research & Development $2.640M $5.246M
YoY Change -49.68% -55.67%
% of Gross Profit
Depreciation & Amortization $50.00K $60.00K
YoY Change -16.67% 0.0%
% of Gross Profit
Operating Expenses $22.37M $11.94M
YoY Change 87.35% -48.62%
Operating Profit -$22.37M -$11.94M
YoY Change 87.35% -48.62%
Interest Expense -$29.95M -$23.50M
YoY Change 27.45% -78433.33%
% of Operating Profit
Other Income/Expense, Net -$30.29M -$23.51M
YoY Change 28.88%
Pretax Income -$52.67M -$35.45M
YoY Change 48.58% 52.51%
Income Tax $0.00 $4.000K
% Of Pretax Income
Net Earnings -$52.67M -$35.45M
YoY Change 48.56% 52.51%
Net Earnings / Revenue
Basic Earnings Per Share -$0.91
Diluted Earnings Per Share -$0.91 -$965.2K
COMMON SHARES
Basic Shares Outstanding 57.70M shares 35.37M shares
Diluted Shares Outstanding 57.70M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.7M $50.70M
YoY Change 143.98% 122.37%
Cash & Equivalents $123.6M $50.68M
Short-Term Investments $200.0K
Other Short-Term Assets $2.000M $1.900M
YoY Change 5.26% 46.15%
Inventory $1.440M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $127.9M $52.85M
YoY Change 141.99% 115.93%
LONG-TERM ASSETS
Property, Plant & Equipment $1.084M $461.0K
YoY Change 135.14% -35.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.067M $622.0K
YoY Change 71.54% -36.34%
Total Long-Term Assets $7.166M $1.566M
YoY Change 357.6% -7.56%
TOTAL ASSETS
Total Short-Term Assets $127.9M $52.85M
Total Long-Term Assets $7.166M $1.566M
Total Assets $135.1M $54.42M
YoY Change 148.2% 107.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.421M $8.567M
YoY Change -1.7% 7.11%
Accrued Expenses $2.597M $7.217M
YoY Change -64.02% -35.01%
Deferred Revenue
YoY Change
Short-Term Debt $44.30M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.81M $18.62M
YoY Change 231.88% -10.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.700M $0.00
YoY Change
Total Long-Term Liabilities $4.700M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $61.81M $18.62M
Total Long-Term Liabilities $4.700M $0.00
Total Liabilities $66.52M $18.62M
YoY Change 257.18% -10.94%
SHAREHOLDERS EQUITY
Retained Earnings -$585.0M -$486.7M
YoY Change 20.21% 21.76%
Common Stock $653.5M $522.5M
YoY Change 25.09% 29.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.54M $35.79M
YoY Change
Total Liabilities & Shareholders Equity $135.1M $54.42M
YoY Change 148.2% 107.94%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$52.67M -$35.45M
YoY Change 48.56% 52.51%
Depreciation, Depletion And Amortization $50.00K $60.00K
YoY Change -16.67% 0.0%
Cash From Operating Activities -$15.05M -$19.55M
YoY Change -23.02% 1.88%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.050M $0.00
YoY Change
Cash From Investing Activities $1.050M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $103.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 128.5M 70.03M
YoY Change 83.56% 89.63%
NET CHANGE
Cash From Operating Activities -15.05M -19.55M
Cash From Investing Activities 1.050M 0.000
Cash From Financing Activities 128.5M 70.03M
Net Change In Cash 114.5M 50.48M
YoY Change 126.92% 184.55%
FREE CASH FLOW
Cash From Operating Activities -$15.05M -$19.55M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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P0Y3M
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P5Y1M6D
CY2019Q4 us-gaap Other Accrued Liabilities Current
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6273000 USD
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2000 USD
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1243000 USD
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2056000 USD
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394000 USD
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1084000 USD
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4010000 USD
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5246000 USD
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13135000 USD
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2640000 USD
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6887000 USD
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401000 USD
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1320000 USD
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1067000 USD
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21000 USD
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349000 USD
us-gaap Other Nonoperating Expense
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353000 USD
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317000 USD
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250000 USD
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0 USD
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384000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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443000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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767000 shares
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us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations of Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company&#8217;s checking, time deposit and investment accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by Securities Investor Protection Corporation. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;">The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:9pt;">S</font><font style="font-family:inherit;font-size:10pt;">ignificant estimates affecting amounts reported or disclosed in the consolidated financial statements include, but are not limited to: the discount rate used in estimating the fair value of the lease right-of-use (ROU) assets and lease liabilities, assumptions used in estimating the fair value of warrants and purchase rights issued, the useful lives of property and equipment, the recoverability of long-lived assets, clinical trial accruals, assumptions used in estimating the fair value of stock-based compensation expense and in assessing the probability of achieving certain milestones associated with the performance-based restricted stock awards. The Company&#8217;s assumptions regarding the measurement of the Private Placement First Closing Warrants, the Private Placement Second Closing Warrants, the Baker First Closing Warrants, the Baker Second Closing Warrants, the Private Placement Purchase Rights, the Baker Purchase Rights, the lease ROU assets and lease liabilities, and stock-based compensation are more fully described in </font><a style="font-family:inherit;font-size:10pt;" href="#sEF4F9A1315D951018F77B4B11687E7A8"><font style="font-family:inherit;font-size:10pt;">Note 4- Convertible Notes</font></a><font style="font-family:inherit;font-size:10pt;">, </font><a style="font-family:inherit;font-size:10pt;" href="#sDB10BF7FE8365167B49EA5D19016BBA9"><font style="font-family:inherit;font-size:10pt;">Note 6- Fair Value of Financial Instruments</font></a><font style="font-family:inherit;font-size:10pt;">, </font><a style="font-family:inherit;font-size:10pt;" href="#s0DCBEE2CFD98586A8C179DC806D65B0B"><font style="font-family:inherit;font-size:10pt;">Note 7- Commitments and Contingencies</font></a><font style="font-family:inherit;font-size:10pt;">, and </font><a style="font-family:inherit;font-size:10pt;" href="#sEB35C3F521275375A840EA9E8A07088B"><font style="font-family:inherit;font-size:10pt;">Note 11- Stock-based Compensation</font></a><font style="font-family:inherit;font-size:10pt;">. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.</font></div></div>

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