2023 Q1 Form 10-K Financial Statement

#000141057823000511 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0%
Gross Profit $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit Margin
Selling, General & Admin $2.940M $3.170M $13.60M
YoY Change -15.39% -14.59% 26.07%
% of Gross Profit
Research & Development $2.522M $2.282M $13.38M
YoY Change -32.07% -28.15% -7.79%
% of Gross Profit
Depreciation & Amortization $63.12K $78.53K $307.4K
YoY Change -16.32% 7.12% 38.76%
% of Gross Profit
Operating Expenses $5.459M $5.372M $26.91M
YoY Change -24.05% -21.99% 6.35%
Operating Profit -$5.459M -$5.372M -$26.91M
YoY Change -24.05% -272.56% 108.56%
Interest Expense $454.0K -$851.6K $1.380M
YoY Change 212.59% 359.87% 255.91%
% of Operating Profit
Other Income/Expense, Net $70.99K $100.5K $197.1K
YoY Change -1103.72% 82.12% 317.71%
Pretax Income -$5.740M -$6.123M -$28.01M
YoY Change -21.79% -305.26% 119.21%
Income Tax
% Of Pretax Income
Net Earnings -$5.739M -$6.123M -$28.01M
YoY Change -21.8% -305.26% 118.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.83
Diluted Earnings Per Share -$0.15 -$0.17 -$0.83
COMMON SHARES
Basic Shares Outstanding 37.99M 36.11M 33.65M
Diluted Shares Outstanding 37.41M 33.65M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.59M $22.98M $22.98M
YoY Change -30.43% 18.09% 18.09%
Cash & Equivalents $18.50M $22.90M
Short-Term Investments $119.6K $119.6K $119.6K
Other Short-Term Assets $4.719M $2.815M $2.815M
YoY Change 157.85% -65.95% -65.95%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $24.92M $27.64M $27.64M
YoY Change -18.01% 25.71% -7.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.153M $1.295M $2.587M
YoY Change 57.1% 1.88% 103.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $80.87K $80.87K $80.87K
YoY Change -32.06%
Other Assets $643.5K $726.3K $726.3K
YoY Change -92.36% 42.14% 42.14%
Total Long-Term Assets $4.385M $3.394M $3.394M
YoY Change -55.2% -64.91% 90.43%
TOTAL ASSETS
Total Short-Term Assets $24.92M $27.64M $27.64M
Total Long-Term Assets $4.385M $3.394M $3.394M
Total Assets $29.31M $31.04M $31.04M
YoY Change -27.07% -1.97% -1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.402M $1.428M $1.428M
YoY Change -8.65% -11.51% -11.51%
Accrued Expenses $1.523M $2.680M $2.680M
YoY Change 44.09% 15.18% 15.18%
Deferred Revenue
YoY Change
Short-Term Debt $709.9K $0.00 $0.00
YoY Change
Long-Term Debt Due $1.219M $348.9K $348.9K
YoY Change -84.25% -95.12% -95.12%
Total Short-Term Liabilities $4.901M $4.512M $4.512M
YoY Change -52.78% -59.61% -59.61%
LONG-TERM LIABILITIES
Long-Term Debt $7.461M $8.382M $8.382M
YoY Change
Other Long-Term Liabilities $1.134M $907.6K $907.6K
YoY Change 7419.56% 4449.57% 4449.57%
Total Long-Term Liabilities $8.595M $9.290M $9.290M
YoY Change 56892.77% 46464.01% 46464.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.901M $4.512M $4.512M
Total Long-Term Liabilities $8.595M $9.290M $9.290M
Total Liabilities $13.50M $13.80M $13.80M
YoY Change 29.84% 23.31% 23.31%
SHAREHOLDERS EQUITY
Retained Earnings -$124.0M -$118.2M
YoY Change 27.02% 31.01%
Common Stock $3.799K $3.667K
YoY Change 19.8% 28.94%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.91M $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $15.81M $17.23M $17.23M
YoY Change
Total Liabilities & Shareholders Equity $29.31M $31.04M $31.04M
YoY Change -27.07% -1.97% -1.97%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$5.739M -$6.123M -$28.01M
YoY Change -21.8% -305.26% 118.84%
Depreciation, Depletion And Amortization $63.12K $78.53K $307.4K
YoY Change -16.32% 7.12% 38.76%
Cash From Operating Activities -$7.000M -$5.405M -$25.10M
YoY Change -14.63% -8.03% 20.1%
INVESTING ACTIVITIES
Capital Expenditures $920.9K $30.99K $540.4K
YoY Change 427.51% -150.38% -55.95%
Acquisitions
YoY Change
Other Investing Activities $82.81K -$280.8K -$334.4K
YoY Change -350.18% -28.36% -14.68%
Cash From Investing Activities -$838.1K -$311.8K -$874.7K
YoY Change 303.57% -31.24% -45.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $8.025M
YoY Change
Cash From Financing Activities 3.400M 3.307M 21.51M
YoY Change -78.27% -73.1% 0.23%
NET CHANGE
Cash From Operating Activities -7.000M -5.405M -25.10M
Cash From Investing Activities -838.1K -311.8K -874.7K
Cash From Financing Activities 3.400M 3.307M 21.51M
Net Change In Cash -4.397M -2.410M -4.473M
YoY Change -160.61% -140.43% 332.21%
FREE CASH FLOW
Cash From Operating Activities -$7.000M -$5.405M -$25.10M
Capital Expenditures $920.9K $30.99K $540.4K
Free Cash Flow -$7.921M -$5.436M -$25.64M
YoY Change -5.42% -6.52% 15.88%

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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 eyen Increase Decrease In Deferred Rent
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 eyen Vendor Deposits For Property Plant And Equipment
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CY2021 eyen Vendor Deposits For Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 eyen Proceeds From Sale Of Common Stock And Warrants In Registered Direct Offering
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CY2021 eyen Proceeds From Sale Of Common Stock And Warrants In Registered Direct Offering
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CY2021 eyen Payments Of Stock Issuance Costs Registered Direct Offering
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CY2022 eyen Proceeds From Issuance Of Common Stock At Market Offering
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CY2021 eyen Proceeds From Issuance Of Common Stock At Market Offering
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CY2021 eyen Payments Of Stock Issuance Costs At Market Offering
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Interest Paid Capitalized
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CY2022 eyen Purchase Of Insurance Premium Financed By Short Term Note Payable
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CY2021 eyen Purchase Of Insurance Premium Financed By Short Term Note Payable
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CY2022 eyen Recognition Of Right Of Use Asset For Lease Liability Upon Adoption Of Accounting Standard Update
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 eyen Shares Withheld From Option Exercise For Employee Tax Liability
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CY2021 eyen Warrants Issued For Debt Issuance Costs
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CY2022Q4 eyen Common Stocks Discount On Shares
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CY2022 eyen Issuance Of Common Stock Related To Vested Restricted Stock Units
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CY2021 eyen Issuance Of Common Stock Related To Vested Restricted Stock Units
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CY2022Q4 eyen Accrued Leasehold Improvements Current
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CY2022 eyen Percentage Of Success Rate Of Optejet
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CY2022 eyen Percentage Of Successful Rate Of Traditional Eye Drops
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, revenue recognition, the recoverability and useful lives of long-lived assets, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock. </p>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain prior period balances have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share.</p>
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2021Q4 us-gaap Cash Uninsured Amount
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CY2022Q4 eyen Credit Card Payable
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CY2021Q4 eyen Credit Card Payable
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 eyen Deferred Rent Derecognizing Amount
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2021Q4 us-gaap Prepaid Insurance
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CY2022Q4 eyen Prepaid General And Administrative Expenses
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CY2021Q4 eyen Prepaid Rent And Security Deposit
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CY2021Q4 us-gaap Other Prepaid Expense Current
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CY2021Q4 eyen Prepaid Research And Development Expenses
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 eyen Accrued Consulting And Professional Services Current
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CY2022Q4 us-gaap Notes Payable
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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CY2021Q4 us-gaap Notes Payable
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount
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CY2022Q4 us-gaap Convertible Long Term Notes Payable
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CY2022Q4 eyen Percentage Of Prepayment Fees
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CY2022Q4 eyen Prepayment Fees Amount
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CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 eyen Deferred Tax Assets Liability Property And Equipment
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CY2022Q4 eyen Deferred Tax Liabilities Rights Of Use Assets
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CY2022Q4 eyen Deferred Tax Assets Net Before Valuation Allowance
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CY2021Q4 eyen Deferred Tax Assets Net Before Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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3614195
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P1Y6M
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175352

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