$GOVX
GeoVax Labs, Inc.

2019 Q1 Form 10-Q Financial Statement

#000143774919009674 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $364.2K $221.3K
YoY Change 64.59% -25.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $510.0K $360.0K
YoY Change 41.67% 24.14%
% of Gross Profit
Research & Development $555.7K $487.0K
YoY Change 14.11% -11.74%
% of Gross Profit
Depreciation & Amortization $1.897K $4.980K
YoY Change -61.91% -27.81%
% of Gross Profit
Operating Expenses $1.066M $844.2K
YoY Change 26.24% -0.03%
Operating Profit -$701.6K -$622.9K
YoY Change 12.62% 13.52%
Interest Expense $1.128K $208.00
YoY Change 442.31%
% of Operating Profit
Other Income/Expense, Net $96.00 $1.110K
YoY Change -91.35% 187.56%
Pretax Income -$700.0K -$620.0K
YoY Change 12.9% 12.73%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$701.5K -$621.8K
YoY Change 12.81% 13.4%
Net Earnings / Revenue -192.58% -280.98%
Basic Earnings Per Share
Diluted Earnings Per Share -$57.06B -$100.2B
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.0K $570.0K
YoY Change -68.42% 235.29%
Cash & Equivalents $176.0K $571.2K
Short-Term Investments
Other Short-Term Assets $110.0K $230.0K
YoY Change -52.17% 360.0%
Inventory
Prepaid Expenses
Receivables $160.0K $10.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $447.9K $802.3K
YoY Change -44.17% 233.76%
LONG-TERM ASSETS
Property, Plant & Equipment $13.73K $26.17K
YoY Change -47.56% -49.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $24.74K $37.18K
YoY Change -33.47% -41.25%
TOTAL ASSETS
Total Short-Term Assets $447.9K $802.3K
Total Long-Term Assets $24.74K $37.18K
Total Assets $472.6K $839.5K
YoY Change -43.7% 176.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $253.2K $54.04K
YoY Change 368.49% -64.19%
Accrued Expenses $1.379M $864.4K
YoY Change 59.51% 117.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $0.00
YoY Change
Total Short-Term Liabilities $1.644M $919.4K
YoY Change 78.85% 67.81%
LONG-TERM LIABILITIES
Long-Term Debt $40.00K $50.00K
YoY Change -20.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $40.00K $50.00K
YoY Change -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.644M $919.4K
Total Long-Term Liabilities $40.00K $50.00K
Total Liabilities $1.680M $968.4K
YoY Change 73.46% 76.07%
SHAREHOLDERS EQUITY
Retained Earnings -$41.18M -$38.54M
YoY Change 6.85% 6.18%
Common Stock $37.90M $36.36M
YoY Change 4.23% 3.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.207M -$128.9K
YoY Change
Total Liabilities & Shareholders Equity $472.6K $839.5K
YoY Change -43.7% 176.45%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$701.5K -$621.8K
YoY Change 12.81% 13.4%
Depreciation, Depletion And Amortization $1.897K $4.980K
YoY Change -61.91% -27.81%
Cash From Operating Activities -$317.4K -$381.6K
YoY Change -16.83% 14.9%
INVESTING ACTIVITIES
Capital Expenditures $4.272K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.272K
YoY Change
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 237.9K 640.0K
YoY Change -62.83% 1201.69%
NET CHANGE
Cash From Operating Activities -317.4K -381.6K
Cash From Investing Activities -4.272K
Cash From Financing Activities 237.9K 640.0K
Net Change In Cash -83.72K 258.4K
YoY Change -132.39% -189.96%
FREE CASH FLOW
Cash From Operating Activities -$317.4K -$381.6K
Capital Expenditures $4.272K
Free Cash Flow -$321.6K -$381.6K
YoY Change -15.71% 13.41%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The accompanying condensed consolidated financial statements at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be relied upon as predictive of the results in future periods.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">As described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>we enacted a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five hundred</div> reverse stock split of our common stock. The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div>-month period following the date of the financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine candidates. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We believe that our existing cash resources, government funding commitments, and equity funding commitments discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> will be sufficient to continue our planned operations into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> Due to our history of operating losses and our continuing need for capital to conduct our research and development activities, there is substantial doubt concerning our ability to operate as a going concern beyond that date. We are currently exploring sources of capital through additional government grants and corporate collaborations. We also intend to secure additional funds through sales of our equity securities or by other means. Management believes that we will be successful in securing the additional capital required to continue the Company&#x2019;s planned operations, but that our plans do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> fully alleviate the substantial doubt about the Company&#x2019;s ability to operate as a going concern. Additional funding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be available on favorable terms or at all. If we fail to obtain additional capital when needed, we will be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Business </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GeoVax Labs, Inc. (&#x201c;GeoVax&#x201d; or the &#x201c;Company&#x201d;), is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and cancers using a novel patented Modified Vaccinia Ankara Virus-Like Particle (MVA-VLP) vaccine platform. In this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into highly effective VLP immunogens in the person being vaccinated. The MVA-VLP virus replicates to high titers in approved avian cells for manufacturing but cannot productively replicate in mammalian cells. Therefore, the GeoVax MVA-VLP derived vaccines elicit durable immune responses in the host similar to a live attenuated virus, while providing the safety characteristics of a replication-defective vector.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our current development programs are focused on preventive vaccines against Human Immunodeficiency Virus (HIV), Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), and malaria, as well as therapeutic vaccines for chronic Hepatitis B infections and cancers. We believe our technology and vaccine development expertise are well-suited for a variety of human infectious diseases and we intend to pursue further expansion of our product pipeline.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. We aim to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Certain of our vaccine development activities have been, and continue to be, financially supported by the U.S. government. This support has been both in the form of research grants and contracts awarded directly to us, as well as indirect support for the conduct of preclinical animal studies and human clinical trials.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>take many years and often involves expenditure of substantial resources. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more potential strategic partners.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in the metropolitan Atlanta, Georgia area.</div></div>
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2018Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
50000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
111647
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
238189
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
678868
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
674596
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13725
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11350
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2083
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
555718
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
486994
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-41178338
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-40476884
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
364232
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
221299
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
153224
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
52549
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13585
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
93.92
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
29441
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
53.19
CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2018Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
200000
CY2018Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
590000
CY2019Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
490000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-1207149
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-1022347
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-321057
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-128892
CY2019Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
487000
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
491707
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
248340

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