$GOVX
GeoVax Labs, Inc.

2019 Q4 Form 10-Q Financial Statement

#000143774919021977 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $270.0K $333.2K $349.3K
YoY Change -10.0% -4.62% 40.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $420.0K $290.0K $460.0K
YoY Change -10.64% -36.96% 35.29%
% of Gross Profit
Research & Development $440.0K $467.7K $557.7K
YoY Change -4.35% -16.14% 11.94%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $860.0K $759.1K $1.017M
YoY Change -7.53% -25.33% 21.27%
Operating Profit -$425.9K -$667.3K
YoY Change -36.17% 13.04%
Interest Expense $0.00 $1.054K $625.00
YoY Change 68.64%
% of Operating Profit
Other Income/Expense, Net $1.506K $433.00
YoY Change 247.81% -72.8%
Pretax Income -$590.0K -$420.0K -$670.0K
YoY Change -6.35% -37.31% 13.56%
Income Tax
% Of Pretax Income
Net Earnings -$590.0K -$424.4K -$666.9K
YoY Change -6.35% -36.36% 13.27%
Net Earnings / Revenue -218.52% -127.38% -190.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$59.00M -$1.302B -$79.67B
COMMON SHARES
Basic Shares Outstanding 426.3M 2.478M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $280.0K $570.0K $510.0K
YoY Change 7.69% 11.76% 50.0%
Cash & Equivalents $283.3K $569.4K $511.2K
Short-Term Investments
Other Short-Term Assets $100.0K $120.0K $70.00K
YoY Change -58.33% 71.43% 600.0%
Inventory
Prepaid Expenses
Receivables $70.00K $100.0K $10.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $447.3K $795.6K $596.2K
YoY Change -27.83% 33.45% 33.63%
LONG-TERM ASSETS
Property, Plant & Equipment $10.61K $9.929K $16.27K
YoY Change -6.56% -38.97% -57.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $21.62K $20.94K $27.28K
YoY Change -3.33% -23.24% -44.88%
TOTAL ASSETS
Total Short-Term Assets $447.3K $795.6K $596.2K
Total Long-Term Assets $21.62K $20.94K $27.28K
Total Assets $468.9K $816.5K $623.5K
YoY Change -26.97% 30.97% 25.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.7K $63.14K $147.9K
YoY Change 21.29% -57.32% 25.24%
Accrued Expenses $1.851M $1.732M $1.150M
YoY Change 49.45% 50.68% 87.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $10.00K $10.00K
YoY Change -96.15% 0.0%
Total Short-Term Liabilities $2.016M $1.808M $1.305M
YoY Change 24.09% 38.55% 78.39%
LONG-TERM LIABILITIES
Long-Term Debt $30.00K $30.00K $40.00K
YoY Change -25.0% -25.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $30.00K $30.00K $40.00K
YoY Change -25.0% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.016M $1.808M $1.305M
Total Long-Term Liabilities $30.00K $30.00K $40.00K
Total Liabilities $2.043M $1.837M $1.348M
YoY Change 22.77% 36.32% 84.62%
SHAREHOLDERS EQUITY
Retained Earnings -$42.85M -$42.26M -$39.84M
YoY Change 5.86% 6.06% 6.53%
Common Stock $39.34M $38.91M $37.01M
YoY Change 4.96% 5.15% 5.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.575M -$1.021M -$724.2K
YoY Change
Total Liabilities & Shareholders Equity $468.9K $816.5K $623.5K
YoY Change -26.97% 30.97% 25.79%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$590.0K -$424.4K -$666.9K
YoY Change -6.35% -36.36% 13.27%
Depreciation, Depletion And Amortization $0.00 $10.00K $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$280.0K -$350.0K -$280.0K
YoY Change -44.0% 25.0% -41.67%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 700.0K 600.0K
YoY Change -100.0% 16.67%
NET CHANGE
Cash From Operating Activities -280.0K -350.0K -280.0K
Cash From Investing Activities -10.00K 0.000 0.000
Cash From Financing Activities 0.000 700.0K 600.0K
Net Change In Cash -290.0K 350.0K 320.0K
YoY Change 16.0% 9.37% -166.67%
FREE CASH FLOW
Cash From Operating Activities -$280.0K -$350.0K -$280.0K
Capital Expenditures -$10.00K $0.00 $0.00
Free Cash Flow -$270.0K -$350.0K -$280.0K
YoY Change -46.0% 25.0% -41.67%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> </td> </tr> </table> <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;"> September 30, 2019 </div>and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 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;">10,</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: &quot;Times New Roman&quot;, 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 the financial statements are available to be issued.&nbsp; 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.&nbsp;</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"></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 and corporate collaboration commitments will be sufficient to continue our planned operations into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</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 timeframe. 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"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Description of Business </div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, 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 immunotherapies and vaccines against cancer and infectious diseases using a novel vector vaccine platform (Modified Vaccinia Ankara Virus-Like Particle, or &#x201c;MVA-VLP&#x201d;). Our recombinant MVA vector expresses target proteins on highly immunogenic VLPs in the person being vaccinated, resulting in durable immune responses while providing the safety characteristics of the replication-deficient MVA vector. Important attributes of GeoVax vaccines include single dose, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjuvant, durable immunity, extensive safety and cost-effective manufacturing.&nbsp;</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 and therapeutic vaccines against Human Immunodeficiency Virus (HIV); preventive vaccines against hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa fever), Zika virus and malaria; a therapeutic vaccine for chronic hepatitis B virus infections; and immunotherapies for solid tumor cancers. Our most advanced vaccine program is focused on the clade B subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan and Australia; this program is currently undergoing 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;">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. Our goal is 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;">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 metropolitan Atlanta, Georgia.</div></div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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NetIncomeLoss
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NetIncomeLoss
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CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
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NonoperatingIncomeExpense
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CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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NotesPayableCurrent
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CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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NetIncomeLoss
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OperatingExpenses
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q4 us-gaap Preferred Stock Shares Issued
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CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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PreferredStockValue
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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us-gaap Repayments Of Notes Payable
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us-gaap Repayments Of Notes Payable
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ResearchAndDevelopmentExpense
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CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2019Q1 us-gaap Stock Issued During Period Value Other
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
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CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
334814
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4772648
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
299522

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