$GOVX
GeoVax Labs, Inc.

2020 Q1 Form 10-K Financial Statement

#000143774920006029 Filed on March 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2018 Q4 2018
Revenue $716.0K $300.0K $963.2K
YoY Change 96.57% 66.67% -10.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $500.0K $470.0K $1.650M
YoY Change -1.96% 88.0% 34.15%
% of Gross Profit
Research & Development $808.9K $460.0K $1.879M
YoY Change 45.57% 2.22% -6.88%
% of Gross Profit
Depreciation & Amortization $994.00 $10.00K $19.80K
YoY Change -47.6% 0.0% -29.35%
% of Gross Profit
Operating Expenses $1.311M $930.0K $3.526M
YoY Change 23.03% 32.86% 8.5%
Operating Profit -$595.3K -$2.563M
YoY Change -15.14% 17.86%
Interest Expense $1.142K $0.00 $2.590K
YoY Change 1.24%
% of Operating Profit
Other Income/Expense, Net -$390.00 $2.623K
YoY Change -506.25% -38.8%
Pretax Income -$600.0K -$630.0K -$2.560M
YoY Change -14.29% 21.15% 17.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$595.7K -$630.0K -$2.560M
YoY Change -15.08% 21.15% 17.97%
Net Earnings / Revenue -83.2% -210.0% -265.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.609M -$61.87B -$313.0B
COMMON SHARES
Basic Shares Outstanding 13.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.0K $260.0K $260.0K
YoY Change 22.22% -16.13% -16.13%
Cash & Equivalents $221.8K $259.7K $260.0K
Short-Term Investments
Other Short-Term Assets $70.00K $240.0K $240.0K
YoY Change -36.36% 200.0% 200.0%
Inventory
Prepaid Expenses
Receivables $520.0K $120.0K $120.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $810.2K $619.7K $620.0K
YoY Change 80.89% 38.3% 37.78%
LONG-TERM ASSETS
Property, Plant & Equipment $9.612K $11.35K $10.00K
YoY Change -29.97% -63.56% -66.67%
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 $20.62K $22.36K $20.00K
YoY Change -16.63% -46.97% -50.0%
TOTAL ASSETS
Total Short-Term Assets $810.2K $619.7K $620.0K
Total Long-Term Assets $20.62K $22.36K $20.00K
Total Assets $830.8K $642.1K $640.0K
YoY Change 75.78% 30.97% 30.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $740.8K $125.9K $130.0K
YoY Change 192.63% 62.23% 62.5%
Accrued Expenses $1.917M $1.239M $1.240M
YoY Change 39.07% 68.81% 69.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $260.0K $260.0K
YoY Change 0.0%
Total Short-Term Liabilities $2.670M $1.625M $1.620M
YoY Change 62.39% 100.28% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $40.00K $40.00K
YoY Change -50.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.00K $40.00K $40.00K
YoY Change -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.670M $1.625M $1.620M
Total Long-Term Liabilities $20.00K $40.00K $40.00K
Total Liabilities $2.695M $1.664M $1.660M
YoY Change 60.44% 105.16% 104.94%
SHAREHOLDERS EQUITY
Retained Earnings -$43.44M -$40.48M
YoY Change 5.5% 6.75%
Common Stock $41.20M $37.48M
YoY Change 8.72% 5.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.864M -$1.022M -$1.020M
YoY Change
Total Liabilities & Shareholders Equity $830.8K $642.1K $640.0K
YoY Change 75.78% 30.97% 30.61%

Cashflow Statement

Concept 2020 Q1 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$595.7K -$630.0K -$2.560M
YoY Change -15.08% 21.15% 17.97%
Depreciation, Depletion And Amortization $994.00 $10.00K $19.80K
YoY Change -47.6% 0.0% -29.35%
Cash From Operating Activities -$358.6K -$500.0K -$1.543M
YoY Change 13.0% 11.11% -8.61%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 297.1K 250.0K 1.490M
YoY Change 24.87% -40.48% -3.96%
NET CHANGE
Cash From Operating Activities -358.6K -500.0K -1.543M
Cash From Investing Activities 0.000
Cash From Financing Activities 297.1K 250.0K 1.490M
Net Change In Cash -61.53K -250.0K -53.03K
YoY Change -26.5% 733.33% -62.47%
FREE CASH FLOW
Cash From Operating Activities -$358.6K -$500.0K -$1.543M
Capital Expenditures $0.00
Free Cash Flow -$358.6K -$500.0K -$1.543M
YoY Change 11.5% 11.11% -8.85%

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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:justify;"><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;</div><div style="display: inline; font-weight: bold;">Description</div><div style="display: inline; font-weight: bold;"> 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 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 coronavirus (COVID-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div>), 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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12500
CY2018Q4 us-gaap Notes Payable Current
NotesPayableCurrent
260420
CY2019 us-gaap Operating Expenses
OperatingExpenses
3548389
CY2018 us-gaap Operating Expenses
OperatingExpenses
3525920
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-2372493
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-2562717
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
118338
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
18373
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7606
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2486
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
3450
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2486
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
3450
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
1932433
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
1971333
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
95320
CY2019 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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-style: italic;">Period</div><div style="display: inline; font-style: italic;">-</div><div style="display: inline; font-style: italic;">to</div><div style="display: inline; font-style: italic;">-</div><div style="display: inline; font-style: italic;">Period Comparisons</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;">Our operating results are expected 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 for future periods.&nbsp;</div></div></div></div></div></div>
CY2019 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
1440000
CY2018 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
1190000
CY2019 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
CY2018 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
300000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
661918
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
674596
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10606
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11350
CY2019 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
10257
CY2018 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1910715
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1878652
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-42847513
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-40476884
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1175896
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
963203
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
327500
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
469724
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7134
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0279
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1.1
CY2019 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
3224
CY2018 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
17
CY2018 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2019 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2019 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
24000
CY2018 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
513500
CY2018 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1190000
CY2019 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1690000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-1574556
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-1022347
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-321057
CY2019Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
294000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><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-style: italic;">Use of Estimates</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 preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from those estimates.</div></div></div></div></div></div>
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60402
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
164

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