$GOVX
GeoVax Labs, Inc.

2020 Q2 Form 10-Q Financial Statement

#000143774920009452 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $440.6K $716.0K $364.2K
YoY Change 109.87% 96.57% 64.59%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $430.0K $500.0K $510.0K
YoY Change 4.88% -1.96% 41.67%
% of Gross Profit
Research & Development $461.4K $808.9K $555.7K
YoY Change 2.26% 45.57% 14.11%
% of Gross Profit
Depreciation & Amortization $10.00K $994.00 $1.897K
YoY Change -47.6% -61.91%
% of Gross Profit
Operating Expenses $888.7K $1.311M $1.066M
YoY Change 2.87% 23.03% 26.24%
Operating Profit -$448.1K -$595.3K -$701.6K
YoY Change -31.47% -15.14% 12.62%
Interest Expense $7.153K $1.142K $1.128K
YoY Change 554.44% 1.24% 442.31%
% of Operating Profit
Other Income/Expense, Net -$7.093K -$390.00 $96.00
YoY Change 3245.75% -506.25% -91.35%
Pretax Income -$460.0K -$600.0K -$700.0K
YoY Change -29.23% -14.29% 12.9%
Income Tax
% Of Pretax Income
Net Earnings -$455.2K -$595.7K -$701.5K
YoY Change -30.41% -15.08% 12.81%
Net Earnings / Revenue -103.31% -83.2% -192.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$666.7K -$2.609M -$57.06B
COMMON SHARES
Basic Shares Outstanding 13.82M 13.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $710.0K $220.0K $180.0K
YoY Change 222.73% 22.22% -68.42%
Cash & Equivalents $710.7K $221.8K $176.0K
Short-Term Investments
Other Short-Term Assets $40.00K $70.00K $110.0K
YoY Change 0.0% -36.36% -52.17%
Inventory
Prepaid Expenses
Receivables $190.0K $520.0K $160.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $938.3K $810.2K $447.9K
YoY Change 193.41% 80.89% -44.17%
LONG-TERM ASSETS
Property, Plant & Equipment $8.618K $9.612K $13.73K
YoY Change -27.13% -29.97% -47.56%
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 $19.63K $20.62K $24.74K
YoY Change -14.05% -16.63% -33.47%
TOTAL ASSETS
Total Short-Term Assets $938.3K $810.2K $447.9K
Total Long-Term Assets $19.63K $20.62K $24.74K
Total Assets $957.9K $830.8K $472.6K
YoY Change 179.58% 75.78% -43.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $91.42K $740.8K $253.2K
YoY Change -21.33% 192.63% 368.49%
Accrued Expenses $2.076M $1.917M $1.379M
YoY Change 37.48% 39.07% 59.51%
Deferred Revenue
YoY Change
Short-Term Debt $440.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $180.0K $10.00K $10.00K
YoY Change 1700.0% 0.0%
Total Short-Term Liabilities $2.786M $2.670M $1.644M
YoY Change 69.98% 62.39% 78.85%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $20.00K $40.00K
YoY Change -33.33% -50.0% -20.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.00K $20.00K $40.00K
YoY Change -33.33% -50.0% -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.786M $2.670M $1.644M
Total Long-Term Liabilities $20.00K $20.00K $40.00K
Total Liabilities $2.808M $2.695M $1.680M
YoY Change 67.99% 60.44% 73.46%
SHAREHOLDERS EQUITY
Retained Earnings -$43.90M -$43.44M -$41.18M
YoY Change 4.94% 5.5% 6.85%
Common Stock $41.67M $41.20M $37.90M
YoY Change 9.19% 8.72% 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.850M -$1.864M -$1.207M
YoY Change
Total Liabilities & Shareholders Equity $957.9K $830.8K $472.6K
YoY Change 179.58% 75.78% -43.7%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$455.2K -$595.7K -$701.5K
YoY Change -30.41% -15.08% 12.81%
Depreciation, Depletion And Amortization $10.00K $994.00 $1.897K
YoY Change -47.6% -61.91%
Cash From Operating Activities -$570.0K -$358.6K -$317.4K
YoY Change 26.67% 13.0% -16.83%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.050M 297.1K 237.9K
YoY Change 114.29% 24.87% -62.83%
NET CHANGE
Cash From Operating Activities -570.0K -358.6K -317.4K
Cash From Investing Activities -4.272K
Cash From Financing Activities 1.050M 297.1K 237.9K
Net Change In Cash 480.0K -61.53K -83.72K
YoY Change 1100.0% -26.5% -132.39%
FREE CASH FLOW
Cash From Operating Activities -$570.0K -$358.6K -$317.4K
Capital Expenditures $4.272K
Free Cash Flow -$358.6K -$321.6K
YoY Change 11.5% -15.71%

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Interim results are <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </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: inherit;">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: inherit;">9,</div> effective <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2019, </div>we enacted a <div style="display: inline; font-style: italic; font: inherit;">one</div>-for-<div style="display: inline; font-style: italic; font: inherit;">five hundred</div> reverse stock split of our common stock, and effective <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2020, </div>we further enacted a <div style="display: inline; font-style: italic; font: inherit;">one</div>-for-<div style="display: inline; font-style: italic; font: inherit;">two thousand</div> reverse split. The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.</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: inherit;">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;">&nbsp;</div> <div style="width: 100%; margin-left: 0pt; margin-right: 0pt"> <div style="text-align: center; width: 100%"> <div> <div style="text-align: center; font-size: 10pt; font-family: Times New Roman;"> <div style="display: inline; font-style: italic; font: inherit;"></div> </div> </div> </div> </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 together with our government and collaborative funding commitments, will be sufficient to continue our planned operations into the <div style="display: inline; font-style: italic; font: inherit;">third</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">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 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: inherit;">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: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">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: inherit;">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 (MVA) Virus-Like Particle (VLP) vaccine platform (GV-MVA-VLP<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline; vertical-align:top;line-height:120%;font-size:pt">TM</div>). 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 novel coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">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 the health of 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 intend to advance products through to human clinical testing, and to seek partnership or licensing arrangements for commercialization. We also leverage <div style="display: inline; font-style: italic; font: inherit;">third</div> party resources through government, academic and corporate research collaborations and partnerships for preclinical and clinical testing.</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: inherit;"> 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: inherit;">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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NetCashProvidedByUsedInOperatingActivities
-317361
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-595694
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-701454
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2486
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
1311281
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
1065782
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-595304
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-701550
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
61708
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
118338
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4272
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
400
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2486
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
400
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-390
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
96
CY2020Q1 us-gaap Notes Payable Current
NotesPayableCurrent
12048
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
12500
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
376095
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
1932433
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
67895
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
95320
CY2020Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
300000
CY2019Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
240000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
661918
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
661918
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9612
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10606
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2914
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2083
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
808936
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
555718
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-43443207
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-42847513
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
715977
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
364232
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
153224
CY2020Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
10417
CY2020Q1 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
CY2020Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6000
CY2020Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
300000
CY2019Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
490000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-1864250
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-1574556
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-1022347
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-1207149
CY2020Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
539000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4687893
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
246

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