$GOVX
GeoVax Labs, Inc.

2020 Q3 Form 10-Q Financial Statement

#000143774920017250 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $415.5K $440.6K $209.9K
YoY Change 24.68% 109.87% 125.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $440.0K $430.0K $410.0K
YoY Change 51.72% 4.88% 13.89%
% of Gross Profit
Research & Development $416.8K $461.4K $451.2K
YoY Change -10.89% 2.26% 21.23%
% of Gross Profit
Depreciation & Amortization -$10.00K $10.00K $0.00
YoY Change -200.0% -100.0%
% of Gross Profit
Operating Expenses $851.8K $888.7K $863.9K
YoY Change 12.2% 2.87% 18.11%
Operating Profit -$436.3K -$448.1K -$653.9K
YoY Change 2.43% -31.47% 2.48%
Interest Expense $134.4K $7.153K $1.093K
YoY Change 12653.98% 554.44% 74.88%
% of Operating Profit
Other Income/Expense, Net -$134.3K -$7.093K -$212.00
YoY Change -9020.12% 3245.75% -119.43%
Pretax Income -$570.0K -$460.0K -$650.0K
YoY Change 35.71% -29.23% 1.56%
Income Tax
% Of Pretax Income
Net Earnings -$570.6K -$455.2K -$654.1K
YoY Change 34.45% -30.41% 2.69%
Net Earnings / Revenue -137.35% -103.31% -311.59%
Basic Earnings Per Share
Diluted Earnings Per Share -$730.8K -$666.7K -$40.29B
COMMON SHARES
Basic Shares Outstanding 15.44M 13.82M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.58M $710.0K $220.0K
YoY Change 1931.58% 222.73% 15.79%
Cash & Equivalents $11.58M $710.7K $216.4K
Short-Term Investments
Other Short-Term Assets $10.00K $40.00K $40.00K
YoY Change -91.67% 0.0% -73.33%
Inventory
Prepaid Expenses
Receivables $140.0K $190.0K $60.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.73M $938.3K $319.8K
YoY Change 1374.98% 193.41% -5.71%
LONG-TERM ASSETS
Property, Plant & Equipment $10.09K $8.618K $11.83K
YoY Change 1.65% -27.13% -44.27%
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 $21.10K $19.63K $22.84K
YoY Change 0.78% -14.05% -29.15%
TOTAL ASSETS
Total Short-Term Assets $11.73M $938.3K $319.8K
Total Long-Term Assets $21.10K $19.63K $22.84K
Total Assets $11.76M $957.9K $342.6K
YoY Change 1339.74% 179.58% -7.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.5K $91.42K $116.2K
YoY Change 155.73% -21.33% 75.99%
Accrued Expenses $579.6K $2.076M $1.510M
YoY Change -66.55% 37.48% 51.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $440.0K $0.00
YoY Change
Long-Term Debt Due $180.0K $180.0K $10.00K
YoY Change 1700.0% 1700.0%
Total Short-Term Liabilities $923.6K $2.786M $1.639M
YoY Change -48.92% 69.98% 53.42%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $20.00K $30.00K
YoY Change -33.33% -33.33% -40.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $20.00K $20.00K $30.00K
YoY Change -33.33% -33.33% -40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $923.6K $2.786M $1.639M
Total Long-Term Liabilities $20.00K $20.00K $30.00K
Total Liabilities $942.2K $2.808M $1.671M
YoY Change -48.72% 67.99% 50.01%
SHAREHOLDERS EQUITY
Retained Earnings -$44.47M -$43.90M -$41.83M
YoY Change 5.23% 4.94% 6.78%
Common Stock $55.21M $41.67M $38.17M
YoY Change 41.87% 9.19% 3.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.81M -$1.850M -$1.329M
YoY Change
Total Liabilities & Shareholders Equity $11.76M $957.9K $342.6K
YoY Change 1339.74% 179.58% -7.74%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$570.6K -$455.2K -$654.1K
YoY Change 34.45% -30.41% 2.69%
Depreciation, Depletion And Amortization -$10.00K $10.00K $0.00
YoY Change -200.0% -100.0%
Cash From Operating Activities -$280.0K -$570.0K -$450.0K
YoY Change -20.0% 26.67% 18.42%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $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 11.16M 1.050M 490.0K
YoY Change 1494.29% 114.29%
NET CHANGE
Cash From Operating Activities -280.0K -570.0K -450.0K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 11.16M 1.050M 490.0K
Net Change In Cash 10.88M 480.0K 40.00K
YoY Change 3008.57% 1100.0% -110.53%
FREE CASH FLOW
Cash From Operating Activities -$280.0K -$570.0K -$450.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$280.0K -$450.0K
YoY Change -20.0% 18.42%

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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;">2.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: inherit;"> June 30, 2020 </div>and for the <div style="display: inline; font-style: italic; font: inherit;">three</div>-month and <div style="display: inline; font-style: italic; font: inherit;">six</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</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: 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;">10,</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 the financial statements are issued. 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 debt and 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=" 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;">fourth</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, including a planned public offering. Management believes that we will be successful in securing the additional capital required to continue the Company's planned operations, but that our plans do <div style="display: inline; font-style: italic; font: inherit;">not</div> currently fully alleviate the substantial doubt about the Company'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: &quot;Times New Roman&quot;, 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;&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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