$GOVX
GeoVax Labs, Inc.

2021 Q1 Form 10-Q Financial Statement

#000143774921011130 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $110.4K $716.0K
YoY Change -84.58% 96.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.070M $500.0K
YoY Change 114.0% -1.96%
% of Gross Profit
Research & Development $602.8K $808.9K
YoY Change -25.48% 45.57%
% of Gross Profit
Depreciation & Amortization $4.517K $994.00
YoY Change 354.43% -47.6%
% of Gross Profit
Operating Expenses $1.674M $1.311M
YoY Change 27.7% 23.03%
Operating Profit -$1.564M -$595.3K
YoY Change 162.74% -15.14%
Interest Expense $755.00 $1.142K
YoY Change -33.89% 1.24%
% of Operating Profit
Other Income/Expense, Net $1.298K -$390.00
YoY Change -432.82% -506.25%
Pretax Income -$1.560M -$600.0K
YoY Change 160.0% -14.29%
Income Tax
% Of Pretax Income
Net Earnings -$1.563M -$595.7K
YoY Change 162.35% -15.08%
Net Earnings / Revenue -1415.34% -83.2%
Basic Earnings Per Share -$0.29
Diluted Earnings Per Share -$292.7K -$2.609M
COMMON SHARES
Basic Shares Outstanding 5.332M 13.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.84M $220.0K
YoY Change 9372.73% 22.22%
Cash & Equivalents $20.84M $221.8K
Short-Term Investments
Other Short-Term Assets $120.0K $70.00K
YoY Change 71.43% -36.36%
Inventory
Prepaid Expenses
Receivables $0.00 $520.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.96M $810.2K
YoY Change 2487.13% 80.89%
LONG-TERM ASSETS
Property, Plant & Equipment $143.2K $9.612K
YoY Change 1390.05% -29.97%
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 $154.2K $20.62K
YoY Change 647.91% -16.63%
TOTAL ASSETS
Total Short-Term Assets $20.96M $810.2K
Total Long-Term Assets $154.2K $20.62K
Total Assets $21.12M $830.8K
YoY Change 2441.48% 75.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $232.5K $740.8K
YoY Change -68.62% 192.63%
Accrued Expenses $36.62K $1.917M
YoY Change -98.09% 39.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $180.0K $10.00K
YoY Change 1700.0% 0.0%
Total Short-Term Liabilities $451.9K $2.670M
YoY Change -83.07% 62.39%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $20.00K
YoY Change -50.0% -50.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.00K $20.00K
YoY Change -50.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $451.9K $2.670M
Total Long-Term Liabilities $10.00K $20.00K
Total Liabilities $464.1K $2.695M
YoY Change -82.78% 60.44%
SHAREHOLDERS EQUITY
Retained Earnings -$47.37M -$43.44M
YoY Change 9.04% 5.5%
Common Stock $67.94M $41.20M
YoY Change 64.9% 8.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.65M -$1.864M
YoY Change
Total Liabilities & Shareholders Equity $21.12M $830.8K
YoY Change 2441.48% 75.78%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$1.563M -$595.7K
YoY Change 162.35% -15.08%
Depreciation, Depletion And Amortization $4.517K $994.00
YoY Change 354.43% -47.6%
Cash From Operating Activities -$1.621M -$358.6K
YoY Change 352.02% 13.0%
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 $9.400M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $12.58M 297.1K
YoY Change 4134.47% 24.87%
NET CHANGE
Cash From Operating Activities -$1.621M -358.6K
Cash From Investing Activities $0.00
Cash From Financing Activities $12.58M 297.1K
Net Change In Cash $10.96M -61.53K
YoY Change -17909.64% -26.5%
FREE CASH FLOW
Cash From Operating Activities -$1.621M -$358.6K
Capital Expenditures $0.00
Free Cash Flow -$1.621M -$358.6K
YoY Change 352.02% 11.5%

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: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman; 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying condensed consolidated financial statements at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and for the <div style="display: inline; font-style: italic; font: inherit;">three</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</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, 2020. </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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">We enacted reverse stock splits of our common stock on <div style="display: inline; font-style: italic; font: inherit;"> September 25, 2020 (</div><div style="display: inline; font-style: italic; font: inherit;">1</div>-for-<div style="display: inline; font-style: italic; font: inherit;">20</div>) and on <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2020 (</div><div style="display: inline; font-style: italic; font: inherit;">1</div>-for-<div style="display: inline; font-style: italic; font: inherit;">2,000</div>).&nbsp; 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 issue date of these consolidated financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates. We have funded our activities to date from government grants and clinical trial assistance, corporate and academic collaborations, and from sales of our equity securities. We believe that our existing cash resources together with current government funding commitments, will be sufficient to continue our planned operations into <div style="display: inline; font-style: italic; font: inherit;">2023.</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We expect to incur future net losses and require substantial funds as we continue our research and development activities. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We <div style="display: inline; font-style: italic; font: inherit;"> may </div>never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. We intend to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we <div style="display: inline; font-style: italic; font: inherit;"> may </div>seek additional capital through arrangements with strategic partners or from other sources. There can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.&nbsp;</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: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman; 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GeoVax Labs, Inc. (&#x201c;GeoVax&#x201d; or the &#x201c;Company&#x201d;), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using a novel vector vaccine platform (Modified Vaccinia Ankara (MVA) Virus-Like Particle, or &#x201c;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>&#x201d;). 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 can 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 immunotherapies for HIV and solid tumor cancers.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our corporate strategy is to advance, protect and exploit our differentiated vaccine immunotherapy platform leading to the successful development of preventive and therapeutic vaccines against infectious diseases and various cancers. With our design and development capabilities, we are progressing and validating an array of cancer and infectious disease immunotherapy and vaccine product candidates. 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: inherit;">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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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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10000000
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
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9400000
CY2021Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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CY2020Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
300000
CY2021Q1 us-gaap Proceeds From Warrant Exercises
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3174156
CY2020Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q1 us-gaap Property Plant And Equipment Net
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143224
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
147741
CY2020Q4 us-gaap Property Plant And Equipment Net
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147741
CY2021Q1 us-gaap Repayments Of Notes Payable
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3063
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2914
CY2021Q1 us-gaap Research And Development Expense
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602783
CY2020Q1 us-gaap Research And Development Expense
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CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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110417
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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715977
CY2021Q1 us-gaap Share Based Compensation
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76790
CY2020Q1 us-gaap Share Based Compensation
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6000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
602000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.79
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P9Y255D
CY2021Q1 us-gaap Shares Issued Price Per Share
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6.25
CY2021Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1472
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2020Q1 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
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9408920
CY2020Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
300000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
20651340
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
9568852
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-1574556
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-1864250
CY2021Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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800000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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5332058
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
234395

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