$GOVX
GeoVax Labs, Inc.

2021 Q3 Form 10-Q Financial Statement

#000143774921019478 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $30.41K $79.71K $440.6K
YoY Change -92.68% -81.91% 109.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $757.4K $733.5K $430.0K
YoY Change 72.14% 70.58% 4.88%
% of Gross Profit
Research & Development $1.224M $832.8K $461.4K
YoY Change 193.78% 80.49% 2.26%
% of Gross Profit
Depreciation & Amortization $8.940K $17.87K $10.00K
YoY Change -189.4% 78.7%
% of Gross Profit
Operating Expenses $1.982M $1.566M $888.7K
YoY Change 132.67% 76.25% 2.87%
Operating Profit -$1.951M -$1.487M -$448.1K
YoY Change 347.25% 231.75% -31.47%
Interest Expense $0.00 $531.00 $7.153K
YoY Change -100.0% -92.58% 554.44%
% of Operating Profit
Other Income/Expense, Net $877.00 $172.6K -$7.093K
YoY Change -100.65% -2533.29% 3245.75%
Pretax Income -$1.951M -$1.314M -$460.0K
YoY Change 242.19% 185.66% -29.23%
Income Tax
% Of Pretax Income
Net Earnings -$1.951M -$1.314M -$455.2K
YoY Change 241.8% 188.67% -30.41%
Net Earnings / Revenue -6413.17% -1648.56% -103.31%
Basic Earnings Per Share -$0.31 -$0.21
Diluted Earnings Per Share -$307.2K -$207.8K -$666.7K
COMMON SHARES
Basic Shares Outstanding 6.328M 6.323M 13.82M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.11M $19.54M $710.0K
YoY Change 56.36% 2651.9% 222.73%
Cash & Equivalents $18.11M $19.54M $710.7K
Short-Term Investments
Other Short-Term Assets $52.82K $118.0K $40.00K
YoY Change 428.2% 195.1% 0.0%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $190.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.16M $19.66M $938.3K
YoY Change 54.75% 1994.88% 193.41%
LONG-TERM ASSETS
Property, Plant & Equipment $168.7K $149.8K $8.618K
YoY Change 1570.99% 1638.21% -27.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.01K $11.01K $10.00K
YoY Change 10.1% 10.1% 0.0%
Total Long-Term Assets $179.7K $160.8K $19.63K
YoY Change 751.36% 719.28% -14.05%
TOTAL ASSETS
Total Short-Term Assets $18.16M $19.66M $938.3K
Total Long-Term Assets $179.7K $160.8K $19.63K
Total Assets $18.34M $19.82M $957.9K
YoY Change 56.0% 1968.74% 179.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $289.4K $289.7K $91.42K
YoY Change 79.24% 216.88% -21.33%
Accrued Expenses $46.21K $69.34K $2.076M
YoY Change -92.03% -96.66% 37.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $440.0K
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $180.0K
YoY Change -100.0% -100.0% 1700.0%
Total Short-Term Liabilities $335.7K $359.0K $2.786M
YoY Change -63.66% -87.11% 69.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% -33.33%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $335.7K $359.0K $2.786M
Total Long-Term Liabilities $0.00 $0.00 $20.00K
Total Liabilities $335.7K $359.0K $2.808M
YoY Change -64.37% -87.21% 67.99%
SHAREHOLDERS EQUITY
Retained Earnings -$50.63M -$48.68M -$43.90M
YoY Change 13.86% 10.9% 4.94%
Common Stock $68.64M $68.14M $41.67M
YoY Change 24.33% 63.51% 9.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.00M $19.46M -$1.850M
YoY Change
Total Liabilities & Shareholders Equity $18.34M $19.82M $957.9K
YoY Change 56.0% 1968.74% 179.58%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.951M -$1.314M -$455.2K
YoY Change 241.8% 188.67% -30.41%
Depreciation, Depletion And Amortization $8.940K $17.87K $10.00K
YoY Change -189.4% 78.7%
Cash From Operating Activities -$1.634M -$1.260M -$570.0K
YoY Change 483.46% 120.98% 26.67%
INVESTING ACTIVITIES
Capital Expenditures -$27.79K -$19.93K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$27.79K -$19.93K
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 230.0K -25.79K 1.050M
YoY Change -97.94% -102.46% 114.29%
NET CHANGE
Cash From Operating Activities -1.634M -1.260M -570.0K
Cash From Investing Activities -27.79K -19.93K
Cash From Financing Activities 230.0K -25.79K 1.050M
Net Change In Cash -1.431M -1.305M 480.0K
YoY Change -113.16% -371.94% 1100.0%
FREE CASH FLOW
Cash From Operating Activities -$1.634M -$1.260M -$570.0K
Capital Expenditures -$27.79K -$19.93K
Free Cash Flow -$1.606M -$1.240M
YoY Change 473.54%

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us-gaap Nature Of Operations
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Description of Business </b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GeoVax Labs, Inc. (“GeoVax” or the “Company”), 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 “GV-MVA-VLP<sup style="vertical-align:top;line-height:120%;font-size:pt">TM</sup>”). 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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-<em style="font: inherit;">19</em>), Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), Human Immunodeficiency Virus (HIV), and malaria, as well as immunotherapies for solid tumor cancers. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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.</p>
us-gaap Basis Of Accounting
BasisOfAccounting
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Basis of Presentation</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying condensed consolidated financial statements at <em style="font: inherit;"> June 30, 2021 </em>and for the <em style="font: inherit;">three</em>-month and <em style="font: inherit;">six</em>-month periods ended <em style="font: inherit;"> June 30, 2021 </em>and <em style="font: inherit;">2020</em> 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 <em style="font: inherit;">not</em> 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 <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2020. </em>We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should <em style="font: inherit;">not</em> be relied upon as predictive of the results in future periods.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We enacted reverse stock splits of our common stock on <em style="font: inherit;"> September 25, 2020 (</em><em style="font: inherit;">1</em>-for-20) and on <em style="font: inherit;"> January 21, 2020 (</em><em style="font: inherit;">1</em>-for-2,000). The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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 at least the <em style="font: inherit;">twelve</em>-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 sales of our equity securities, government grants and clinical trial assistance, and corporate and academic collaborations.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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 <em style="font: inherit;"> may </em>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 <em style="font: inherit;"> may </em>seek additional capital through arrangements with strategic partners or from other sources. There can be <em style="font: inherit;">no</em> assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations. </p>
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
529571 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
511700 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
149799 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
147741 USD
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
583336
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
503785
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67009
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
55191
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
679370 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
659441 USD
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
13707
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
0 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
279696 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
69342 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
79585 USD
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
69342 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
359281 USD
CY2021Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
1047000 USD
CY2021Q2 govx Unrecorded Unconditional Purchase Obligation Reimbursable Amount
UnrecordedUnconditionalPurchaseObligationReimbursableAmount
211326 USD
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1644000
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.25
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9400000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
602000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.79
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4M24D
CY2021Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3174156 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
543130 USD
CY2021Q2 govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
30573 USD
govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
51173 USD
CY2020Q2 govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
12000 USD
govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
18000 USD
CY2021Q2 govx Prepaid Expense Value Of Stock Issued For Services During Period
PrepaidExpenseValueOfStockIssuedForServicesDuringPeriod
69333 USD
CY2020Q2 govx Unused Grant Funds
UnusedGrantFunds
275302 USD

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