$GOVX
GeoVax Labs, Inc.

2022 Q1 Form 10-Q Financial Statement

#000143774922009862 Filed on April 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $81.53K $110.4K
YoY Change -26.17% -84.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.179M $1.070M
YoY Change 10.19% 114.0%
% of Gross Profit
Research & Development $1.331M $602.8K
YoY Change 120.73% -25.48%
% of Gross Profit
Depreciation & Amortization $12.27K $4.517K
YoY Change 171.62% 354.43%
% of Gross Profit
Operating Expenses $2.510M $1.674M
YoY Change 49.87% 27.7%
Operating Profit -$2.428M -$1.564M
YoY Change 55.24% 162.74%
Interest Expense $0.00 $755.00
YoY Change -100.0% -33.89%
% of Operating Profit
Other Income/Expense, Net $527.00 $1.298K
YoY Change -59.4% -432.82%
Pretax Income -$2.428M -$1.560M
YoY Change 55.61% 160.0%
Income Tax
% Of Pretax Income
Net Earnings -$2.428M -$1.563M
YoY Change 55.33% 162.35%
Net Earnings / Revenue -2977.6% -1415.34%
Basic Earnings Per Share -$0.34 -$0.29
Diluted Earnings Per Share -$341.4K -$292.7K
COMMON SHARES
Basic Shares Outstanding 7.109M 5.332M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.26M $20.84M
YoY Change -21.99% 9372.73%
Cash & Equivalents $16.26M $20.84M
Short-Term Investments
Other Short-Term Assets $279.7K $120.0K
YoY Change 133.04% 71.43%
Inventory
Prepaid Expenses
Receivables $99.53K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.64M $20.96M
YoY Change -20.63% 2487.13%
LONG-TERM ASSETS
Property, Plant & Equipment $206.9K $143.2K
YoY Change 44.43% 1390.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.01K $10.00K
YoY Change 10.1% 0.0%
Total Long-Term Assets $217.9K $154.2K
YoY Change 41.26% 647.91%
TOTAL ASSETS
Total Short-Term Assets $16.64M $20.96M
Total Long-Term Assets $217.9K $154.2K
Total Assets $16.85M $21.12M
YoY Change -20.18% 2441.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $426.1K $232.5K
YoY Change 83.28% -68.62%
Accrued Expenses $3.075M $36.62K
YoY Change 8296.36% -98.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $180.0K
YoY Change 1700.0%
Total Short-Term Liabilities $3.501M $451.9K
YoY Change 674.67% -83.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.00K
YoY Change -100.0% -50.0%
Other Long-Term Liabilities $2.000M
YoY Change
Total Long-Term Liabilities $2.000M $10.00K
YoY Change 19900.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.501M $451.9K
Total Long-Term Liabilities $2.000M $10.00K
Total Liabilities $5.501M $464.1K
YoY Change 1085.31% -82.78%
SHAREHOLDERS EQUITY
Retained Earnings -$66.80M -$47.37M
YoY Change 41.03% 9.04%
Common Stock $78.16M $67.94M
YoY Change 15.03% 64.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.35M $20.65M
YoY Change
Total Liabilities & Shareholders Equity $16.85M $21.12M
YoY Change -20.18% 2441.48%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.428M -$1.563M
YoY Change 55.33% 162.35%
Depreciation, Depletion And Amortization $12.27K $4.517K
YoY Change 171.62% 354.43%
Cash From Operating Activities -$4.333M -$1.621M
YoY Change 167.31% 352.02%
INVESTING ACTIVITIES
Capital Expenditures $62.19K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$62.19K $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 $9.229M $12.58M
YoY Change -26.64% 4134.47%
NET CHANGE
Cash From Operating Activities -$4.333M -$1.621M
Cash From Investing Activities -$62.19K $0.00
Cash From Financing Activities $9.229M $12.58M
Net Change In Cash $4.834M $10.96M
YoY Change -55.89% -17909.64%
FREE CASH FLOW
Cash From Operating Activities -$4.333M -$1.621M
Capital Expenditures $62.19K $0.00
Free Cash Flow -$4.395M -$1.621M
YoY Change 171.15% 352.02%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b>         <b>Description of Business </b></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 Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials in COVID-<em style="font: inherit;">19</em> and head and neck cancer. Additional research and development programs include preventive vaccines against Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa) and malaria, as well as immunotherapies for solid tumors.</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>
CY2022Q1 us-gaap Basis Of Accounting
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b>         <b>Basis of Presentation</b></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;">The accompanying condensed consolidated financial statements at <em style="font: inherit;"> March 31, 2022 </em>and for the <em style="font: inherit;">three</em>-month periods ended <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;">2021</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, 2021. </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;">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 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 have funded our activities to date from sales of our equity securities, government grants and clinical trial assistance, and corporate and academic collaborations. We intend to fund our 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 government grants, 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>
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1229953 USD
CY2022Q1 govx Prepaid Expense Value Of Stock Issued For Services During Period
PrepaidExpenseValueOfStockIssuedForServicesDuringPeriod
4987 USD

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