2023 Q1 Form 10-K Financial Statement

#000143774923007636 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $81.53K
YoY Change -100.0% -100.0% -78.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.451M $1.623M $4.987M
YoY Change 23.1% 59.97% 39.4%
% of Gross Profit
Research & Development $2.819M $3.765M $9.123M
YoY Change 111.88% -70.8% -41.34%
% of Gross Profit
Depreciation & Amortization $17.32K $14.07K $56.28K
YoY Change 41.16% 20.15% 46.11%
% of Gross Profit
Operating Expenses $4.271M $5.388M $14.11M
YoY Change 70.17% -61.27% -26.25%
Operating Profit -$4.271M -$14.03M
YoY Change 75.89% -25.16%
Interest Expense $232.7K $3.690K $0.00
YoY Change 398.65% -100.0%
% of Operating Profit
Other Income/Expense, Net $7.439K
YoY Change -95.76%
Pretax Income -$4.038M -$5.384M -$14.02M
YoY Change 66.34% -60.83% -24.5%
Income Tax
% Of Pretax Income
Net Earnings -$4.038M -$5.384M -$14.02M
YoY Change 66.34% -60.83% -24.5%
Net Earnings / Revenue -17198.35%
Basic Earnings Per Share -$0.15 -$0.83
Diluted Earnings Per Share -$0.15 -$0.20 -$0.83
COMMON SHARES
Basic Shares Outstanding 26.33M 26.33M 16.97M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.85M $27.61M $27.61M
YoY Change 46.7% 141.71% 141.71%
Cash & Equivalents $23.85M $27.61M $27.61M
Short-Term Investments
Other Short-Term Assets $2.139M $1.326M $1.326M
YoY Change 664.87% 748.69% 748.69%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.99M $28.94M $28.94M
YoY Change 56.21% 148.85% 148.85%
LONG-TERM ASSETS
Property, Plant & Equipment $217.6K $234.9K $234.9K
YoY Change 5.19% 49.68% 49.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.198M $2.174M $2.174M
YoY Change 10779.09% 19648.28% 19648.32%
Total Long-Term Assets $1.415M $2.409M $2.409M
YoY Change 549.66% 1334.49% 1334.56%
TOTAL ASSETS
Total Short-Term Assets $25.99M $28.94M $28.94M
Total Long-Term Assets $1.415M $2.409M $2.409M
Total Assets $27.40M $31.35M $31.35M
YoY Change 62.59% 165.73% 165.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.288M $1.748M $1.748M
YoY Change 202.27% -15.06% -15.06%
Accrued Expenses $3.251M $3.000M $3.000M
YoY Change 5.73% -11.18% -11.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.539M $4.748M $4.748M
YoY Change 29.65% -12.65% -12.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.539M $4.748M $4.748M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.539M $4.748M $4.748M
YoY Change -17.49% -36.14% -36.14%
SHAREHOLDERS EQUITY
Retained Earnings -$82.43M -$78.40M
YoY Change 23.4% 21.78%
Common Stock $105.3M $105.0M
YoY Change 34.73% 52.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.87M $26.60M $26.60M
YoY Change
Total Liabilities & Shareholders Equity $27.40M $31.35M $31.35M
YoY Change 62.59% 165.73% 165.73%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.038M -$5.384M -$14.02M
YoY Change 66.34% -60.83% -24.5%
Depreciation, Depletion And Amortization $17.32K $14.07K $56.28K
YoY Change 41.16% 20.15% 46.11%
Cash From Operating Activities -$3.763M -$7.064M -$19.03M
YoY Change -13.16% 5.7% 69.97%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $134.3K
YoY Change -100.0% 181.36%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$134.3K
YoY Change -100.0% 181.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 0.000 $35.35M
YoY Change -100.0% 176.54%
NET CHANGE
Cash From Operating Activities -$3.763M -7.064M -$19.03M
Cash From Investing Activities $0.00 0.000 -$134.3K
Cash From Financing Activities $0.00 0.000 $35.35M
Net Change In Cash -$3.763M -7.064M $16.19M
YoY Change -177.84% 5.7% 951.17%
FREE CASH FLOW
Cash From Operating Activities -$3.763M -$7.064M -$19.03M
Capital Expenditures $0.00 $0.00 $134.3K
Free Cash Flow -$3.763M -$7.064M -$19.16M
YoY Change -14.39% 5.7% 70.44%

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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: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.</b></p> </td> <td style="width: auto;"> <p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Description of Business and Recent Developments</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., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or the “Company”.</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 Company is focused on developing immunotherapies and vaccines against infectious diseases and cancers using novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials for vaccines against COVID-19 and a therapy for advanced head and neck cancer. Additional research and development programs include preventive vaccines against hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg, and Lassa Fever) Zika virus, and malaria, as well as immunotherapies for solid tumors.</p>
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