$GRCE

2020 Q3 Form 10-Q Financial Statement

#000117184320005901 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2020 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.458M $2.365M $8.464M
YoY Change -36.64% 30.23% 68.17%
% of Gross Profit
Research & Development $1.286M $1.756M $15.97M
YoY Change -67.48% -71.63% -45.62%
% of Gross Profit
Depreciation & Amortization $56.00K $86.00K $410.0K
YoY Change -22.22% -3.37% 6.77%
% of Gross Profit
Operating Expenses $2.744M $4.121M $24.44M
YoY Change -56.13% -48.53% -28.97%
Operating Profit -$8.034M -$4.121M
YoY Change 28.44% -48.53%
Interest Expense $2.030M -$424.0K -$884.0K
YoY Change -113.66% -47.2% -79.43%
% of Operating Profit
Other Income/Expense, Net $1.888M -$545.0K -$191.0K
YoY Change -112.67% -35.12% -71.19%
Pretax Income -$6.146M -$4.666M -$25.51M
YoY Change -70.95% -47.25% -35.19%
Income Tax
% Of Pretax Income
Net Earnings -$6.146M -$4.666M -$25.51M
YoY Change -70.95% -47.25% -35.19%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$516.9K -$411.6K -$301.6K
COMMON SHARES
Basic Shares Outstanding 96.89M 92.49M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.55M $12.12M $14.24M
YoY Change -42.9% -36.92% -44.76%
Cash & Equivalents $11.55M $12.12M $14.24M
Short-Term Investments
Other Short-Term Assets $1.536M $499.0K $195.0K
YoY Change 198.14% -22.57% 297.96%
Inventory
Prepaid Expenses $489.0K $718.0K $977.0K
Receivables $625.0K $495.0K $546.0K
Other Receivables $0.00 $0.00 $25.00K
Total Short-Term Assets $13.71M $13.96M $18.46M
YoY Change -36.93% -34.31% -33.98%
LONG-TERM ASSETS
Property, Plant & Equipment $119.0K $1.926M $1.910M
YoY Change -94.82% -6.39% -9.35%
Goodwill
YoY Change
Intangibles $0.00 $3.925M $4.244M
YoY Change -33.54%
Long-Term Investments
YoY Change
Other Assets $192.0K $473.0K
YoY Change -54.43% 13.43%
Total Long-Term Assets $119.0K $6.178M $4.391M
YoY Change -98.49% -21.76% -50.83%
TOTAL ASSETS
Total Short-Term Assets $13.71M $13.96M $18.46M
Total Long-Term Assets $119.0K $6.178M $4.391M
Total Assets $13.83M $20.14M $22.85M
YoY Change -53.31% -30.91% -38.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.670M $5.900M $1.713M
YoY Change -65.16% -50.08% -43.78%
Accrued Expenses $81.00K $79.00K $4.247M
YoY Change -44.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.751M $5.979M $7.395M
YoY Change -68.84% -54.81% -45.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.208M $3.127M $2.464M
YoY Change -93.61% -76.36% -79.78%
Total Long-Term Liabilities $1.208M $3.127M $2.464M
YoY Change -93.61% -76.36% -79.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.751M $5.979M $7.395M
Total Long-Term Liabilities $1.208M $3.127M $2.464M
Total Liabilities $4.959M $9.106M $9.859M
YoY Change -83.97% -65.58% -61.86%
SHAREHOLDERS EQUITY
Retained Earnings -$137.2M -$131.0M -$126.3M
YoY Change 25.3%
Common Stock $142.6M $139.2M $137.4M
YoY Change 23.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.873M $11.04M $12.99M
YoY Change
Total Liabilities & Shareholders Equity $13.83M $20.14M $22.85M
YoY Change -53.31% -30.91% -38.06%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.146M -$4.666M -$25.51M
YoY Change -70.95% -47.25% -35.19%
Depreciation, Depletion And Amortization $56.00K $86.00K $410.0K
YoY Change -22.22% -3.37% 6.77%
Cash From Operating Activities -$4.178M -$4.169M -$22.94M
YoY Change -32.09% -38.91% -7.44%
INVESTING ACTIVITIES
Capital Expenditures -$33.00K $36.00K $319.0K
YoY Change 94.12% 89.47% -40.26%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$370.0K
YoY Change -100.0% -100.0% -104.84%
Cash From Investing Activities -$33.00K -$36.00K $8.138M
YoY Change -100.98% -100.65% -186.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.435M $1.775M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.434M $1.635M 13.18M
YoY Change -47.94% 4708.82% -71.16%
NET CHANGE
Cash From Operating Activities -$4.178M -$4.169M -22.94M
Cash From Investing Activities -$33.00K -$36.00K 8.138M
Cash From Financing Activities $3.434M $1.635M 13.18M
Net Change In Cash -$570.0K -$2.118M -1.630M
YoY Change -116.2% 136.91% -114.22%
FREE CASH FLOW
Cash From Operating Activities -$4.178M -$4.169M -$22.94M
Capital Expenditures -$33.00K $36.00K $319.0K
Free Cash Flow -$4.145M -$4.205M -$23.26M
YoY Change -32.44% -38.55% -8.13%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">.</div></td> <td style="padding-right: 5.65pt"><div style="display: inline; font-weight: bold;">Nature of Operations:</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">&nbsp;</div> <div style=" margin: 0pt 5.9pt 0pt 0.5in; font-size: 10pt; text-align: justify">Acasti Pharma Inc. (Acasti or the Corporation) is incorporated under the Business Corporations Act (Qu&eacute;bec) (formerly Part <div style="display: inline; font-style: italic; font: inherit;">1A</div> of the Companies Act (Qu&eacute;bec)). The Corporation is domiciled in Canada and its registered office is located <div style="display: inline; font-style: italic; font: inherit;">3009,</div> boul. de la Concorde Est, Suite <div style="display: inline; font-style: italic; font: inherit;">102,</div> Laval, Qu&eacute;bec, <div style="display: inline; font-style: italic; font: inherit;">H7E</div> <div style="display: inline; font-style: italic; font: inherit;">2B5</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">The Corporation is subject to a number of risks associated with its ongoing priorities, including the conduct of its clinical program and its results, the establishment of strategic alliances and the development of new pharmaceutical products and their marketing. The Corporation's current product in development requires approval from the U.S Food and Drug Administration and equivalent regulatory organizations in other countries before their sale can be authorized.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">The Corporation has incurred significant operating losses and negative cash flows from operations since inception. To date, the Corporation has financed its operations through the public offering and private placement of Common Shares, units consisting of Common Shares and warrants and convertible debt, the proceeds from research grants and research tax credits, and the exercises of warrants, rights and options. To achieve the objectives of its business plan, Acasti plans to raise the necessary funds through additional securities offerings and the establishment of strategic alliances as well as additional research grants and research tax credits. The ability of the Corporation to complete the needed financing and ultimately achieve profitable operations is dependent on a number of factors outside of the Corporation's control.</div></div>
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ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
CY2019Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
7556000
CY2020Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2020Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
716000
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
700000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
632000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
250000
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1765000
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
635000
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
252000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
12994000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
11036000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
11045000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
3275000
CY2020Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">Use of estimates</div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results <div style="display: inline; font-style: italic; font: inherit;"> may </div>differ from these estimates.</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Estimates are based on management's best knowledge of current events and actions that management <div style="display: inline; font-style: italic; font: inherit;"> may </div>undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Estimates and assumptions include the measurement of derivative warrant liabilities (note <div style="display: inline; font-style: italic; font: inherit;">5</div>) and stock-based compensation (note <div style="display: inline; font-style: italic; font: inherit;">9</div>). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and developments expenditures at each reporting date, as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded.</div></div></div></div></div></div></div></div></div></div>
CY2020Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
881000
CY2020Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
881000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90691726
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
78638075

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