$GRCE

2021 Q1 Form 10-Q Financial Statement

#000117184321000849 Filed on February 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $115.0K $81.00K $0.00
YoY Change
Cost Of Revenue $40.00K $36.00K
YoY Change
Gross Profit $75.00K $45.00K
YoY Change
Gross Profit Margin 65.22% 55.56%
Selling, General & Admin $1.509M $1.331M $8.464M
YoY Change -82.17% -40.42% 68.17%
% of Gross Profit 2012.0% 2957.78%
Research & Development $393.0K $678.0K $15.97M
YoY Change -97.54% -82.67% -45.62%
% of Gross Profit 524.0% 1506.67%
Depreciation & Amortization $1.000K $0.00 $410.0K
YoY Change -99.76% -100.0% 6.77%
% of Gross Profit 1.33% 0.0%
Operating Expenses $1.962M $2.009M $24.44M
YoY Change -91.97% -67.31% -28.97%
Operating Profit -$1.887M -$1.964M
YoY Change -68.04%
Interest Expense -$3.346M -$1.256M -$884.0K
YoY Change 278.51% -79.0% -79.43%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.256M -$191.0K
YoY Change -100.0% -78.99% -71.19%
Pretax Income -$5.646M -$3.220M -$25.51M
YoY Change -77.87% -73.43% -35.19%
Income Tax
% Of Pretax Income
Net Earnings -$5.646M -$3.220M -$25.51M
YoY Change -77.87% -73.44% -35.19%
Net Earnings / Revenue -4909.57% -3975.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$239.8K -$233.2K -$301.6K
COMMON SHARES
Basic Shares Outstanding 179.5M 96.89M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.73M $27.92M $14.24M
YoY Change 326.48% 36.96% -44.76%
Cash & Equivalents $50.94M $26.55M $14.24M
Short-Term Investments $9.789M $1.372M
Other Short-Term Assets $1.111M $1.647M $195.0K
YoY Change 469.74% -11.62% 297.96%
Inventory $14.00K
Prepaid Expenses $343.0K $559.0K $977.0K
Receivables $530.0K $619.0K $546.0K
Other Receivables $18.00K $0.00 $25.00K
Total Short-Term Assets $62.37M $30.20M $18.46M
YoY Change 237.84% 28.6% -33.98%
LONG-TERM ASSETS
Property, Plant & Equipment $105.0K $1.910M
YoY Change -95.34% -9.35%
Goodwill
YoY Change
Intangibles $0.00 $0.00 $4.244M
YoY Change -100.0% -33.54%
Long-Term Investments
YoY Change
Other Assets $473.0K
YoY Change 13.43%
Total Long-Term Assets $86.00K $105.0K $4.391M
YoY Change -98.04% -98.57% -50.83%
TOTAL ASSETS
Total Short-Term Assets $62.37M $30.20M $18.46M
Total Long-Term Assets $86.00K $105.0K $4.391M
Total Assets $62.46M $30.30M $22.85M
YoY Change 173.3% -1.72% -38.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.0K $2.100M $1.713M
YoY Change -93.29% -78.55% -43.78%
Accrued Expenses $607.0K $105.0K $4.247M
YoY Change -85.71% -44.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.579M $2.248M $7.395M
YoY Change -78.65% -80.18% -45.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.219M $2.340M $2.464M
YoY Change 111.81% -90.41% -79.78%
Total Long-Term Liabilities $5.219M $2.340M $2.464M
YoY Change 111.81% -90.41% -79.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.579M $2.248M $7.395M
Total Long-Term Liabilities $5.219M $2.340M $2.464M
Total Liabilities $6.798M $4.588M $9.859M
YoY Change -31.05% -87.16% -61.86%
SHAREHOLDERS EQUITY
Retained Earnings -$146.0M -$140.4M -$126.3M
YoY Change 15.58% 25.3%
Common Stock $197.2M $162.2M $137.4M
YoY Change 43.49% 23.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.66M $25.72M $12.99M
YoY Change
Total Liabilities & Shareholders Equity $62.46M $30.30M $22.85M
YoY Change 173.3% -1.72% -38.06%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.646M -$3.220M -$25.51M
YoY Change -77.87% -73.44% -35.19%
Depreciation, Depletion And Amortization $1.000K $0.00 $410.0K
YoY Change -99.76% -100.0% 6.77%
Cash From Operating Activities -$1.760M -$4.214M -$22.94M
YoY Change -92.33% -40.68% -7.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $319.0K
YoY Change -100.0% -100.0% -40.26%
Acquisitions
YoY Change
Other Investing Activities -$8.417M -$1.372M -$370.0K
YoY Change 2174.86% 1375.27% -104.84%
Cash From Investing Activities -$8.417M -$1.372M $8.138M
YoY Change -203.43% 295.39% -186.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.75M
YoY Change 228.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.68M 19.75M 13.18M
YoY Change 163.19% 177.43% -71.16%
NET CHANGE
Cash From Operating Activities -1.760M -4.214M -22.94M
Cash From Investing Activities -8.417M -1.372M 8.138M
Cash From Financing Activities 34.68M 19.75M 13.18M
Net Change In Cash 24.50M 14.99M -1.630M
YoY Change -1603.13% 5432.84% -114.22%
FREE CASH FLOW
Cash From Operating Activities -$1.760M -$4.214M -$22.94M
Capital Expenditures $0.00 $0.00 $319.0K
Free Cash Flow -$1.760M -$4.214M -$23.26M
YoY Change -92.43% -38.48% -8.13%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 19px">&nbsp;</td> <td style="width: 28px"><div style="display: inline; 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 style="text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Nature of Operation:</div></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 0 0pt 0.5in; font-size: 10pt; text-align: justify">Acasti Pharma Inc. (&#x201c;Acasti&#x201d; or the &#x201c;Corporation&#x201d;) 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 at <div style="display: inline; font-style: italic; font: inherit;">3009,</div> boul.de la Concord Est, 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=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2020, </div>the Corporation released Phase <div style="display: inline; font-style: italic; font: inherit;">3</div> clinical study results for the Corporation's lead drug candidate, CaPre. The failure of the TRILOGY studies to meet the primary endpoint resulted in the Corporation making a decision <div style="display: inline; font-style: italic; font: inherit;">not</div> to proceed with a filing of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 5.9pt 0pt 0.5in">&nbsp;</div> <div style=" margin: 0pt 0 0pt 0.5in; font-size: 10pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> September 2020, </div>the Corporation commenced a formal process to explore and evaluate strategic alternatives to enhance shareholder value. Towards this end, the Corporation has engaged a financial advisor to assist in the process. There can be <div style="display: inline; font-style: italic; font: inherit;">no</div> assurance of a successful outcome from these efforts, or of the form or timing of any such outcome. The Corporation has greatly reduced its commercial and research and development activities including a reduction in workforce to reduce operating expenses, while it evaluates these opportunities. The Corporation's operations are now primarily focused on evaluating strategic alternatives. The Corporation remains subject to a number of risks similar to other companies in the biotechnology industry, including compliance with government regulations, protection of proprietary technology, dependence on <div style="display: inline; font-style: italic; font: inherit;">third</div> parties and product liability.</div></div>
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<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=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</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=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&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=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&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;">7</div>) and stock-based compensation (note <div style="display: inline; font-style: italic; font: inherit;">11</div>), impairment of intangibles and assets held for sale (notes <div style="display: inline; font-style: italic; font: inherit;">5</div> and <div style="display: inline; font-style: italic; font: inherit;">6</div>) and the take-or-pay contract (note <div style="display: inline; font-style: italic; font: inherit;">14</div>(a)). 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>
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