$HRGN
Harvard Apparatus Regenerative Technology, Inc.

2021 Q4 Form 10-Q Financial Statement

#000141057821000281 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.351M $572.0K $510.0K
YoY Change 579.92% 12.16% -44.57%
% of Gross Profit
Research & Development $550.0K $250.0K $548.0K
YoY Change -54.38% -65.29%
% of Gross Profit
Depreciation & Amortization $20.00K $21.00K $45.00K
YoY Change -55.56% -53.33% -10.0%
% of Gross Profit
Operating Expenses $5.901M $822.0K $1.058M
YoY Change 431.62% -22.31% -57.66%
Operating Profit -$822.0K -$1.058M
YoY Change -22.31%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $28.00K -$27.00K $398.0K
YoY Change -66.67% -106.78% 226.23%
Pretax Income -$5.873M -$849.0K -$660.0K
YoY Change 473.54% 28.64% -72.23%
Income Tax
% Of Pretax Income
Net Earnings -$5.873M -$849.0K -$660.0K
YoY Change 473.54% 28.64% -72.23%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08 -$0.07
Diluted Earnings Per Share -$514.9K -$0.08 -$0.07
COMMON SHARES
Basic Shares Outstanding 10.69M 10.01B 8.855B
Diluted Shares Outstanding 10.01B 8.855B

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.242M $1.995M $2.048M
YoY Change 21.05% -2.59% 86.52%
Cash & Equivalents $1.292M $2.045M $2.098M
Short-Term Investments
Other Short-Term Assets $12.00K $327.0K $224.0K
YoY Change -50.0% 45.98% -24.83%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $370.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.587M $2.322M $2.642M
YoY Change -5.37% -12.11% 72.45%
LONG-TERM ASSETS
Property, Plant & Equipment $110.0K $130.0K $377.0K
YoY Change -49.31% -65.52% -28.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $279.0K $233.0K $377.0K
YoY Change -30.08% -38.2% -28.46%
TOTAL ASSETS
Total Short-Term Assets $1.587M $2.322M $2.642M
Total Long-Term Assets $279.0K $233.0K $377.0K
Total Assets $1.866M $2.555M $3.019M
YoY Change -10.12% -15.37% 46.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $676.0K $112.0K $71.00K
YoY Change 2080.65% 57.75% -73.7%
Accrued Expenses $4.158M $353.0K $471.0K
YoY Change 880.66% -25.05% -13.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $224.0K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $4.836M $496.0K $793.0K
YoY Change 539.68% -37.45% -13.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $180.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $59.00K $22.00K $37.00K
YoY Change -21.33% -40.54% 60.87%
Total Long-Term Liabilities $59.00K $22.00K $217.0K
YoY Change -69.74% -89.86% 843.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.836M $496.0K $793.0K
Total Long-Term Liabilities $59.00K $22.00K $217.0K
Total Liabilities $4.895M $518.0K $1.010M
YoY Change 414.72% -48.71% 7.33%
SHAREHOLDERS EQUITY
Retained Earnings -$76.94M -$71.10M
YoY Change 11.57%
Common Stock $108.0K $107.0K
YoY Change 14.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.029M $2.037M $2.009M
YoY Change
Total Liabilities & Shareholders Equity $1.866M $2.555M $3.019M
YoY Change -10.12% -15.37% 46.62%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$5.873M -$849.0K -$660.0K
YoY Change 473.54% 28.64% -72.23%
Depreciation, Depletion And Amortization $20.00K $21.00K $45.00K
YoY Change -55.56% -53.33% -10.0%
Cash From Operating Activities -$1.001M -$454.0K -$855.0K
YoY Change -2.05% -46.9% -37.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$7.000K
YoY Change -100.0% -82.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$7.000K
YoY Change -100.0% -82.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 248.0K 1.998M 2.292M
YoY Change -12.83% 83.36%
NET CHANGE
Cash From Operating Activities -1.001M -454.0K -855.0K
Cash From Investing Activities 0.000 0.000 -7.000K
Cash From Financing Activities 248.0K 1.998M 2.292M
Net Change In Cash -753.0K 1.544M 1.430M
YoY Change -26.32% 7.97% -1034.64%
FREE CASH FLOW
Cash From Operating Activities -$1.001M -$454.0K -$855.0K
Capital Expenditures $0.00 $0.00 -$7.000K
Free Cash Flow -$1.001M -$454.0K -$848.0K
YoY Change -2.05% -46.46% -35.9%

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NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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969000
bstg Fair Value Adjustment Of Warrants Gross
FairValueAdjustmentOfWarrantsGross
14000
bstg Fair Value Adjustment Of Warrants Gross
FairValueAdjustmentOfWarrantsGross
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bstg Increase Decrease In Grant Receivables
IncreaseDecreaseInGrantReceivables
-77000
bstg Increase Decrease In Grant Receivables
IncreaseDecreaseInGrantReceivables
370000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-247000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-270000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
81000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-41000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1135000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1076000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
963000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2045000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2098000
bstg Issuance Of Vested Stock In Non Cash Investing Or Financing Activity
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0
bstg Issuance Of Vested Stock In Non Cash Investing Or Financing Activity
IssuanceOfVestedStockInNonCashInvestingOrFinancingActivity
42000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71100000
CY2021Q3 us-gaap Cash
Cash
2000000.0
bstg Number Of Wholly Owned Subsidiaries
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3
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, expenses and related disclosures. On an ongoing basis the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that the Company believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses. Actual results may differ from these estimates.</p>
CY2021Q3 us-gaap Grants Receivable
GrantsReceivable
1800000
bstg Grants Receivable Recognized
GrantsReceivableRecognized
1500000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
50000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
50000
CY2021Q3 us-gaap Cash
Cash
1995000
CY2020Q4 us-gaap Cash
Cash
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CY2021Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2045000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1076000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0078
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2143
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.00
CY2021Q3 bstg Market Value Of Common Stock
MarketValueOfCommonStock
3.00
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0087
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1801
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.00
CY2021Q2 bstg Market Value Of Common Stock
MarketValueOfCommonStock
1.21
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
151027
CY2020Q3 us-gaap Share Price
SharePrice
3.70
CY2020Q3 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0088
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.067
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
3.70
CY2020Q3 bstg Market Value Of Common Stock
MarketValueOfCommonStock
3.11
CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
92212
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1893201
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.44
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
650000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2543201
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
408000
CY2021Q3 us-gaap Notes Payable
NotesPayable
0
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
50000
CY2021Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
31000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
50000
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
17000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
17000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
14000
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
31000
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
8.00
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
8.00
CY2021Q3 bstg Fair Value Assumptions Warrant Liability Market Value
FairValueAssumptionsWarrantLiabilityMarketValue
3.00
CY2020Q4 bstg Fair Value Assumptions Warrant Liability Market Value
FairValueAssumptionsWarrantLiabilityMarketValue
1.25
CY2021Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
92212
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P1Y
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
70000000
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
false
bstg Lessee Operating Lease Notice For Termination
LesseeOperatingLeaseNoticeForTermination
P180D
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
103000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
182000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
81000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
107000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
22000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
75000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
103000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
182000
us-gaap Operating Lease Payments
OperatingLeasePayments
91000000
us-gaap Operating Lease Payments
OperatingLeasePayments
91000000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M17D
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y11M26D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1054
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1312
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
31000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
62000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
112000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
103000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4046383
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3534875
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
71000000

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