$HRGN
Harvard Apparatus Regenerative Technology, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223028321 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $40.00K $0.00
YoY Change
Cost Of Revenue $13.00K
YoY Change
Gross Profit $27.00K
YoY Change
Gross Profit Margin 67.5%
Selling, General & Admin $1.312M $1.085M
YoY Change 84.53% 3.43%
% of Gross Profit 4859.26%
Research & Development $339.0K $1.566M
YoY Change -8.13% 380.37%
% of Gross Profit 1255.56%
Depreciation & Amortization $6.000K $11.00K
YoY Change -53.85% -15.38%
% of Gross Profit 22.22%
Operating Expenses $1.664M $2.651M
YoY Change 54.07% 92.8%
Operating Profit -$1.624M -$2.651M
YoY Change 50.37% 92.8%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $9.000K $37.00K
YoY Change -62.5% 23.33%
Pretax Income -$1.615M -$2.614M
YoY Change 52.94% 94.35%
Income Tax
% Of Pretax Income
Net Earnings -$1.615M -$2.614M
YoY Change 52.94% 94.35%
Net Earnings / Revenue -4037.5%
Basic Earnings Per Share -$0.12 -$0.19
Diluted Earnings Per Share -$0.12 -$0.19
COMMON SHARES
Basic Shares Outstanding 13.88M shares 13.88M shares
Diluted Shares Outstanding 13.88M shares 13.79M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.501M $4.663M
YoY Change -49.48% 0.5%
Cash & Equivalents $269.0K $2.140M
Short-Term Investments $1.232M $2.523M
Other Short-Term Assets $330.0K $338.0K
YoY Change 55.66% 129.93%
Inventory $56.00K
Prepaid Expenses
Receivables $3.000K
Other Receivables $0.00
Total Short-Term Assets $1.890M $5.001M
YoY Change -40.62% 4.47%
LONG-TERM ASSETS
Property, Plant & Equipment $31.00K $39.00K
YoY Change -60.26% -57.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.758M $62.00K
YoY Change 465.27% -64.16%
Total Long-Term Assets $1.892M $780.0K
YoY Change 296.65% 105.8%
TOTAL ASSETS
Total Short-Term Assets $1.890M $5.001M
Total Long-Term Assets $1.892M $780.0K
Total Assets $3.782M $5.781M
YoY Change 3.33% 11.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $424.0K $372.0K
YoY Change -51.93% -75.18%
Accrued Expenses $625.0K $1.569M
YoY Change 40.77% 227.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.055M $1.967M
YoY Change -26.84% -7.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.00K $18.00K
YoY Change 22.22% -18.18%
Total Long-Term Liabilities $11.00K $18.00K
YoY Change 22.22% -18.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.055M $1.967M
Total Long-Term Liabilities $11.00K $18.00K
Total Liabilities $1.066M $1.985M
YoY Change -26.53% -7.46%
SHAREHOLDERS EQUITY
Retained Earnings -$90.10M -$88.50M
YoY Change 10.55% 9.94%
Common Stock $139.0K $139.0K
YoY Change 19.83% 19.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.716M $3.796M
YoY Change
Total Liabilities & Shareholders Equity $3.782M $5.781M
YoY Change 3.33% 11.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.615M -$2.614M
YoY Change 52.94% 94.35%
Depreciation, Depletion And Amortization $6.000K $11.00K
YoY Change -53.85% -15.38%
Cash From Operating Activities -$3.162M -$1.546M
YoY Change 83.94% 36.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.000K
YoY Change -125.0%
Acquisitions
YoY Change
Other Investing Activities $1.291M -$2.523M
YoY Change
Cash From Investing Activities $1.291M -$2.525M
YoY Change 31462.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 2.942M
YoY Change 46.73%
NET CHANGE
Cash From Operating Activities -3.162M -1.546M
Cash From Investing Activities 1.291M -2.525M
Cash From Financing Activities 0.000 2.942M
Net Change In Cash -1.871M -1.129M
YoY Change 8.84% -230.97%
FREE CASH FLOW
Cash From Operating Activities -$3.162M -$1.546M
Capital Expenditures $0.00 $2.000K
Free Cash Flow -$3.162M -$1.548M
YoY Change 83.94% 37.36%

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us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
62000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-310000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
823000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
894000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
483000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2559000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1654000 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2523000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2534000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5992000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5060000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5992000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5060000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
899000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3398000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1241000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1292000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2140000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4690000 usd
HRGN Settlement Of Contingency Matter
SettlementOfContingencyMatter
-3250000 usd
HRGN Settlement Amount Due To Parent Included In Accrued And Other Current Liabilities
SettlementAmountDueToParentIncludedInAccruedAndOtherCurrentLiabilities
-750000 usd
us-gaap Stock Issued1
StockIssued1
4000000 usd
HRGN Purchases Of Property And Equipment In Accounts Payable Or Accrued Expenses
PurchasesOfPropertyAndEquipmentInAccountsPayableOrAccruedExpenses
5000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
77000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
18000 usd
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
4257000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-88500000 usd
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
4700000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zr0X7VGW6FZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_z4V585mZeuu6">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The process of preparing condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such estimates include, but are not limited to, share-based compensation, valuation of warrant liability, accrued expenses and the valuation allowance for deferred income taxes. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zHIHd6zS1h07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zOSM5uFKlDbj">Cash Concentrations</span> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash balances with a financial institution in federally insured accounts and may periodically have cash balances in excess of insurance limits. The Company maintains its accounts with financial institutions with a high credit rating. The Company has not experienced any losses to date and believes that it is not exposed to any significant credit risk on cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Interest Income Other
InterestIncomeOther
41000 usd
CY2022Q2 us-gaap Interest Income Other
InterestIncomeOther
0 usd
us-gaap Interest Income Other
InterestIncomeOther
41000 usd
us-gaap Interest Income Other
InterestIncomeOther
0 usd
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
2100000 usd
CY2023Q2 us-gaap Short Term Investments
ShortTermInvestments
2500000 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1200000 usd
CY2023Q2 us-gaap Short Term Investments
ShortTermInvestments
2523000 usd
CY2023Q2 HRGN Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
923000 usd
CY2023Q2 HRGN Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
375000 usd
CY2022Q4 HRGN Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
300000 usd
CY2022Q4 HRGN Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
135000 usd
CY2023Q2 HRGN Accrued Audit Services Current
AccruedAuditServicesCurrent
70000 usd
CY2022Q4 HRGN Accrued Audit Services Current
AccruedAuditServicesCurrent
80000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
82000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
55000 usd
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
26000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12000 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1476000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
582000 usd
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000 usd
CY2022Q4 HRGN Percentage Of Litigation Paid
PercentageOfLitigationPaid
1 pure
CY2023Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000 usd
us-gaap Sublease Income
SubleaseIncome
61000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
135000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
147000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
119000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
99000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
137000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
147000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
28000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
30000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
57000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
60000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
28000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
57000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
30000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
60000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M17D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M28D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1278 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0925 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
70000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
69000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
144000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
137000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2614000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1345000 usd
us-gaap Net Income Loss
NetIncomeLoss
-5504000 usd
us-gaap Net Income Loss
NetIncomeLoss
-3522000 usd
CY2023Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
-3000 usd
CY2022Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
18000 usd
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
77000 usd
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
18000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2611000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1363000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5581000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3540000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13785657 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13785657 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11230525 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11230525 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13000211 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13000211 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10996996 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10996996 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4900522 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4977905 shares

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