$HRGN
Harvard Apparatus Regenerative Technology, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022012243 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 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 $711.0K $1.049M $1.902M
YoY Change 24.3% 69.74% 264.37%
% of Gross Profit
Research & Development $369.0K $326.0K $303.0K
YoY Change 47.6% 8.67% -35.94%
% of Gross Profit
Depreciation & Amortization $13.00K $13.00K $14.00K
YoY Change -38.1% -43.48% -67.44%
% of Gross Profit
Operating Expenses $1.080M $1.375M $2.205M
YoY Change 31.39% 49.78% 121.61%
Operating Profit -$1.080M -$1.375M -$2.205M
YoY Change 31.39% 49.78% 121.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $24.00K $30.00K $28.00K
YoY Change -188.89% -94.4% -76.86%
Pretax Income -$1.056M -$1.345M -$2.177M
YoY Change 24.38% 252.09% 149.08%
Income Tax
% Of Pretax Income
Net Earnings -$1.056M -$1.345M -$2.177M
YoY Change 24.38% 252.09% 149.08%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10 -$0.12 -$0.20
Diluted Earnings Per Share -$0.10 -$0.12 -$0.20
COMMON SHARES
Basic Shares Outstanding 11.62M 11.23M 10.76M
Diluted Shares Outstanding 11.62M 11.23M 10.76M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.971M $4.640M $723.0K
YoY Change 48.92% 928.82% 55.15%
Cash & Equivalents $2.971M $4.690M $3.828M
Short-Term Investments
Other Short-Term Assets $212.0K $147.0K $3.207M
YoY Change -35.17% -53.04% 632.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.183M $4.787M $3.930M
YoY Change 37.08% 473.98% 324.41%
LONG-TERM ASSETS
Property, Plant & Equipment $78.00K $91.00K $96.00K
YoY Change -40.0% -39.74% -70.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $311.0K $173.0K
YoY Change
Total Long-Term Assets $477.0K $379.0K $238.0K
YoY Change 104.72% 34.88% -27.88%
TOTAL ASSETS
Total Short-Term Assets $3.183M $4.787M $3.930M
Total Long-Term Assets $477.0K $379.0K $238.0K
Total Assets $3.660M $5.166M $4.168M
YoY Change 43.25% 363.32% 231.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $882.0K $1.499M $1.273M
YoY Change 687.5% 3743.59% 1471.6%
Accrued Expenses $444.0K $479.0K $4.153M
YoY Change 25.78% 51.1% 1158.48%
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 $1.442M $2.123M $9.109M
YoY Change 190.73% 488.09% 1081.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $9.000K $22.00K $30.00K
YoY Change -59.09% -15.38% -34.78%
Total Long-Term Liabilities $9.000K $22.00K $30.00K
YoY Change -59.09% -15.38% -71.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.442M $2.123M $9.109M
Total Long-Term Liabilities $9.000K $22.00K $30.00K
Total Liabilities $1.451M $2.145M $9.139M
YoY Change 180.12% 454.26% 944.46%
SHAREHOLDERS EQUITY
Retained Earnings -$81.50M -$80.50M -$79.10M
YoY Change 14.63% 14.67%
Common Stock $116.0K $116.0K $108.0K
YoY Change 8.41% 19.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.886M -$997.0K -$4.971M
YoY Change
Total Liabilities & Shareholders Equity $3.660M $5.166M $4.168M
YoY Change 43.25% 363.32% 231.85%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.056M -$1.345M -$2.177M
YoY Change 24.38% 252.09% 149.08%
Depreciation, Depletion And Amortization $13.00K $13.00K $14.00K
YoY Change -38.1% -43.48% -67.44%
Cash From Operating Activities -$1.719M -$1.135M -$519.0K
YoY Change 278.63% 85.15% -7.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$8.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$8.000K
YoY Change
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 2.005M 3.055M
YoY Change -100.0% 235.28%
NET CHANGE
Cash From Operating Activities -1.719M -1.135M -519.0K
Cash From Investing Activities 0.000 -8.000K
Cash From Financing Activities 0.000 2.005M 3.055M
Net Change In Cash -1.719M 862.0K 2.536M
YoY Change -211.33% -5846.67% -552.86%
FREE CASH FLOW
Cash From Operating Activities -$1.719M -$1.135M -$519.0K
Capital Expenditures $0.00 -$8.000K
Free Cash Flow -$1.719M -$1.127M -$519.0K
YoY Change 278.63%

Facts In Submission

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ProceedsFromIssuanceOfPrivatePlacement
598000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
501000
bstg Settlement Of Contingency Matter
SettlementOfContingencyMatter
-3250000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5060000
bstg Settlement Amount Due To Parent Included In Accrued And Other Current Liabilities
SettlementAmountDueToParentIncludedInAccruedAndOtherCurrentLiabilities
-750000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
50000
us-gaap Stock Issued1
StockIssued1
4000000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3398000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-575000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1292000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1076000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4690000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
18000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-80500000
CY2022Q2 us-gaap Cash
Cash
4600000
bstg Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
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 process of preparing consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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.</p>
CY2022Q2 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
50000
CY2022Q2 us-gaap Cash
Cash
4640000
CY2021Q4 us-gaap Cash
Cash
1242000
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4690000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1292000
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
50000
CY2017Q4 bstg Warrants To Be Remeasured Number
WarrantsToBeRemeasuredNumber
1044396
CY2017Q4 bstg Warrants To Be Modified Number
WarrantsToBeModifiedNumber
952184
CY2022Q2 bstg Warrants To Be Remeasured Number
WarrantsToBeRemeasuredNumber
92212
CY2022Q1 bstg Sharebased Compensation Arrangement By Sharebased Payment Award Warrants Expired
SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantsExpired
92212
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2501419
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
427390
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.88
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1040187
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.59
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1888622
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.58
CY2021 bstg Fair Value Assumptions Risk Free Interest Rates
FairValueAssumptionsRiskFreeInterestRates
0.0005
CY2021 bstg Fair Value Assumptions Expected Volatility Rates
FairValueAssumptionsExpectedVolatilityRates
174.54
CY2021 bstg Fair Value Assumptions Expected Terms
FairValueAssumptionsExpectedTerms
P0Y1M6D
CY2021 bstg Fair Value Assumptions Expected Dividend Rates
FairValueAssumptionsExpectedDividendRates
0
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
8.00
CY2021Q4 bstg Fair Value Assumptions Warrant Liability Market Value
FairValueAssumptionsWarrantLiabilityMarketValue
2.30
CY2022Q2 bstg Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
225000
CY2021Q4 bstg Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
150000
CY2022Q2 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
85000
CY2022Q2 bstg Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
81000
CY2021Q4 bstg Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
577000
CY2022Q2 bstg Accrued Audit Services Current
AccruedAuditServicesCurrent
80000
CY2021Q4 bstg Accrued Audit Services Current
AccruedAuditServicesCurrent
59000
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
60000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
14000
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
531000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
800000
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
18000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1363000
CY2021 bstg Increase Decrease In Accrual For Contingency Matter
IncreaseDecreaseInAccrualForContingencyMatter
3300000
CY2022Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000
CY2022Q2 bstg Remaining Litigation Settlement Expenses Payable
RemainingLitigationSettlementExpensesPayable
1300000
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3300000
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
2600000
CY2022Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P1Y
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
bstg Lessee Operating Lease Notice For Termination
LesseeOperatingLeaseNoticeForTermination
P180D
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
32000
us-gaap Sublease Income
SubleaseIncome
61000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
115000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
169000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
93000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
110000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
22000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
115000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
169000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-382000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3540000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1256000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
30000
us-gaap Operating Lease Payments
OperatingLeasePayments
61000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
30000
us-gaap Operating Lease Payments
OperatingLeasePayments
61000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M28D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M10D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0925
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1036
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
60000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
55000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
122000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
115000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1345000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-382000
us-gaap Net Income Loss
NetIncomeLoss
-3522000
us-gaap Net Income Loss
NetIncomeLoss
-1256000
CY2022Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
18000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11230525
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9688407
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10996996
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9411611
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4977905
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3578095

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