$HRGN
Harvard Apparatus Regenerative Technology Inc

2022 Q4 Form 10-Q Financial Statement

#000156366522000015 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $768.0K $711.0K
YoY Change -85.65% 24.3%
% of Gross Profit
Research & Development $725.0K $369.0K
YoY Change 31.82% 47.6%
% of Gross Profit
Depreciation & Amortization $12.00K $13.00K
YoY Change -40.0% -38.1%
% of Gross Profit
Operating Expenses $1.493M $1.080M
YoY Change -74.7% 31.39%
Operating Profit -$1.080M
YoY Change 31.39%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.000K $24.00K
YoY Change -107.14% -188.89%
Pretax Income -$1.495M -$1.056M
YoY Change -74.54% 24.38%
Income Tax
% Of Pretax Income
Net Earnings -$1.580M -$1.056M
YoY Change -73.1% 24.38%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.13 -$0.10
COMMON SHARES
Basic Shares Outstanding 11.64M 11.62M
Diluted Shares Outstanding 11.62M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.241M $2.971M
YoY Change -0.08% 48.92%
Cash & Equivalents $1.241M $2.971M
Short-Term Investments
Other Short-Term Assets $51.00K $212.0K
YoY Change 325.0% -35.17%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.594M $3.183M
YoY Change 0.44% 37.08%
LONG-TERM ASSETS
Property, Plant & Equipment $49.00K $78.00K
YoY Change -55.45% -40.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $610.0K $311.0K
YoY Change
Total Long-Term Assets $806.0K $477.0K
YoY Change 188.89% 104.72%
TOTAL ASSETS
Total Short-Term Assets $1.594M $3.183M
Total Long-Term Assets $806.0K $477.0K
Total Assets $2.400M $3.660M
YoY Change 28.62% 43.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $682.0K $882.0K
YoY Change 0.89% 687.5%
Accrued Expenses $669.0K $444.0K
YoY Change -83.91% 25.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.363M $1.442M
YoY Change -71.82% 190.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $48.00K $9.000K
YoY Change -18.64% -59.09%
Total Long-Term Liabilities $48.00K $9.000K
YoY Change -18.64% -59.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.363M $1.442M
Total Long-Term Liabilities $48.00K $9.000K
Total Liabilities $1.411M $1.451M
YoY Change -71.17% 180.12%
SHAREHOLDERS EQUITY
Retained Earnings -$83.00M -$81.50M
YoY Change 7.88% 14.63%
Common Stock $122.0K $116.0K
YoY Change 12.96% 8.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.191M -$1.886M
YoY Change
Total Liabilities & Shareholders Equity $2.400M $3.660M
YoY Change 28.62% 43.25%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.580M -$1.056M
YoY Change -73.1% 24.38%
Depreciation, Depletion And Amortization $12.00K $13.00K
YoY Change -40.0% -38.1%
Cash From Operating Activities -$1.733M -$1.719M
YoY Change 73.13% 278.63%
INVESTING ACTIVITIES
Capital Expenditures -$3.000K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $3.000K $0.00
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 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.733M -1.719M
Cash From Investing Activities 3.000K 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash -1.730M -1.719M
YoY Change 129.75% -211.33%
FREE CASH FLOW
Cash From Operating Activities -$1.733M -$1.719M
Capital Expenditures -$3.000K $0.00
Free Cash Flow -$1.730M -$1.719M
YoY Change 72.83% 278.63%

Facts In Submission

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SettlementAmountDueToParentIncludedInAccruedAndOtherCurrentLiabilities
-750000
us-gaap Stock Issued1
StockIssued1
4000000
us-gaap Dividends Preferred Stock
DividendsPreferredStock
95000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-81500000
CY2022Q3 us-gaap Cash
Cash
3000000.0
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 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.</p>
CY2022Q3 us-gaap Cash
Cash
2971000
CY2021Q4 us-gaap Cash
Cash
1242000
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
0
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2971000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1292000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
50000
CY2022Q3 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
50000
CY2017Q4 bstg Warrants To Be Remeasured Number
WarrantsToBeRemeasuredNumber
1044396
CY2017Q4 bstg Warrants To Be Modified Number
WarrantsToBeModifiedNumber
952184
CY2022Q3 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
CY2022Q3 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
64000
CY2021Q4 bstg Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
151000
CY2022Q3 bstg Accrued Audit Services Current
AccruedAuditServicesCurrent
68000
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 Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1040187
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
7.59
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1888622
CY2022Q3 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
CY2022Q3 bstg Accrued Advisory Costs Current
AccruedAdvisoryCostsCurrent
262000
CY2022Q3 bstg Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
35000
CY2021Q4 bstg Accrued Legal Expenses Current
AccruedLegalExpensesCurrent
577000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
13000
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
481000
CY2021Q4 bstg Accrued Audit Services Current
AccruedAuditServicesCurrent
59000
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
52000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
800000
bstg Number Of Warrants Liquidation Damages Payable
NumberOfWarrantsLiquidationDamagesPayable
1000
CY2022Q3 bstg Volume Weighted Average Price Of Common Stock On Notice Of Warrant Exercise Per Trading Day
VolumeWeightedAveragePriceOfCommonStockOnNoticeOfWarrantExercisePerTradingDay
5
CY2022Q3 bstg Volume Weighted Average Price Of Common Stock Per Trading Day On Fifth Trading Day After Liquidation Damages
VolumeWeightedAveragePriceOfCommonStockPerTradingDayOnFifthTradingDayAfterLiquidationDamages
10
CY2021 bstg Increase Decrease In Accrual For Contingency Matter
IncreaseDecreaseInAccrualForContingencyMatter
3300000
CY2022Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000
CY2022Q3 bstg Remaining Litigation Settlement Expenses Payable
RemainingLitigationSettlementExpensesPayable
300000
CY2022Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3300000
CY2022Q4 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
2600000
CY2022Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
5900000
CY2022Q3 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
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
26000
us-gaap Sublease Income
SubleaseIncome
87000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
88000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
169000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
79000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
110000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
88000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
169000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
92000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
88000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-1056000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-849000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000
us-gaap Operating Lease Expense
OperatingLeaseExpense
91000
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
30000
us-gaap Operating Lease Payments
OperatingLeasePayments
91000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
30000
us-gaap Operating Lease Payments
OperatingLeasePayments
60000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M8D
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M17D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0935
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1054
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
30000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
55000
us-gaap Net Income Loss
NetIncomeLoss
-4578000
us-gaap Net Income Loss
NetIncomeLoss
-2105000
CY2022Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
77000
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
95000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1133000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-849000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4673000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2105000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11615642
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10014494
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11205477
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9614781
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5050240
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4046383

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