$HSDT
HELIUS MEDICAL TECHNOLOGIES, INC.

2023 Q1 Form 10-K Financial Statement

#000155837023003338 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $111.0K $282.0K $787.0K
YoY Change -44.5% 9.3% 57.4%
Cost Of Revenue $122.0K $150.0K $463.0K
YoY Change -1.61% 16.28% 55.37%
Gross Profit -$11.00K $132.0K $324.0K
YoY Change -116.67% 2.33% 44.64%
Gross Profit Margin -9.91% 46.81% 41.17%
Selling, General & Admin $2.874M $1.967M $10.64M
YoY Change 1.95% -17.21% -12.61%
% of Gross Profit 1490.15% 3283.95%
Research & Development $886.0K $794.0K $4.262M
YoY Change -49.77% -56.08% -28.85%
% of Gross Profit 601.52% 1315.43%
Depreciation & Amortization $12.00K $40.00K $74.00K
YoY Change -52.0% -14.89% -33.93%
% of Gross Profit 30.3% 22.84%
Operating Expenses $3.799M $2.801M $15.84M
YoY Change -17.95% -33.8% -13.75%
Operating Profit -$3.800M -$2.669M -$15.50M
YoY Change -16.74% -34.93% -14.56%
Interest Expense $100.0K -$2.223M -$834.0K
YoY Change -53.92% -8440.0%
% of Operating Profit
Other Income/Expense, Net $1.316M $6.000K $1.444M
YoY Change 503.67%
Pretax Income -$2.494M -$4.886M -$14.07M
YoY Change -42.61% 19.11% -22.39%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.494M -$4.886M -$14.07M
YoY Change -42.61% 19.11% -22.39%
Net Earnings / Revenue -2246.85% -1732.62% -1788.06%
Basic Earnings Per Share -$0.09 -$1.04
Diluted Earnings Per Share -$0.09 -$0.17 -$1.04
COMMON SHARES
Basic Shares Outstanding 28.21M 28.20M 13.50M
Diluted Shares Outstanding 28.21M 13.50M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.55M $14.55M
YoY Change 32.2% 32.2%
Cash & Equivalents $11.30M $14.50M
Short-Term Investments
Other Short-Term Assets $1.216M $1.216M
YoY Change 41.07% 41.07%
Inventory $617.0K $589.0K $589.0K
Prepaid Expenses $687.0K $817.0K
Receivables $11.00K $71.00K $71.00K
Other Receivables $156.0K $272.0K $272.0K
Total Short-Term Assets $13.21M $16.70M $16.70M
YoY Change 64.58% 32.58% 32.58%
LONG-TERM ASSETS
Property, Plant & Equipment $354.0K $347.0K $450.0K
YoY Change -6.84% -15.16% 9.22%
Goodwill
YoY Change
Intangibles $101.0K $140.0K
YoY Change -57.96%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $546.0K $590.0K $590.0K
YoY Change -65.7% -60.88% -60.88%
TOTAL ASSETS
Total Short-Term Assets $13.21M $16.70M $16.70M
Total Long-Term Assets $546.0K $590.0K $590.0K
Total Assets $13.76M $17.29M $17.29M
YoY Change 43.01% 22.59% 22.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $840.0K $627.0K $627.0K
YoY Change -24.39% -41.35% -41.35%
Accrued Expenses $1.334M $1.334M
YoY Change -6.91% -7.1%
Deferred Revenue $27.00K
YoY Change -81.76%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.789M $1.988M $1.988M
YoY Change -18.64% -25.07% -25.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $7.148M $7.148M
YoY Change 3603.63% 3603.63%
Total Long-Term Liabilities $7.148M $7.148M
YoY Change 3603.63% 3603.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.789M $1.988M $1.988M
Total Long-Term Liabilities $7.148M $7.148M
Total Liabilities $7.688M $9.136M $9.136M
YoY Change 209.0% 221.01% 221.01%
SHAREHOLDERS EQUITY
Retained Earnings -$153.6M -$151.1M
YoY Change 8.63% 10.26%
Common Stock $160.1M $159.6M
YoY Change 6.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.067M $8.151M $8.151M
YoY Change
Total Liabilities & Shareholders Equity $13.76M $17.29M $17.29M
YoY Change 43.01% 22.59% 22.59%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.494M -$4.886M -$14.07M
YoY Change -42.61% 19.11% -22.39%
Depreciation, Depletion And Amortization $12.00K $40.00K $74.00K
YoY Change -52.0% -14.89% -33.93%
Cash From Operating Activities -$3.190M -$14.31M
YoY Change -31.87% 6.89%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $17.00K
YoY Change 850.0% -68.52%
Acquisitions
YoY Change
Other Investing Activities $6.000K
YoY Change
Cash From Investing Activities -$19.00K -$11.00K
YoY Change -575.0% -80.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.64M
YoY Change -17.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.87M
YoY Change -15.42%
NET CHANGE
Cash From Operating Activities -3.190M -14.31M
Cash From Investing Activities -19.00K -11.00K
Cash From Financing Activities 17.87M
Net Change In Cash -3.209M 3.544M
YoY Change -31.65% -53.82%
FREE CASH FLOW
Cash From Operating Activities -$3.190M -$14.31M
Capital Expenditures $19.00K $17.00K
Free Cash Flow -$3.209M -$14.33M
YoY Change -31.49% 6.58%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Helius Medical Technologies, Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Notes to the Consolidated Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>DESCRIPTION OF BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Helius Medical Technologies, Inc. (together with its wholly owned subsidiaries the “Company”) conducts operations in the United States and Canada. The Company’s product, known as the Portable Neuromodulation Stimulator (“PoNS®”) has been commercially available in Canada since March 2019. The Company began accepting prescriptions for its PoNS product in the United States in the first quarter of 2022, and the first commercial sales began in April 2022. PoNS is authorized for sale as a Class IIa medical device in Australia. The Company is working to establish a distribution partner for Australia but has not yet had any commercial sales of PoNS in Australia.<b style="font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Going Concern Uncertainty</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had cash and cash equivalents of $14.5 million. For the year ended December 31, 2022, the Company had an operating loss of $15.5 million, and as of December 31, 2022, its accumulated deficit was $151.1 million. For the year ended December 31, 2022, the Company had $0.8 million of net revenue from the commercial sale of products. The Company expects to continue to incur operating losses and net cash outflows until such time as it generates a level of revenue to support its cost structure. There is no assurance that the Company will achieve profitable operations, and, if achieved, whether it will be sustained on a continued basis. These factors indicate substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are filed. The Company’s consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business; no adjustments have been made relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company not continue as a going concern. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company intends to fund ongoing activities by utilizing its current cash and cash equivalents on hand, cash received from the sale of its PoNS device in the U.S. and Canada and by raising additional capital through equity or debt financings. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company. If the Company is unable to raise sufficient additional capital, the Company may be compelled to reduce the scope of its operations.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reclassifications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior period amounts have been reclassified to conform to the current period presentation.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosure of contingent assets and liabilities. Significant estimates include the assumptions used in the valuation of the fair value-pricing model for stock-based compensation, liability classified warrants and deferred income tax asset valuation allowance. Financial statements include estimates, which, by their nature, are uncertain. Actual results could differ from those estimates.</span><span style="font-weight:normal;"> </span></p>
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1715000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
930000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1114000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
987000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
108000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
177000
CY2022Q4 us-gaap Deferred Tax Assets Unrealized Currency Losses
DeferredTaxAssetsUnrealizedCurrencyLosses
102000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
53000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
90000
CY2022Q4 hsdt Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
25000
CY2021Q4 hsdt Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
1000
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
18000
CY2021Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
58000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
33888000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
31472000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
57000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
68000
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
37000
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
83000
CY2022Q4 hsdt Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
23000
CY2021Q4 hsdt Deferred Tax Liabilities Right Of Use Assets
DeferredTaxLiabilitiesRightOfUseAssets
1000
CY2021Q4 us-gaap Deferred Tax Liabilities Unrealized Currency Transaction Gains
DeferredTaxLiabilitiesUnrealizedCurrencyTransactionGains
98000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
117000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
250000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
33771000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
31222000
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2022Q1 hsdt Defined Contribution Plan First Employer Matching Contribution Percent Of Employees Gross Pay
DefinedContributionPlanFirstEmployerMatchingContributionPercentOfEmployeesGrossPay
0.03
CY2022 hsdt Defined Contribution Plan Next Employer Matching Contribution Percent Of Employees Gross Pay
DefinedContributionPlanNextEmployerMatchingContributionPercentOfEmployeesGrossPay
0.02
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2022 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
1
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
143000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
778000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
493000
CY2022 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
9000
CY2021 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
29000
CY2022 us-gaap Revenues
Revenues
787000
CY2021 us-gaap Revenues
Revenues
522000

Files In Submission

Name View Source Status
hsdt-20221231_lab.xml Edgar Link unprocessable
0001558370-23-003338-index-headers.html Edgar Link pending
0001558370-23-003338-index.html Edgar Link pending
0001558370-23-003338.txt Edgar Link pending
0001558370-23-003338-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hsdt-20221231.xsd Edgar Link pending
hsdt-20221231x10k.htm Edgar Link pending
hsdt-20221231x10k001.jpg Edgar Link pending
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hsdt-20221231xex21d1.htm Edgar Link pending
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hsdt-20221231xex31d1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
hsdt-20221231_cal.xml Edgar Link unprocessable
hsdt-20221231_def.xml Edgar Link unprocessable
hsdt-20221231_pre.xml Edgar Link unprocessable
hsdt-20221231x10k_htm.xml Edgar Link completed
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report.css Edgar Link pending
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