$HSDT
HELIUS MEDICAL TECHNOLOGIES, INC.

2019 Form 10-K Financial Statement

#000156459020010496 Filed on March 12, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $500.0K $480.0K $478.0K
YoY Change 4.6%
Cost Of Revenue $850.0K $0.00 $0.00
YoY Change
Gross Profit $650.0K $480.0K $480.0K
YoY Change 35.42%
Gross Profit Margin 130.0% 100.0% 100.42%
Selling, General & Admin $16.52M $3.580M $17.21M
YoY Change -4.0% 37.69% 103.19%
% of Gross Profit 2541.69% 745.83% 3585.42%
Research & Development $8.061M $2.160M $9.939M
YoY Change -18.9% -33.94% -30.92%
% of Gross Profit 1240.15% 450.0% 2070.63%
Depreciation & Amortization $127.0K $20.00K $59.00K
YoY Change 115.25% 100.0% 247.06%
% of Gross Profit 19.54% 4.17% 12.29%
Operating Expenses $24.65M $5.740M $27.15M
YoY Change -9.23% -2.21% 18.82%
Operating Profit -$24.00M -$5.260M -$26.68M
YoY Change -10.04% 16.72%
Interest Expense $14.12M $150.0K -$2.010M
YoY Change -802.49% -92.99% -61.12%
% of Operating Profit
Other Income/Expense, Net $14.22M $0.00 -$1.948M
YoY Change -829.72% -62.33%
Pretax Income $9.781M -$5.120M $28.62M
YoY Change -65.83% 37.27% 2.14%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$9.781M -$5.120M -$28.62M
YoY Change -65.83% 37.27% 2.14%
Net Earnings / Revenue -1956.2% -1066.67% -5988.08%
Basic Earnings Per Share -$12.99
Diluted Earnings Per Share -$12.99 -$7.314M -$44.03M
COMMON SHARES
Basic Shares Outstanding 752.9K
Diluted Shares Outstanding 752.9K

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.460M $25.58M $25.58M
YoY Change -78.66% 360.07% 360.07%
Cash & Equivalents $25.58M
Short-Term Investments
Other Short-Term Assets $610.0K $264.0K $710.0K
YoY Change -14.08% -24.57% 102.86%
Inventory $600.0K $392.0K $390.0K
Prepaid Expenses $447.0K
Receivables $210.0K $177.0K $280.0K
Other Receivables $360.0K $98.00K $0.00
Total Short-Term Assets $7.240M $26.96M $26.96M
YoY Change -73.15% 307.39% 307.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.260M $554.0K $550.0K
YoY Change 129.09% 220.23% 223.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $18.00K $20.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $3.110M $866.0K $870.0K
YoY Change 257.47% 353.4% 357.89%
TOTAL ASSETS
Total Short-Term Assets $7.240M $26.96M $26.96M
Total Long-Term Assets $3.110M $866.0K $870.0K
Total Assets $10.35M $27.83M $27.83M
YoY Change -62.81% 308.68% 308.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.680M $2.392M $2.390M
YoY Change -29.71% -31.24% -31.32%
Accrued Expenses $1.690M $1.812M $1.810M
YoY Change -6.63% 45.89% 45.97%
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 $3.800M $17.97M $17.97M
YoY Change -78.85% 25.69% 25.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $710.0K $0.00
YoY Change
Total Long-Term Liabilities $710.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.800M $17.97M $17.97M
Total Long-Term Liabilities $710.0K $0.00 $0.00
Total Liabilities $4.510M $17.97M $17.97M
YoY Change -74.9% 25.69% 25.66%
SHAREHOLDERS EQUITY
Retained Earnings -$94.99M
YoY Change 43.13%
Common Stock $105.4M
YoY Change 79.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.840M $9.854M $9.850M
YoY Change
Total Liabilities & Shareholders Equity $10.35M $27.83M $27.83M
YoY Change -62.81% 308.68% 308.66%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$9.781M -$5.120M -$28.62M
YoY Change -65.83% 37.27% 2.14%
Depreciation, Depletion And Amortization $127.0K $20.00K $59.00K
YoY Change 115.25% 100.0% 247.06%
Cash From Operating Activities -$21.00M -$5.140M -$19.62M
YoY Change 7.02% 0.98% 1.53%
INVESTING ACTIVITIES
Capital Expenditures $278.0K -$10.00K $440.0K
YoY Change -36.82% 0.0% 131.58%
Acquisitions $416.0K
YoY Change
Other Investing Activities -$420.0K
YoY Change
Cash From Investing Activities -$769.0K -$10.00K -$440.0K
YoY Change 74.77% 0.0% 131.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.685M $38.53M
YoY Change -95.63% 84.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.653M 18.34M 40.03M
YoY Change -95.87% 128.96% 80.16%
NET CHANGE
Cash From Operating Activities -21.00M -5.140M -19.62M
Cash From Investing Activities -769.0K -10.00K -440.0K
Cash From Financing Activities 1.653M 18.34M 40.03M
Net Change In Cash -20.12M 13.19M 20.02M
YoY Change -200.51% 353.26% 640.7%
FREE CASH FLOW
Cash From Operating Activities -$21.00M -$5.140M -$19.62M
Capital Expenditures $278.0K -$10.00K $440.0K
Free Cash Flow -$21.28M -$5.130M -$20.06M
YoY Change 6.06% 0.98% 2.8%

Facts In Submission

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HELIUS MEDICAL TECHNOLOGIES, INC.
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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><a name="N1_DESCRIPTION_BUSINESS_BASIS_PRESENTATI"></a><a name="N1_DESCRIPTION_BUSINESS_BASIS_PRESENTATI"></a>DESCRIPTION OF BUSINESS</p></td></tr></table></div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Helius Medical Technologies, Inc. (the &#8220;Company&#8221;), is neurotech company focused on neurological wellness. The Company&#8217;s purpose is to develop, license and acquire unique and non-invasive technologies targeted at reducing symptoms of neurological disease or trauma.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s first product, known as the Portable Neuromodulation Stimulator (&#8220;PoNS<sup style="font-size:85%;line-height:120%;vertical-align:top">TM</sup><font style="font-family:Calibri;">&#8221;)</font>, is an active, therapeutic, class II medical device authorized for sale in Canada intended as a short term treatment (14 weeks) of chronic balance deficit due to mild-to-moderate traumatic brain injury (&#8220;mmTBI&#8221;) and is to be used in conjunction with therapeutic activities (&#8220;PoNS Treatment<sup style="font-size:85%;line-height:120%;vertical-align:top">TM</sup>&#8221;). It is an investigational medical device in the United States, the European Union (&#8220;EU&#8221;), and Australia (&#8220;AUS&#8221;), and it is currently under review for clearance by the AUS Therapeutic Goods Administration.&nbsp;&nbsp;PoNS Treatment&#8482; is not currently commercially available in the United States, the European Union or Australia. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On December 21, 2018, the Company&#8217;s wholly owned subsidiary, NeuroHabilitation Corporation, changed its name to Helius Medical, Inc (&#8220;HMI&#8221;). On January 31, 2019, the Company formed another wholly owned subsidiary, Helius NeuroRehab, Inc., (&#8220;HNR&#8221;), a Delaware corporation, which will operate a commercial site for the delivery of PoNS Treatment to patients with balance and gait disorders upon FDA clearance<font style="font-style:italic;">.</font><font style="color:#000000;"> On October 10, 2019, the Company formed Helius Canada Acquisition Ltd. (&#8220;HCA&#8221;), a company incorporated under the federal laws of Canada and a wholly owned subsidiary of Helius Medical Technologies (Canada), Inc. (&#8220;HMC&#8221;), a company incorporated under the federal laws of Canada, which acquired Heuro Canada, Inc. (&#8220;Heuro&#8221;) from Health Tech Connex Inc. (&#8220;HTC&#8221;) on October 30, 2019 (see Note 2). </font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s wholly owned subsidiaries are comprised of HMI, HMC, HCA and HNR.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was incorporated in British Columbia, Canada, on March 13, 2014. On May 28, 2014, the Company completed a continuation via a plan of arrangement whereby the Company moved from being a corporation governed by the British Columbia Corporations Act to a corporation governed by the Wyoming Business Corporations Act. On July 20, 2018, the Company completed its reincorporation from Wyoming to the state of Delaware. The Company is headquartered in Newtown, Pennsylvania.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s Class A common stock, par value $0.001 per share (&#8220;common stock&#8221;) is listed on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) and the Toronto Stock Exchange (the &#8220;TSX&#8221;). The common stock began trading on the Canadian Securities Exchange on June 23, 2014, under the ticker symbol &#8220;HSM&#8221; and the trading was subsequently transferred to the TSX on April 18, 2016. On April 11, 2018, the common stock began trading on Nasdaq under the ticker symbol &#8220;HSDT&#8221; after having traded on the OTCQB in the United States under the ticker symbol &#8220;HSDT&#8221; since February 10, 2015. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Reverse Stock Split</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Effective after the close of business on January 22, 2018, the Company completed a 1-for-5 reverse stock split of its common stock. <font style="font-family:TimesNewRomanPSMT;color:#000000;">All share and per share amounts in this Annual Report have been reflected on a post-split basis.</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Going Concern Uncertainty</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December&#160;31, 2019, the Company had cash of $5.5 million. For the year ended December&#160;31, 2019, the Company incurred a net loss of $9.8 million and, as of December&#160;31, 2019, its accumulated deficit was $104.8 million. For the year ended December&#160;31, 2019, the Company had $1.5 million of revenue from the commercial sale of products or services. The Company expects to continue to incur operating losses and net cash outflows until 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 raise<font style="Background-color:#FFFFFF;color:#000000;"> substantial doubt about the Company&#8217;s ability to continue as a going concern within one year after the date of the financial statements are filed.&#160;&#160;The Company&#8217;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.</font></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company intends to fund ongoing activities by utilizing its current cash on hand, cash received from the sale of its PoNS device in Canada and by raising additional capital through equity or debt financings. There can be no assurance that the Company will be successful in raising that 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 and planned capital expenditures.</p>
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2017-07-01
CY2017Q3 hsdt Operating Lease Commencement Date
OperatingLeaseCommencementDate
2017-07-17
CY2017Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2022-12-31
CY2017Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-01-16
CY2017Q1 hsdt Operating Lease Option To Extend Lease Term Year
OperatingLeaseOptionToExtendLeaseTermYear
2027
CY2017Q3 hsdt Operating Lease Option To Extend Lease Term Date
OperatingLeaseOptionToExtendLeaseTermDate
2028-01-31
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
20000
CY2017Q3 hsdt Operating Lease Rent Plus Utilities Beginning Date
OperatingLeaseRentPlusUtilitiesBeginningDate
2018-01-31
CY2017Q3 hsdt Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.03
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
224000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
246000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y18D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.151
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
253000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
260000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
267000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
10000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
790000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
153000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
637000
CY2019Q4 hsdt Consulting Fee Payable To Directors
ConsultingFeePayableToDirectors
5000

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