$IRD
FERRARO FRANK

2020 Q2 Form 10-Q Financial Statement

#000114036120010906 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $1.150M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.120M $1.260M $1.690M
YoY Change 58.21% -25.44% -7.65%
% of Gross Profit
Research & Development $231.6K $456.8K $2.242M
YoY Change -85.95% -79.63% -44.77%
% of Gross Profit
Depreciation & Amortization $10.00K $5.000K $10.00K
YoY Change 0.0% -50.0% 0.0%
% of Gross Profit
Operating Expenses $2.348M $2.735M $3.938M
YoY Change -21.41% -30.54% -33.1%
Operating Profit -$2.348M -$2.735M -$3.938M
YoY Change -21.41% -30.54% -33.1%
Interest Expense -$160.0K $554.0K $1.590M
YoY Change -130.77% -65.16% -53.78%
% of Operating Profit
Other Income/Expense, Net -$162.7K -$23.97K $1.595M
YoY Change -131.03% -101.5% -58.15%
Pretax Income -$2.511M -$3.088M -$2.343M
YoY Change 1.9% 31.8% 13.19%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.511M -$3.088M -$2.343M
YoY Change 1.9% 31.8% 12.92%
Net Earnings / Revenue -268.52%
Basic Earnings Per Share -$0.87
Diluted Earnings Per Share -$2.510M -$0.87 -$2.489M
COMMON SHARES
Basic Shares Outstanding 4.019M 3.548M 48.28M
Diluted Shares Outstanding 3.548M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.210M $11.00M $18.02M
YoY Change -43.36% -38.96% -14.92%
Cash & Equivalents $9.209M $1.253M $6.123M
Short-Term Investments $0.00 $0.00 $11.89M
Other Short-Term Assets $820.0K $290.0K $410.2K
YoY Change 23.85% -29.3% -66.65%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.03M $11.29M $18.99M
YoY Change -42.02% -40.56% -15.25%
LONG-TERM ASSETS
Property, Plant & Equipment $57.31K $66.52K $99.03K
YoY Change -39.47% -32.83% -9.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 0.0%
Other Assets
YoY Change
Total Long-Term Assets $222.5K $264.1K $432.9K
YoY Change -42.07% -39.0% 209.22%
TOTAL ASSETS
Total Short-Term Assets $10.03M $11.29M $18.99M
Total Long-Term Assets $222.5K $264.1K $432.9K
Total Assets $10.25M $11.55M $19.43M
YoY Change -42.02% -40.53% -13.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.650M $890.0K $930.0K
YoY Change 73.68% -4.3% -27.34%
Accrued Expenses $680.0K $490.0K $1.430M
YoY Change -38.74% -65.73% -19.21%
Deferred Revenue $650.0K $600.0K $150.0K
YoY Change -56.67% 300.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.977M $1.982M $2.510M
YoY Change -16.17% -21.04% -17.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $270.0K $130.0K $980.0K
YoY Change -46.0% -86.73% -78.41%
Total Long-Term Liabilities $270.0K $130.0K $980.0K
YoY Change -46.0% -86.73% -78.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.977M $1.982M $2.510M
Total Long-Term Liabilities $270.0K $130.0K $980.0K
Total Liabilities $3.246M $2.108M $3.485M
YoY Change -19.94% -39.53% -54.02%
SHAREHOLDERS EQUITY
Retained Earnings -$166.4M -$163.9M -$157.0M
YoY Change 4.34% 4.38%
Common Stock $173.4M $173.4M $173.0M
YoY Change 0.18% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.003M -$8.461M $15.94M
YoY Change
Total Liabilities & Shareholders Equity $10.25M $11.55M $19.43M
YoY Change -42.02% -40.53% -13.86%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.511M -$3.088M -$2.343M
YoY Change 1.9% 31.8% 12.92%
Depreciation, Depletion And Amortization $10.00K $5.000K $10.00K
YoY Change 0.0% -50.0% 0.0%
Cash From Operating Activities -$1.790M -$732.0K -$4.380M
YoY Change -1.1% -83.29% -21.76%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.000M -$5.880M
YoY Change -100.0% -151.02% -296.0%
Cash From Investing Activities $0.00 $0.00 -$5.895M
YoY Change -100.0% -100.0% -296.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.654M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 448.0K 7.654M
YoY Change -94.15%
NET CHANGE
Cash From Operating Activities -1.790M -732.0K -4.380M
Cash From Investing Activities 0.000 0.000 -5.895M
Cash From Financing Activities 0.000 448.0K 7.654M
Net Change In Cash -1.790M -284.0K -2.622M
YoY Change -250.42% -89.17% 0.79%
FREE CASH FLOW
Cash From Operating Activities -$1.790M -$732.0K -$4.380M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$1.790M -$732.0K -$4.370M
YoY Change -0.56% -83.25% -21.94%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 21.6pt;text-indent:-21.6pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-weight:bold;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512345999"></a><font style="display: inline;">1.</font><font style="display: inline;;font-size: 11pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Operations and Organization</font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Operations</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">Rexahn Pharmaceuticals, Inc. (the &#x201C;Company&#x201D;), a Delaware corporation, is a biopharmaceutical company whose principal operations are the development of innovative treatments for cancer.&nbsp;&nbsp;The Company had an accumulated deficit of </font><font style="display: inline;">$163,909,446</font><font style="display: inline;"> at March 31, 2020 and anticipates incurring losses in the foreseeable future.&nbsp;&nbsp;In September 2019, the Company commenced a process to explore and evaluate strategic alternatives to enhance shareholder value and engaged a financial advisory firm to assist in the process.&nbsp; </font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The Company believes that its cash and cash equivalents of approximately </font><font style="display: inline;">$11.0</font><font style="display: inline;"> million as of March 31, 2020 will be sufficient to cover its cash flow requirements for its current activities for at least the next 12 months from the date these financial statements were issued.&nbsp; </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Basis of Presentation</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The accompanying unaudited condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information.&nbsp;&nbsp;Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;) for complete financial statements.&nbsp;&nbsp;In the opinion of the Company&#x2019;s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the Company&#x2019;s financial position as of March 31, 2020 and December 31, 2019 and of the results of operations, comprehensive loss, stockholders&#x2019; equity and cash flows for the three months ended March 31, 2020 and 2019 have been included.&nbsp;&nbsp;Operating results for the three months ended March 31, 2020 are not necessarily indicative of results that may be expected for any other interim period or the full fiscal year ending December 31, 2020. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2019 (the &#x201C;2019 Form 10-K&#x201D;).&nbsp;&nbsp;Information included in the condensed balance sheet as of December 31, 2019 has been derived from the Company&#x2019;s audited financial statements for the year ended December 31, 2019 included in the 2019 Form 10-K.&nbsp;&nbsp;The unaudited condensed financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:23.75pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <a name="_Hlk512346000"></a><font style="display: inline;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;These estimates are based on management&#x2019;s best knowledge of current events and actions the Company may undertake in the future.&nbsp;&nbsp;Actual results may ultimately differ from these estimates.&nbsp;&nbsp;These estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the period in which they become available.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> </p> <p><font size="1"> </font></p> <p style="margin:0pt;font-family:Times New Roman;;font-size: 11pt"><font style="display: inline;"></font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;color:#000000;">COVID-19 Pandemic</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">The outbreak of the COVID-19 disease, which the World Health Organization declared a pandemic in March 2020, has led to disruption in the global economy and the biopharmaceutical industry. The extent of the COVID-19 pandemic&#x2019;s impact on the Company&#x2019;s business, financial condition and results of operations, as well as the Company&#x2019;s ability to enter into and complete a strategic transaction, is highly uncertain and will depend on various factors, including the duration and scope of the pandemic, restrictions on business and social distancing guidelines that may be requested or mandated by governmental authorities, other actions taken to contain the impact of the pandemic, and impacts on the Company&#x2019;s ability or the ability of potential strategic partners to access the markets on favorable terms, or at all. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:10.8pt 0pt 0pt 23.75pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-weight:bold;font-size:1pt;background-color:yellow;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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CY2019Q1 us-gaap Operating Lease Payments
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CY2020Q1 us-gaap Operating Lease Payments
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020Q1 us-gaap Other Tax Expense Benefit
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CY2019Q1 us-gaap Payments To Acquire Marketable Securities
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CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2019Q4 us-gaap Preferred Stock Shares Authorized
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CY2020Q1 us-gaap Preferred Stock Shares Authorized
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CY2019Q4 us-gaap Preferred Stock Value
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CY2019Q1 us-gaap Revenues
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:23.75pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt 0pt 0pt 23.75pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;These estimates are based on management&#x2019;s best knowledge of current events and actions the Company may undertake in the future.&nbsp;&nbsp;Actual results may ultimately differ from these estimates.&nbsp;&nbsp;These estimates are reviewed periodically, and as adjustments become necessary, they are reported in earnings in the period in which they become available.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4019141

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