$IRME
IR-Med, Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223017120 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $166.0K $747.0K $376.0K
YoY Change -70.3% 98.67%
% of Gross Profit
Research & Development $496.0K $605.0K $477.0K
YoY Change 20.39% 26.83%
% of Gross Profit
Depreciation & Amortization $4.000K $3.000K
YoY Change 33.33%
% of Gross Profit
Operating Expenses $662.0K $1.352M $853.0K
YoY Change -31.82% 58.5%
Operating Profit -$1.100M -$1.352M -$853.0K
YoY Change 13.29% 58.5%
Interest Expense $2.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$9.000K $2.000K $4.000K
YoY Change -128.13% -50.0%
Pretax Income -$1.350M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$1.109M -$1.350M -$849.0K
YoY Change 18.1% 59.01%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 -$0.02 -$0.01
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 68.83M shares 68.81M shares
Diluted Shares Outstanding 69.03M shares 68.83M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.103M
YoY Change
Cash & Equivalents $2.336M $2.103M $2.039M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $99.00K $56.00K
Other Receivables $0.00
Total Short-Term Assets $2.435M $2.159M
YoY Change -42.39%
LONG-TERM ASSETS
Property, Plant & Equipment $58.00K $67.00K
YoY Change -6.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.00K
YoY Change
Total Long-Term Assets $187.0K $214.0K
YoY Change -29.7%
TOTAL ASSETS
Total Short-Term Assets $2.435M $2.159M
Total Long-Term Assets $187.0K $214.0K
Total Assets $2.622M $2.373M
YoY Change -41.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $468.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $159.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $601.0K $627.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $26.00K
YoY Change
Total Long-Term Liabilities $13.00K $26.00K
YoY Change -94.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $601.0K $627.0K
Total Long-Term Liabilities $13.00K $26.00K
Total Liabilities $614.0K $653.0K
YoY Change 0.99%
SHAREHOLDERS EQUITY
Retained Earnings -$12.39M -$11.28M
YoY Change 77.39%
Common Stock $69.00K $68.00K
YoY Change 1.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.008M $1.720M $1.575M
YoY Change
Total Liabilities & Shareholders Equity $2.622M $2.373M
YoY Change -41.64%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.109M -$1.350M -$849.0K
YoY Change 18.1% 59.01%
Depreciation, Depletion And Amortization $4.000K $3.000K
YoY Change 33.33%
Cash From Operating Activities -$900.0K -$754.0K
YoY Change 19.36%
INVESTING ACTIVITIES
Capital Expenditures $11.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$20.00K
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
YoY Change
NET CHANGE
Cash From Operating Activities -$900.0K -$754.0K
Cash From Investing Activities -$20.00K
Cash From Financing Activities
Net Change In Cash -$899.0K $0.00
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$900.0K -$754.0K
Capital Expenditures $11.00K
Free Cash Flow -$900.0K -$765.0K
YoY Change 17.65%

Facts In Submission

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<p id="xdx_806_eus-gaap--NatureOfOperations_zFgaAEyewUv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_82E_znVY4whOVJg1">General</span> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Business </b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IR-Med, Inc. (OTC QB: IRME, hereinafter: the “Parent Company”) was incorporated in Nevada in 2007 and is a holding company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The registered office of IR-Med, Inc. and the corporate headquarters and research facility of IR. Med Ltd. are located in Rosh Pina, Israel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a development stage medical device company developing its technology through its Subsidiary and is utilizing Infra-Red light spectroscopy (IR) combined with Artificial Intelligence (AI) technology platform to develop non-invasive devices for various medical indications, by detecting and measuring various biomarkers and molecules in the blood and in human tissue in real-time. The initial product candidates which are currently in various stages of development are non-invasive, user friendly and designed to address the medical needs of large and growing target patient groups by offering earlier and more accurate information for detection, which is expected to reduce healthcare expenses and reducing the widespread reliance on antibiotics administration, and other interventional options optimizing the delivery of the targeted medical services and, as a result, improving the efficacy and safety of administered treatments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is in its development stage and does not expect to generate significant revenue until such time as the Company shall have completed the design and development of its initial product candidate and obtained the requisite approvals to market the product. During the three months ended March 31, 2023, the Company has incurred losses of US$<span id="xdx_907_eus-gaap--NetIncomeLoss_iN_pn3n3_di_c20230101__20230331_znF1IMLDMjBe" title="Net losses">1,350</span> thousand and had a negative cash flow from operating activities of US$ <span id="xdx_90F_ecustom--NetCashFlowsProvidedByUsedInOperatingActivities_iN_pn3n3_di_c20230101__20230331_zRaRT8T5WVt8" title="Cash flow from operating activities net">900</span> thousand. The accumulated deficit as of March 31, 2023 is US$ <span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20230331_zZXMaKuHSCzi" title="Accumulated deficit">11,280</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management’s plans regarding these matters include continued development and marketing of its products, as well as seeking additional financing arrangements. Although management continues to pursue these plans, there is no assurance that the Company will be successful in raising the needed capital from revenues or financing on commercially acceptable terms. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plans regarding these matters include continued development and marketing of its products, as well as seeking additional financing arrangements. As a result of the Company’s financial condition, substantial doubt exists that the Company will be able to continue as a going concern for one year from the issuance date of this first quarter of 2023 Report.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IR-Med Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to the Interim Unaudited Condensed Consolidated Financial Statements</b></span></p> <div style="font-family: Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1.5pt solid; font: 1pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"> </span></div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1350000 usd
CY2023Q1 IRME Net Cash Flows Provided By Used In Operating Activities
NetCashFlowsProvidedByUsedInOperatingActivities
-900000 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11280000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
14143842 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
9494372 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
478000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
53000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
478000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
53000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2023Q1 us-gaap Share Price
SharePrice
0.53
CY2022Q1 us-gaap Share Price
SharePrice
0.26
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.1429 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.9537 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.8277 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.4257 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0361 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.04 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0018 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.017 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure

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