$ISPC
iSpecimen Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023007961 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.625M $2.950M
YoY Change -30.51% 17.13%
Cost Of Revenue $853.6K $1.147M
YoY Change -14.62% -1.63%
Gross Profit $771.5K $1.803M
YoY Change -42.38% 33.31%
Gross Profit Margin 47.47% 61.12%
Selling, General & Admin $4.333M $2.781M
YoY Change 71.55% 8.71%
% of Gross Profit 561.67% 154.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.14K $38.59K
YoY Change 740.2% 718.95%
% of Gross Profit 4.81% 2.14%
Operating Expenses $4.333M $2.781M
YoY Change 71.55% 8.71%
Operating Profit -$3.562M -$2.542M
YoY Change 37.79% 7.8%
Interest Expense $107.3K $3.535K
YoY Change 153.92% -90.71%
% of Operating Profit
Other Income/Expense, Net -$29.14K $110.6K
YoY Change -542.19% -536.27%
Pretax Income -$3.484M -$2.432M
YoY Change 33.63% 2.02%
Income Tax
% Of Pretax Income
Net Earnings -$3.484M -$2.432M
YoY Change 33.64% 2.02%
Net Earnings / Revenue -214.36% -82.43%
Basic Earnings Per Share -$0.39 -$0.27
Diluted Earnings Per Share -$0.39 -$0.25
COMMON SHARES
Basic Shares Outstanding 9.029M 9.017M
Diluted Shares Outstanding 9.034M 8.981M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.005M $11.02M
YoY Change -91.54% -57.77%
Cash & Equivalents $2.005M $3.763M
Short-Term Investments $6.209M $7.259M
Other Short-Term Assets $6.397M $7.572M
YoY Change 1606.53% 2460.4%
Inventory
Prepaid Expenses
Receivables $2.557M $3.006M
Other Receivables $12.33K $34.67K
Total Short-Term Assets $10.97M $15.96M
YoY Change -59.56% -47.07%
LONG-TERM ASSETS
Property, Plant & Equipment $271.0K $195.3K
YoY Change 1045.93% 595.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.60K $27.60K
YoY Change 0.0% 0.0%
Total Long-Term Assets $6.599M $5.979M
YoY Change 102.04% 90.64%
TOTAL ASSETS
Total Short-Term Assets $10.97M $15.96M
Total Long-Term Assets $6.599M $5.979M
Total Assets $17.57M $21.94M
YoY Change -42.2% -34.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.780M $2.701M
YoY Change 311.04% 859.61%
Accrued Expenses $990.3K $908.3K
YoY Change 56.13% -12.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.860M $3.855M
YoY Change 40.91% 88.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.860M $3.855M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.860M $3.855M
YoY Change -43.92% -31.41%
SHAREHOLDERS EQUITY
Retained Earnings -$54.18M -$50.70M
YoY Change 25.97% 25.48%
Common Stock $906.00 $902.00
YoY Change 2.14% 2.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.00 $172.00
YoY Change 0.0% 0.0%
Treasury Stock Shares $31.00K
Shareholders Equity $14.71M $18.08M
YoY Change
Total Liabilities & Shareholders Equity $17.57M $21.94M
YoY Change -42.2% -34.09%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.484M -$2.432M
YoY Change 33.64% 2.02%
Depreciation, Depletion And Amortization $37.14K $38.59K
YoY Change 740.2% 718.95%
Cash From Operating Activities -$1.693M -$2.826M
YoY Change -14.39% 105.36%
INVESTING ACTIVITIES
Capital Expenditures $1.198M $8.030K
YoY Change -373.43% -102.37%
Acquisitions
YoY Change
Other Investing Activities $1.130M -$7.241M
YoY Change
Cash From Investing Activities -$67.96K -$8.788M
YoY Change -84.48% 2491.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.150K 67.74K
YoY Change -60.97% -10.02%
NET CHANGE
Cash From Operating Activities -1.693M -2.826M
Cash From Investing Activities -67.96K -8.788M
Cash From Financing Activities 3.150K 67.74K
Net Change In Cash -1.758M -11.55M
YoY Change -26.99% 604.11%
FREE CASH FLOW
Cash From Operating Activities -$1.693M -$2.826M
Capital Expenditures $1.198M $8.030K
Free Cash Flow -$2.891M -$2.834M
YoY Change 87.72% 173.31%

Facts In Submission

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CY2023Q1 dei Entity Registrant Name
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iSpecimen Inc.
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CY2023Q1 dei Entity Tax Identification Number
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35000
CY2022Q1 ispc Non Cash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
NonCashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
333123
CY2023Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2023Q1 ispc Working Capital Deficit
WorkingCapitalDeficit
12105400
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50697136
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3609547
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3762654
CY2023Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
7259482
CY2022Q1 ispc Purchase Orders Negatively Impacted Due To Invasion
PurchaseOrdersNegativelyImpactedDueToInvasion
1000000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its common stock and warrants, deferred tax valuation allowances, revenue recognition, stock-based compensation, and accrued expenses amongst others. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</p>
CY2023Q1 ispc Number Of Days From Receipt Of Specimens To Inspect Specimens To Ensure Compliance
NumberOfDaysFromReceiptOfSpecimensToInspectSpecimensToEnsureCompliance
P14D
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2950197
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2518660
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
383789
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
230999
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
216058
CY2022Q1 ispc Shares Issuable Upon Vesting Of Rsus
SharesIssuableUponVestingOfRsus
291167
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
330788
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
176142
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7240639
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
18843
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
7259482
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
561070
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
553040
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
365777
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
327188
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
195293
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
225852
CY2023Q1 us-gaap Depreciation
Depreciation
38589
CY2022Q1 us-gaap Depreciation
Depreciation
4712
CY2023Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1539546
CY2022Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
339162
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
433326
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
266219
CY2022 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
376400
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
7259482
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
7259482
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
41078
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1500
CY2023Q1 us-gaap Lease Cost
LeaseCost
42578
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
146193
CY2023Q1 ispc Right Of Use Assets Total
RightOfUseAssetsTotal
146193
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
147375
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
147375
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M1D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0596
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
124203
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
27601
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
151804
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4429
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
147375
CY2023Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
42578
CY2022Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
44957
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
38499
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-38472
CY2023Q1 ispc Shares Authorized
SharesAuthorized
250000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
67736
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
67736
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
117500
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0038
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0039
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.5995
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.5995
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
46389
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
336632
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.49
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
220687
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M14D
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
67736
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
75277
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
267505
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.43
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
747
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.62
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
28776
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
5.19
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
23418
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
5.34
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
216058
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.46
CY2023Q1 ispc Operating Loss Carryforwards Not Subject To Expiration
OperatingLossCarryforwardsNotSubjectToExpiration
29500000
CY2022Q4 ispc Operating Loss Carryforwards Not Subject To Expiration
OperatingLossCarryforwardsNotSubjectToExpiration
27800000
CY2023Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
1040000
CY2022Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
1094000

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