$ISPC
iSpecimen Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024003129 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.290M $2.575M $9.928M
YoY Change -22.38% -13.05% -4.56%
Cost Of Revenue $1.000M $1.427M $4.820M
YoY Change -12.81% 1.25% 1.33%
Gross Profit $1.290M $1.148M $5.108M
YoY Change -28.46% -26.04% -9.52%
Gross Profit Margin 56.33% 44.58% 51.45%
Selling, General & Admin $2.770M $4.019M $9.891M
YoY Change -0.38% 8.81% -37.52%
% of Gross Profit 214.72% 350.11% 193.64%
Research & Development $1.619M
YoY Change 9.86%
% of Gross Profit 31.69%
Depreciation & Amortization $16.05K $580.5K $117.5K
YoY Change -58.41% 58.68% 423.97%
% of Gross Profit 1.24% 50.57% 2.3%
Operating Expenses $2.770M $4.019M $11.51M
YoY Change -0.38% 8.81% -27.3%
Operating Profit -$3.001M -$2.871M -$11.17M
YoY Change 18.02% 34.06% 9.65%
Interest Expense $4.465K $42.77K $16.00K
YoY Change 26.31% -336.95% -122.99%
% of Operating Profit
Other Income/Expense, Net $98.40K -$244.7K $69.86K
YoY Change -11.04% 614.33%
Pretax Income -$2.902M -$3.073M -$11.10M
YoY Change 19.34% 42.29% 8.33%
Income Tax
% Of Pretax Income
Net Earnings -$2.902M -$3.073M -$11.10M
YoY Change 19.34% 42.29% 8.33%
Net Earnings / Revenue -126.73% -119.33% -111.8%
Basic Earnings Per Share -$0.32 -$1.23
Diluted Earnings Per Share -$0.32 -$0.34 -$1.23
COMMON SHARES
Basic Shares Outstanding 9.087M 9.076M 9.041M
Diluted Shares Outstanding 9.132M 9.041M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.556M $5.006M $5.006M
YoY Change -76.81% -67.3% -67.3%
Cash & Equivalents $2.090M $2.344M
Short-Term Investments $466.5K $2.662M $2.662M
Other Short-Term Assets $314.0K $292.1K $292.1K
YoY Change -95.85% -2.78% -2.78%
Inventory
Prepaid Expenses
Receivables $437.4K $728.4K $2.941M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.286M $8.239M $8.239M
YoY Change -66.88% -58.13% -58.13%
LONG-TERM ASSETS
Property, Plant & Equipment $120.9K $127.8K $321.6K
YoY Change -38.11% -68.87% -21.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.60K $27.60K $27.60K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $7.228M $7.581M $7.581M
YoY Change 20.89% 53.39% 53.39%
TOTAL ASSETS
Total Short-Term Assets $5.286M $8.239M $8.239M
Total Long-Term Assets $7.228M $7.581M $7.581M
Total Assets $12.51M $15.82M $15.82M
YoY Change -42.96% -35.74% -35.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.560M $3.925M $3.925M
YoY Change 31.81% 59.63% 59.63%
Accrued Expenses $1.711M $1.541M $1.708M
YoY Change 88.35% -8.82% 1.07%
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 $5.701M $6.049M $6.049M
YoY Change 47.89% 41.29% 41.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $29.13K $29.13K
YoY Change 6.31% 6.31%
Total Long-Term Liabilities $0.00 $29.13K $29.13K
YoY Change 6.31% 6.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.701M $6.049M $6.049M
Total Long-Term Liabilities $0.00 $29.13K $29.13K
Total Liabilities $5.701M $6.078M $6.078M
YoY Change 47.89% 41.07% 41.07%
SHAREHOLDERS EQUITY
Retained Earnings -$62.27M -$59.36M
YoY Change 22.82% 23.0%
Common Stock $947.00 $908.00
YoY Change 4.99% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $172.00 $172.00
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $6.813M $9.741M $9.741M
YoY Change
Total Liabilities & Shareholders Equity $12.51M $15.82M $15.82M
YoY Change -42.96% -35.74% -35.74%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.902M -$3.073M -$11.10M
YoY Change 19.34% 42.29% 8.33%
Depreciation, Depletion And Amortization $16.05K $580.5K $117.5K
YoY Change -58.41% 58.68% 423.97%
Cash From Operating Activities -$2.072M $345.1K -$5.808M
YoY Change -26.66% -266.45% -0.17%
INVESTING ACTIVITIES
Capital Expenditures $9.136K $1.032M $19.48K
YoY Change 13.77% -37.12% -90.96%
Acquisitions
YoY Change
Other Investing Activities $2.222M $309.4K -$2.484M
YoY Change -130.69%
Cash From Investing Activities $1.937M -$723.0K -$7.228M
YoY Change -122.05% -55.96% 126.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -118.9K 890.0 70.89K
YoY Change -275.47% -100.03% -102.07%
NET CHANGE
Cash From Operating Activities -2.072M 345.1K -5.808M
Cash From Investing Activities 1.937M -723.0K -7.228M
Cash From Financing Activities -118.9K 890.0 70.89K
Net Change In Cash -253.8K -377.9K -12.97M
YoY Change -97.8% -92.94% 4.3%
FREE CASH FLOW
Cash From Operating Activities -$2.072M $345.1K -$5.808M
Capital Expenditures $9.136K $1.032M $19.48K
Free Cash Flow -$2.081M -$687.3K -$5.827M
YoY Change -26.54% -62.84% -3.42%

Facts In Submission

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CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of the Company’s 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 deferred tax valuation allowances, revenue recognition, stock-based compensation, allowance for doubtful accounts, accrued expenses, and the useful lives of internally developed software and sequenced data. 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>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Off-Balance Sheet Risk and Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has no significant off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. As of December 31, 2022, the Company maintained all of its cash with one financial institution which potentially subjected the Company to concentration of credit risk. To reduce this risk, the Company purchased treasury bills at a different financial institution in 2023. As of December 31, 2023, the Company maintained the remainder of its cash, which exceeds the federally insured limits, with a reputable financial institution and accordingly, the Company believes such funds are subject to minimal credit risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentration of credit risk with respect to accounts receivable is typically related to customers who account for a significant portion of revenue. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the year ended December 31, 2023, one customer represented 25% of the Company’s revenues. As of December 31, 2023, one customer represented approximately 27% of accounts receivable and one customer represented approximately 31% of accounts receivable-unbilled. During 2022, two customers represented 14% and 12% of the Company’s revenues, respectively. As of December 31, 2022, one customer represented approximately 15% of accounts receivable and two customers represented approximately 13% and 11% of accounts receivable-unbilled. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the years ended December 31, 2023 and 2022, revenue attributable to customers located in foreign countries was approximately 11% and 11% of revenue, respectively. As of December 31, 2023 and 2022, accounts receivable attributable to customers located in foreign countries was approximately 31% and 10% of accounts receivable, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December 31, 2023 and 2022, accounts receivable-unbilled attributable to customers located in foreign countries was approximately 20% and 18% of accounts receivable-unbilled, respectively.</p>
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CY2023 ispc Supply Development
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Supply Development</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has agreements with supply partners that allow the Company to procure specimens from them and distribute these samples to customers. Supply development costs primarily include payroll and related expenses for personnel engaged in the development and management of this supply network; related travel expenses; regulatory compliance costs to support the network; and other supply development and management costs.</p>
CY2023 ispc Fulfillment Costs
FulfillmentCosts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fulfillment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fulfillment costs primarily consist of those costs incurred in operating and staffing operations and customer service teams, including costs attributable to assess the feasibility of specimen requests; creating and managing orders; picking, packaging, and preparing customer orders for shipment; responding to inquiries from customers; and laboratory equipment and supplies.</p>
CY2023 ispc General And Administrative Expenses
GeneralAndAdministrativeExpenses
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">General and Administrative</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">General and administrative expenses primarily consist of costs for corporate functions, including payroll and related expenses for human resources, legal, finance, and executive teams; associated software licenses; facilities and equipment expenses, such as depreciation and amortization expense and rent, outside legal expenses, insurance costs, and other general and administrative costs.</p>
CY2023 ispc Shares Issuable Upon Vesting Of Rsus
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2022 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
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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CY2022 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
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CY2023 ecd Rule10b51 Arr Adopted Flag
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CY2023 dei Auditor Firm
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392

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