$LEXX
Lexaria Bioscience Corp.

2022 Q2 Form 10-Q Financial Statement

#000164033422000728 Filed on April 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $99.72K $30.65K $13.88K
YoY Change -51.13% -84.04% -95.31%
Cost Of Revenue $18.64K $6.387K $5.570K
YoY Change -68.94% -79.11% -91.36%
Gross Profit $81.08K $24.26K $8.310K
YoY Change -43.72% -84.97% -96.41%
Gross Profit Margin 81.31% 79.16% 59.87%
Selling, General & Admin $1.747M $1.197M $1.553M
YoY Change -19.04% 17.38% 107.08%
% of Gross Profit 2155.02% 4934.47% 18689.29%
Research & Development $752.1K $275.7K $458.7K
YoY Change 65.5% 56.29% 138.59%
% of Gross Profit 927.57% 1136.24% 5519.96%
Depreciation & Amortization $23.90K $26.16K $27.93K
YoY Change -14.43% -6.34% 0.0%
% of Gross Profit 29.48% 107.82% 336.1%
Operating Expenses $2.499M $1.473M $458.7K
YoY Change -7.79% 16.35% -51.42%
Operating Profit -$2.418M -$1.449M -$450.4K
YoY Change -5.77% 31.16% -36.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.418M -$1.449M -$2.003M
YoY Change -5.77% -444.92% 182.18%
Income Tax
% Of Pretax Income
Net Earnings -$2.418M -$1.449M -$2.003M
YoY Change -5.77% -468.44% 182.13%
Net Earnings / Revenue -2425.2% -4726.5% -14434.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$400.4K -$241.2K -$348.0K
COMMON SHARES
Basic Shares Outstanding 5.951M shares 5.951M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.339M $8.912M $10.18M
YoY Change -13.75% -9.21% 1685.21%
Cash & Equivalents $7.051M $8.359M $9.682M
Short-Term Investments $288.0K $552.3K $493.4K
Other Short-Term Assets $757.3K $1.122M $237.2K
YoY Change 344.25% 211.66% 24.85%
Inventory $40.18K $31.93K $26.97K
Prepaid Expenses $757.3K $1.122M $237.2K
Receivables $154.9K $506.6K $461.5K
Other Receivables $103.6K $487.6K $454.2K
Total Short-Term Assets $8.291M $10.57M $10.90M
YoY Change -14.39% -3.42% 733.62%
LONG-TERM ASSETS
Property, Plant & Equipment $343.4K $358.8K $465.8K
YoY Change -13.14% -15.22% 2.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $846.5K $842.4K $844.5K
YoY Change -1.8% -31.29% -2.55%
TOTAL ASSETS
Total Short-Term Assets $8.291M $10.57M $10.90M
Total Long-Term Assets $846.5K $842.4K $844.5K
Total Assets $9.138M $11.41M $11.75M
YoY Change -13.36% -6.23% 440.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.05K $60.87K $172.9K
YoY Change -45.01% -53.18% 1628.8%
Accrued Expenses $103.3K $96.79K $57.00K
YoY Change 112.36% 93.58% -48.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.910K $7.880K $7.820K
YoY Change 5.33% -21.2%
Total Short-Term Liabilities $206.8K $165.5K $237.7K
YoY Change -6.51% -58.55% -1.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $18.34K $29.08K $39.63K
YoY Change -69.51% -58.46% -50.46%
Total Long-Term Liabilities $18.34K $29.08K $39.63K
YoY Change -69.52% -58.55% -64.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $206.8K $165.5K $237.7K
Total Long-Term Liabilities $18.34K $29.08K $39.63K
Total Liabilities $225.2K $194.6K $277.3K
YoY Change -19.98% -58.55% -21.5%
SHAREHOLDERS EQUITY
Retained Earnings -$37.63M -$35.25M -$33.82M
YoY Change -222.98% 25.46% 18.68%
Common Stock $5.951K $5.951K $5.727K
YoY Change 16.59% 16.59% 90.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.183M $11.22M $11.47M
YoY Change
Total Liabilities & Shareholders Equity $9.138M $11.41M $11.75M
YoY Change -13.36% -6.23% 440.21%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$2.418M -$1.449M -$2.003M
YoY Change -5.77% -468.44% 182.13%
Depreciation, Depletion And Amortization $23.90K $26.16K $27.93K
YoY Change -14.43% -6.34% 0.0%
Cash From Operating Activities -$1.259M -$1.277M -$1.166M
YoY Change 7.85% 41.92% 44.07%
INVESTING ACTIVITIES
Capital Expenditures -$37.96K -$34.42K -$58.22K
YoY Change -45.37%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$37.96K -$34.42K -$58.22K
YoY Change -42.59% -112.75% 908.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.21K -11.20K -$10.99K
YoY Change 571.26% -100.12% 25.32%
NET CHANGE
Cash From Operating Activities -1.259M -1.277M -$1.166M
Cash From Investing Activities -37.96K -34.42K -$58.22K
Cash From Financing Activities -11.21K -11.20K -$10.99K
Net Change In Cash -1.308M -1.323M -$1.236M
YoY Change 5.91% -115.0% 49.93%
FREE CASH FLOW
Cash From Operating Activities -$1.259M -$1.277M -$1.166M
Capital Expenditures -$37.96K -$34.42K -$58.22K
Free Cash Flow -$1.221M -$1.243M -$1.108M
YoY Change 11.22% 38.09% 36.88%

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48887 USD
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us-gaap Nature Of Operations
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<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>1.</strong></p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Nature of Business</strong></p></td></tr></tbody></table><p style="font-size:10pt;font-family:times new roman;margin:0px">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Lexaria Bioscience Corp. (“Lexaria”, “we”, “our” or the “Company”) is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients (“APIs”) using our patented drug delivery technology DehydraTECH<sup>TM</sup>. Through continued validation of our research and development our focus is on national and international application for DehydraTECH.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Revenues are primarily derived from licensing fees for the use of the Company’s patented technology to partners who pay either a fee to use DehydraTECH in the manufacturing of their own products or through the purchase of DehydraTECH manufactured products made to their specifications by Lexaria. The Company has relationships with several consumer products companies in the CBD and nutraceuticals spaces that use Lexaria’s technology in consumer goods being sold online and at retailers in the US and Canada. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company is headquartered in Kelowna, British Columbia, Canada. The corporate website is www.lexariabioscience.com </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px"><em>Going Concern Analysis</em></p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 45px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company’s consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”) applicable to a going concern which assumes the Company will have sufficient funds to pay it operational, research and development and capital expenditures for a period of at least 12 months from the date this financial report.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Since inception, the Company has incurred significant operating and net losses. The losses attributable to common shareholders were $4.2m, $4.1m and $4.2m for the years ended August 31, 2021, 2020 and 2019, respectively. As of February 28, 2022, we had an accumulated deficit of $35.25m. We expect to continue to incur significant operational expenses and net losses in the upcoming 12 months. Our net losses may fluctuate significantly from quarter to quarter and year to year, depending on the stage and complexity of our R&amp;D studies and related expenditures, the receipt of additional payments on the licencing of our technology, if any, and the receipt of payments under any current or future collaborations we may enter into. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">On January 12, 2021, the Company closed an underwritten public offering for net proceeds of $9,471,497. In the fourth quarter of the year ended August 31, 2021, the Company received $4,015,043 from the exercise of warrants. We may offer additional securities for sale during fiscal year 2022 or thereafter in response to market conditions or other circumstances if we believe such a plan of financing is required to advance the Company’s business plans and is in the best interests of our stockholders.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The Company has evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern. As of February 28, 2022, the Company had cash of approximately $8.4m. We believe this is sufficient to enable the Company to fund its operating and R&amp;D expenses and any capital expenditure requirements through one year from the issuance date of these unaudited consolidated financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">To date, we have obtained cash and funded our operations primarily through equity financings and license agreements. In order to continue the development of our drug candidates, at some point in the future we expect to pursue one or more capital transactions, whether through the sale of equity securities, debt financing, license agreements or entry into strategic partnerships. There can be no assurance that we will be able to continue to raise additional capital in the future.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><strong>COVID-19</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"><em>Impacts of COVID-19 Pandemic</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">The emergence of the COVID-19 pandemic in 2020 continues to present uncertainty and unforecastable new risks to the Company and its business plans. As of February 28, 2022, there has been no material impact on the Company’s financial position as a direct result of the pandemic. However, the Company has experienced some supply chain disruptions and shortages in the timely procurement of ingredients and supplies used in both our R&amp;D activities and production. Management views this situation as transitory but cannot predict the length of time it may take for these disruptions to dissipate or if there will be a significant economic effect on the Company’s operations. In the interim, it may cause delays in carrying out our research studies and in our production schedules. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">Restrictions on international travel presents a challenge in carrying out normal business activities related to corporate finance efforts and the pursuit of new customers throughout North America who might otherwise access to our licensees’ retail products. As a result, the pandemic has increased the risk of lower revenues and higher losses. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">During the year ended August 31, 2020, we were in receipt of C$30,732 in COVID relief under the Canada Emergency Wage Subsidy programs for employees which reduced our employment costs in that year. During fiscal 2020 we also received C$40,000 from the Canadian Government sponsored Emergency Business Account loan program. As specified by the terms of this program, we have repaid C$30,000 of the loan in fiscal 2021. The remaining 7,875 (C$10,000) of the loan payable is anticipated to be forgiven as directed under this program in the year ended August 31, 2023. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">We continue to actively monitor the evolving effects of COVID-19 and may take further actions that alter our operations, including those that may be required by federal, state, provincial, or local authorities, or that we determine are in the best interests of our employees and third parties with which we do business. We do not know when it will become practical to relax or eliminate some or all these measures entirely. The economic effect of a prolonged pandemic is difficult to predict and could result in material financial impact in the Company’s future reporting periods.</p>
us-gaap Basis Of Accounting
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<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>3.</strong></p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Basis of Consolidation</strong></p></td></tr></tbody></table><p style="font-size:10pt;font-family:times new roman;margin:0px">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; text-align:justify;">These interim consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries; Lexaria CanPharm ULC, Lexaria CanPharm Holdings Corp., PoViva Corp., Lexaria Hemp Corp., Kelowna Management Services Corp., and Lexaria Pharmaceutical Corp., and our 83.333% owned subsidiary Lexaria Nicotine LLC (16.667% Altria Ventures Inc., an indirect wholly owned subsidiary of Altria Group, Inc.). All significant intercompany balances and transactions have been eliminated upon consolidation.</p>
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The Company has established the Equity Incentive Plan whereby the board of directors may, from time to time, grant stock options up to the equivalent of 10% of the number of common shares issued and outstanding to directors, officers, employees, and consultants
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CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1121961 USD
CY2021Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
319253 USD
CY2022Q1 lxrp Book Value Of Assets Sold
BookValueOfAssetsSold
0 USD
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
273373 USD
lxrp Shares Received On Disposal Of Asset
SharesReceivedOnDisposalOfAsset
468264 USD
CY2022Q1 lxrp Shares Receivable On Disposal Of Asset
SharesReceivableOnDisposalOfAsset
781067 USD
lxrp Promissory Note Received On Disposal Of Asset
PromissoryNoteReceivedOnDisposalOfAsset
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1522704 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
3000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
0 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
25000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
us-gaap Investment Income Net
InvestmentIncomeNet
0 USD
us-gaap Investment Income Net
InvestmentIncomeNet
-22000 USD
lxrp Discontinued Operations Change In Working Capital
DiscontinuedOperationsChangeInWorkingCapital
0 USD
lxrp Discontinued Operations Change In Working Capital
DiscontinuedOperationsChangeInWorkingCapital
105000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
0 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
83000 USD
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
0 USD
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
83000 USD

Files In Submission

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0001640334-22-000728-index.html Edgar Link pending
0001640334-22-000728.txt Edgar Link pending
0001640334-22-000728-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
lxrp-20220228.xsd Edgar Link pending
lxrp-20220228_cal.xml Edgar Link unprocessable
lxrp-20220228_def.xml Edgar Link unprocessable
lxrp-20220228_lab.xml Edgar Link unprocessable
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