2024 Q1 Form 10-Q Financial Statement

#000121390024042909 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $548.0K $279.0K
YoY Change 96.42% -24.59%
Cost Of Revenue $219.0K $203.0K
YoY Change 7.88% 190.0%
Gross Profit $329.0K $76.00K
YoY Change 332.89% -74.67%
Gross Profit Margin 60.04% 27.24%
Selling, General & Admin $2.200M $2.012M
YoY Change 9.34% -11.25%
% of Gross Profit 668.69% 2647.37%
Research & Development $2.219M $2.780M
YoY Change -20.18% 94.81%
% of Gross Profit 674.47% 3657.89%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% 6.38%
% of Gross Profit 60.79% 263.16%
Operating Expenses $4.419M $4.792M
YoY Change -7.78% 29.72%
Operating Profit -$4.090M -$4.716M
YoY Change -13.27% 38.95%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $32.00K $69.00K
YoY Change -53.62% -531.25%
Pretax Income -$4.058M -$4.647M
YoY Change -12.67% 32.39%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.100M -$4.647M
YoY Change -11.77% 32.39%
Net Earnings / Revenue -748.18% -1665.59%
Basic Earnings Per Share -$1.61 -$0.22
Diluted Earnings Per Share -$1.61 -$0.22
COMMON SHARES
Basic Shares Outstanding 2.514M shares 21.03M shares
Diluted Shares Outstanding 2.514M shares 21.03M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.100M $13.68M
YoY Change -77.33% -55.28%
Cash & Equivalents $1.940M $4.984M
Short-Term Investments $1.160M $8.693M
Other Short-Term Assets $1.288M $1.097M
YoY Change 17.41% -7.82%
Inventory
Prepaid Expenses
Receivables $178.0K $96.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.757M $14.87M
YoY Change -74.73% -53.34%
LONG-TERM ASSETS
Property, Plant & Equipment $2.348M $2.810M
YoY Change -16.44% -40.35%
Goodwill
YoY Change
Intangibles $2.263M $2.425M
YoY Change -6.68%
Long-Term Investments
YoY Change
Other Assets $190.0K $247.0K
YoY Change -23.08% 5.56%
Total Long-Term Assets $5.940M $6.938M
YoY Change -14.38% -5.04%
TOTAL ASSETS
Total Short-Term Assets $3.757M $14.87M
Total Long-Term Assets $5.940M $6.938M
Total Assets $9.697M $21.81M
YoY Change -55.53% -44.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.467M $457.0K
YoY Change 221.01% -18.54%
Accrued Expenses $2.401M $613.0K
YoY Change 291.68% -54.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.295M $3.595M
YoY Change 47.29% 49.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $66.00K $1.895M
YoY Change -96.52% -23.19%
Total Long-Term Liabilities $1.361M $1.895M
YoY Change -28.18% -23.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.295M $3.595M
Total Long-Term Liabilities $1.361M $1.895M
Total Liabilities $6.656M $5.490M
YoY Change 21.24% 12.8%
SHAREHOLDERS EQUITY
Retained Earnings -$89.04M -$67.42M
YoY Change 32.07%
Common Stock $6.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $3.041M $16.32M
YoY Change
Total Liabilities & Shareholders Equity $9.697M $21.81M
YoY Change -55.53% -44.33%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.100M -$4.647M
YoY Change -11.77% 32.39%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% 6.38%
Cash From Operating Activities -$3.086M -$5.848M
YoY Change -47.23% 40.85%
INVESTING ACTIVITIES
Capital Expenditures $16.00K $42.00K
YoY Change -61.9% -135.59%
Acquisitions
YoY Change
Other Investing Activities $61.00K $461.0K
YoY Change -86.77% -47.91%
Cash From Investing Activities $14.00K $346.0K
YoY Change -95.95% -54.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $63.00K -$17.00K
YoY Change -470.59% -87.94%
NET CHANGE
Cash From Operating Activities -$3.086M -$5.848M
Cash From Investing Activities $14.00K $346.0K
Cash From Financing Activities $63.00K -$17.00K
Net Change In Cash -$3.009M -$5.519M
YoY Change -45.48% 56.52%
FREE CASH FLOW
Cash From Operating Activities -$3.086M -$5.848M
Capital Expenditures $16.00K $42.00K
Free Cash Flow -$3.102M -$5.890M
YoY Change -47.33% 46.01%

Facts In Submission

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CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
178000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
111000 usd
CY2023Q4 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
100000 usd
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
0 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
0 usd
CY2024Q1 us-gaap Revenues
Revenues
548000 usd
CY2023Q1 us-gaap Revenues
Revenues
279000 usd
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentrations of credit risk: </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial instruments which potentially subject the Company to credit risk consist principally of cash and cash equivalents, marketable securities and accounts and grants receivable. Cash and cash equivalents are held in U.S. financial institutions. At times, the Company may maintain balances in excess of the federally insured amounts.</p>
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
1160000 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
4376000 usd
CY2024Q1 us-gaap Accrued Investment Income Receivable
AccruedInvestmentIncomeReceivable
100000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6985000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6969000 usd
CY2024Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
4637000 usd
CY2023Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
4440000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2348000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2529000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3227000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
964000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2263000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3196000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
909000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2287000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
168000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
224000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
224000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
224000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
224000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
15000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1079000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
511000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
682000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
682000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
170000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2046000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
149000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1896000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
200000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
200000 usd
CY2024Q1 us-gaap Conversion Of Stock New Issuance
ConversionOfStockNewIssuance
200,000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
11239 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y
CY2024Q1 lgvn Share Based Compensation Arrangement By Share Based Payment Stock Option Expiration Term
ShareBasedCompensationArrangementByShareBasedPaymentStockOptionExpirationTerm
P10Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.05 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
43782 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48.61
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.6
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
900000 usd
CY2024Q1 lgvn Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
P2Y
CY2023 lgvn Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm
P2Y
CY2014Q4 us-gaap Other Expenses
OtherExpenses
265000 usd
CY2022Q4 lgvn Sharebased Compensation Arrangement By Share Based Payment Award Options Rs Us Vested
SharebasedCompensationArrangementByShareBasedPaymentAwardOptionsRSUsVested
4814 shares
CY2022Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
200000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
100000 usd
CY2024Q1 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100000 usd
CY2014Q4 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
5000 usd
CY2014Q4 us-gaap Other Cash Equivalents At Carrying Value
OtherCashEquivalentsAtCarryingValue
50000 usd
CY2014Q4 lgvn Terms Of Agreement
TermsOfAgreement
P20Y
CY2024Q1 lgvn Milestone Of Triggering Payments
MilestoneOfTriggeringPayments
500000 usd
CY2023 lgvn Milestone Fees Payable
MilestoneFeesPayable
50000 usd
CY2016Q4 lgvn Annual Net Sales Percentage
AnnualNetSalesPercentage
0.01 pure
CY2016Q4 lgvn Net Sales Of Sub Licensees
NetSalesOfSubLicensees
0.10 pure
CY2016Q4 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
250000 usd
CY2016Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
500000 usd
CY2016Q4 us-gaap Professional Fees
ProfessionalFees
27000 usd
CY2016Q4 lgvn License Agreement Term
licenseAgreementTerm
P20Y
CY2016Q4 lgvn Incurred Terms
IncurredTerms
P20Y
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3000000 usd
CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
46000000 usd
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
38000000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
824000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
210000 shares
CY2023Q4 us-gaap Debt Conversion Converted Instrument Expiration Or Due Date Day Month And Year
DebtConversionConvertedInstrumentExpirationOrDueDateDayMonthAndYear
2029-04-13
CY2023Q2 us-gaap Warrant Exercise Price Increase
WarrantExercisePriceIncrease
2.35
CY2024Q1 us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
2.35
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 lgvn Non Rule10b51 Arr Modified Flag
NonRule10b51ArrModifiedFlag
false
CY2024Q1 lgvn Rule10b51 Arr Modified Flag
Rule10b51ArrModifiedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
usd
CY2024Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2024Q1 us-gaap Stockholders Equity Note Subscriptions Receivable
StockholdersEquityNoteSubscriptionsReceivable
usd
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2103362 shares
CY2024Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
usd
CY2024Q1 lgvn Class A Common Stock Issued For Rs Us Vested During Period
ClassACommonStockIssuedForRSUsVestedDuringPeriod
usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
usd
CY2023Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
usd
CY2023Q1 lgvn Class A Common Stock Issued For Rs Us Vested During Period
ClassACommonStockIssuedForRSUsVestedDuringPeriod
usd
CY2024Q1 lgvn Interest Earned On Marketable Securities
InterestEarnedOnMarketableSecurities
usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y219D
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001721484

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