2014 Q1 Form 10-K Financial Statement

#000114420414017092 Filed on March 21, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $550.0K $110.0K $490.0K
YoY Change 223.53% -26.67% -55.05%
% of Gross Profit
Research & Development $160.0K $240.0K $879.9K
YoY Change -5.88% 84.62% -13.07%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $720.0K $360.0K $1.375M
YoY Change 118.18% 28.57% -34.71%
Operating Profit -$1.375M
YoY Change -34.71%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$210.0K $0.00 $0.00
YoY Change -100.0%
Pretax Income -$930.0K -$360.0K -$1.370M
YoY Change 181.82% 28.57% -61.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$930.0K -$360.0K -$1.375M
YoY Change 181.82% 28.57% -61.59%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$134.2K -$51.95K -$197.7K
COMMON SHARES
Basic Shares Outstanding 41.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0K $480.0K $480.0K
YoY Change -91.3% -71.08% -71.08%
Cash & Equivalents
Short-Term Investments $10.00K $10.00K $10.00K
Other Short-Term Assets $70.00K $70.00K $70.00K
YoY Change -30.0% -22.22% -22.22%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $190.0K $558.0K $560.0K
YoY Change -87.16% -68.17% -68.0%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $190.0K $558.0K $560.0K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $190.0K $558.0K $560.0K
YoY Change -87.16% -68.17% -68.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.00K $110.0K $110.0K
YoY Change 14.29% 37.5% 37.5%
Accrued Expenses
YoY Change
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 $280.0K $321.8K $320.0K
YoY Change 3.7% 23.21% 23.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $280.0K $321.8K $320.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $280.0K $320.0K $320.0K
YoY Change 3.7% 23.08% 23.08%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $13.19M
YoY Change 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$100.0K $236.3K $240.0K
YoY Change
Total Liabilities & Shareholders Equity $190.0K $558.0K $560.0K
YoY Change -87.16% -68.17% -68.0%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$930.0K -$360.0K -$1.375M
YoY Change 181.82% 28.57% -61.59%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$360.0K -$320.0K -$1.180M
YoY Change 28.57% 39.13% -2.13%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$1.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -360.0K -320.0K -$1.180M
Cash From Investing Activities 0.000 0.000 -$1.00
Cash From Financing Activities 0.000 0.000 $0.00
Net Change In Cash -360.0K -320.0K -$1.180M
YoY Change 28.57% 39.13% -171.92%
FREE CASH FLOW
Cash From Operating Activities -$360.0K -$320.0K -$1.180M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$320.0K -$1.180M
YoY Change 39.13% -2.13%

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200000 USD
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50000 USD
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50000 USD
CY2008Q3 lixt National Institute Of Health Patent License Agreement Terms
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us-gaap Net Cash Provided By Used In Operating Activities
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1 USD
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6135 USD
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0 USD
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0 USD
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CY2012 lixt Proceeds From Sale Of Common Stock To Consulting Firm
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lixt Proceeds From Issuance Of Notes Payable To Consultants
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200000 USD
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lixt Repayments Of Notes Payable To Consultant
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us-gaap Cash Acquired From Acquisition
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us-gaap Interest Paid
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lixt Decrease In Advances Under Equity Financing
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CY2013 lixt Cashless Exercise Of Warrants And Options Aggregate Exercise Price
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lixt Cashless Exercise Of Warrants And Options Aggregate Exercise Price
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193598 USD
CY2013 dei Document Type
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10-K
CY2013 dei Amendment Flag
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CY2013 dei Document Period End Date
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2013-12-31
CY2013 dei Trading Symbol
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LIXT
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41583097 shares
CY2013 dei Entity Registrant Name
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LIXTE BIOTECHNOLOGY HOLDINGS, INC.
CY2013 dei Entity Central Index Key
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0001335105
CY2013 dei Current Fiscal Year End Date
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--12-31
CY2013 dei Entity Well Known Seasoned Issuer
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No
CY2013 dei Entity Voluntary Filers
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No
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Smaller Reporting Company
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0.086 pure
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0.029 pure
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0.108 pure
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0 pure
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0.134 pure
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0.0 pure
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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CY2012 lixt Related Parties Research And Development Costs
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lixt Related Parties Research And Development Costs
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CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Concentration of Risk</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-FAMILY:times new roman,times,serif"><font style="FONT-SIZE: 10pt">The Company periodically contracts with directors, including companies controlled by or associated with directors, to provide consulting services related to the Company&#8217;s research and development and clinical trial activities. Agreements for these services can be for a specific time period (typically one year) or for a specific project or task, and can include both cash and non-cash compensation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> The only such contract that represents 10% or more of general and administrative or research and development costs is described below.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt;FONT-FAMILY:times new roman,times,serif">&#160;</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt;FONT-FAMILY:times new roman,times,serif">On September 21, 2012, the Company entered into a work order agreement with Theradex, the CRO responsible for the clinical development of the Company&#8217;s lead compound, LB-100, to manage and administer the Phase 1 clinical trial of LB-100. Theradex is an international CRO that provides professional services for the clinical research and development of pharmaceutical compounds. The Phase 1 clinical trial of LB-100, which began during April 2013 with the entry of patients into the clinical trial, is being carried out by nationally recognized comprehensive cancer centers, and is estimated to be completed within the next 12&#160;to 21 months (sometime between March&#160;and December 2015). The Phase 1 clinical trial is expected to&#160;cost a total of&#160;approximately $2,000,000, with such payments expected to be divided approximately evenly between payments to Theradex for services rendered and payments for pass-through costs for the clinical center&#8217;s laboratory costs and investigator costs. Total costs charged to operations for services paid to Theradex pursuant to this arrangement, which were first incurred in 2013, were $278,721 for the year ended December 31, 2013, or approximately 32% of research and development costs for the year ended December 31, 2013. <font style="BACKGROUND-COLOR: transparent"><font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%"> The costs charged to operations for amounts paid to Theradex for services relating to the Phase 1 clinical trial of LB-100 are expected to represent a larger percentage of total research and development costs during the fiscal years ending December 31, 2014 and 2015</font>.</font> Costs pursuant to this agreement are included in research and development costs in the Company's consolidated statements of operations. On May 2, 2011, Dr. Robert B. Royds, the founder, Chairman of the Board and Medical Director of Theradex, was appointed to the Company&#8217;s Board of Directors. Dr. Royds died on March 23, 2013. The death of Dr. Royds is not expected to have any impact on the management and administration of the Phase 1 clinical trial.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif ">&#160;</div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In addition to the above described agreement with Theradex,&#160;the Company has also from time to time engaged Theradex to assist the Company in bringing LB-100 through the FDA approval process and to provide other services. Total fees charged to operations for services paid to Theradex pursuant to such engagements were $14,964 and $163,661 for the years ended December 31, 2013 and 2012, respectively, or approximately 2% and 16% of research and development costs for the years ended December 31, 2013 and 2012, respectively, and are included in research and development costs in the Company's consolidated statements of operations.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q4 lixt Consulting Agreement
ConsultingAgreement
16000 USD
CY2012 lixt Clinical Research And Development Cost Percentage
ClinicalResearchAndDevelopmentCostPercentage
0.16 pure
CY2013 lixt Clinical Research And Development Cost Percentage
ClinicalResearchAndDevelopmentCostPercentage
0.32 pure
CY2012 lixt Fees For Services Total
FeesForServicesTotal
163661 USD
CY2013 lixt Fees For Services Total
FeesForServicesTotal
14964 USD

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