$LPCN
Lipocine Inc.

2018 Q2 Form 10-Q Financial Statement

#000114420418042231 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.680M $2.030M
YoY Change -17.24% -37.54%
% of Gross Profit
Research & Development $1.482M $4.107M
YoY Change -63.91% 59.8%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $3.164M $6.141M
YoY Change -48.47% 5.51%
Operating Profit -$3.164M -$6.141M
YoY Change -48.47% 5.6%
Interest Expense $211.5K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$91.09K $50.85K
YoY Change -279.13% -15.25%
Pretax Income -$3.256M -$6.090M
YoY Change -46.54% 5.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.256M -$6.090M
YoY Change -46.54% 5.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.31
Diluted Earnings Per Share -$0.15 -$0.31
COMMON SHARES
Basic Shares Outstanding 21.26M shares 19.37M shares
Diluted Shares Outstanding 21.26M shares 19.37M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.09M $27.83M
YoY Change -27.81% -15.51%
Cash & Equivalents $1.602M $16.63M
Short-Term Investments $18.49M $11.19M
Other Short-Term Assets $5.110M $90.00K
YoY Change 5577.78% -40.0%
Inventory
Prepaid Expenses
Receivables $50.00K $10.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.25M $27.93M
YoY Change -9.59% -15.87%
LONG-TERM ASSETS
Property, Plant & Equipment $27.89K $90.00K
YoY Change -69.02% -25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.75K $30.00K
YoY Change -20.82% 0.0%
Total Long-Term Assets $51.64K $120.0K
YoY Change -56.97% -20.0%
TOTAL ASSETS
Total Short-Term Assets $25.25M $27.93M
Total Long-Term Assets $51.64K $120.0K
Total Assets $25.30M $28.05M
YoY Change -9.8% -15.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $406.5K $1.110M
YoY Change -63.37% 12.12%
Accrued Expenses $887.0K $1.790M
YoY Change -50.45% 11.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.550M
YoY Change
Total Short-Term Liabilities $2.843M $2.900M
YoY Change -1.97% 12.4%
LONG-TERM LIABILITIES
Long-Term Debt $8.580M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.580M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.843M $2.900M
Total Long-Term Liabilities $8.580M $0.00
Total Liabilities $11.42M $2.900M
YoY Change 293.91% 12.4%
SHAREHOLDERS EQUITY
Retained Earnings -$132.4M
YoY Change
Common Stock $2.127K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.71K
YoY Change
Treasury Stock Shares 5.710K shares 5.710K shares
Shareholders Equity $13.88M $25.15M
YoY Change
Total Liabilities & Shareholders Equity $25.30M $28.05M
YoY Change -9.8% -15.89%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.256M -$6.090M
YoY Change -46.54% 5.72%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$2.740M -$4.700M
YoY Change -41.7% -9.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $780.0K $8.680M
YoY Change -91.01% 150.87%
Cash From Investing Activities $780.0K $8.680M
YoY Change -91.01% 152.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $5.700M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.710M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.740M -4.700M
Cash From Investing Activities 780.0K 8.680M
Cash From Financing Activities 0.000 5.710M
Net Change In Cash -1.960M 9.690M
YoY Change -120.23% -656.9%
FREE CASH FLOW
Cash From Operating Activities -$2.740M -$4.700M
Capital Expenditures $0.00
Free Cash Flow -$4.700M
YoY Change -8.91%

Facts In Submission

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lpcn Description Of Terms Of Service Agreement
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Under the service agreement, the Company provided facilities and up to 10 percent of the services of certain employees to Spriaso for a period of 18 months which expired January 23, 2015
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16600000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
21265000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-122334 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
10114223 USD
CY2018Q2 us-gaap Liabilities
Liabilities
11423452 USD
CY2017Q4 us-gaap Liabilities
Liabilities
6345126 USD
CY2018Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6992 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7881 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8043 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5174 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
10000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
388551 USD
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3247458 USD
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6084592 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5982463 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10943144 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
2127 USD
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
2127 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8406994 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8795545 USD
CY2018Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
146304446 USD
CY2017Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
145423012 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
40712 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
40712 USD
CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-11608 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-4616 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-132375294 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-126399823 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
13878959 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
18979988 USD
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3391330 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11070458 USD
us-gaap Interest Paid Net
InterestPaidNet
274028 USD
us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
25302411 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
25325114 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
131000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
700 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
700 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3210749 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5560716 USD
CY2017Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1319856 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1986709 shares
CY2017Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5700000 USD
CY2018Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-6992 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
7881 USD
lpcn Accrued Final Payment Charge On Debt
AccruedFinalPaymentChargeOnDebt
129932 USD
lpcn Accrued Final Payment Charge On Debt
AccruedFinalPaymentChargeOnDebt
0 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M1D
CY2015Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
63.96
CY2018Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2017Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5900000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
8800000 USD
CY2017Q4 lpcn Common Stockpreferred Stockdebt Securitieswarrants And Units To Be Soldamountmaximum
CommonStockpreferredStockdebtSecuritieswarrantsAndUnitsToBeSoldamountmaximum
150000000 USD
CY2017Q4 lpcn Common Stock Additional Amount Authorized
CommonStockAdditionalAmountAuthorized
25000000 USD
CY2017Q2 lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
31000 USD
lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
31000 USD
CY2018Q2 lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
0 USD
lpcn Proceeds From Reimbursement
ProceedsFromReimbursement
0 USD
CY2018Q2 us-gaap Assets Current
AssetsCurrent
25250772 USD
CY2017Q4 us-gaap Assets Current
AssetsCurrent
25219291 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1602079 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6602079 USD
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16631174 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.027 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0196 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
82.12 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
82.12 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7729 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8556 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6486336 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7839310 USD

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