$LWLG
Lightwave Logic, Inc.

2015 Q1 Form 10-K Financial Statement

#000155335015000254 Filed on March 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 2013 Q4
Revenue $0.00 $2.500K $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $420.0K $1.546M $330.0K
YoY Change 5.0% -5.15% -45.9%
% of Gross Profit
Research & Development $650.0K $2.850M $500.0K
YoY Change 11.02% 37.79% -53.27%
% of Gross Profit
Depreciation & Amortization $36.75K $136.3K $40.00K
YoY Change 21.64% 21.81% 0.0%
% of Gross Profit
Operating Expenses $1.070M $4.396M $840.0K
YoY Change 8.34% 18.79% -50.0%
Operating Profit
YoY Change
Interest Expense $0.00 $16.86K -$10.00K
YoY Change -100.0% -92.05% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.070M -$4.410M -$840.0K
YoY Change 8.08% 12.78% -50.3%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.070M -$4.410M -$840.0K
YoY Change 8.32% 12.72% -50.3%
Net Earnings / Revenue -176391.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$79.26K -$0.02
COMMON SHARES
Basic Shares Outstanding 58.41M shares 52.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.340M $3.166M $2.270M
YoY Change 21.24% 39.47% -22.79%
Cash & Equivalents $2.339M $3.166M $2.271M
Short-Term Investments
Other Short-Term Assets $110.0K $128.2K $130.0K
YoY Change 0.0% -1.36% 44.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.453M $3.294M $2.403M
YoY Change 20.07% 37.26% -20.61%
LONG-TERM ASSETS
Property, Plant & Equipment $462.1K $375.2K $298.4K
YoY Change 41.67% 25.08% -0.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.072M $985.3K $841.9K
YoY Change 19.85% 17.29% 6.63%
TOTAL ASSETS
Total Short-Term Assets $2.453M $3.294M $2.403M
Total Long-Term Assets $1.072M $985.3K $841.9K
Total Assets $3.525M $4.279M $3.245M
YoY Change 20.01% 32.08% -14.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.4K $178.2K $65.41K
YoY Change 27.12% 154.53% -32.14%
Accrued Expenses $66.30K $33.35K $7.949K
YoY Change 32.16% 233.5% 138.14%
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 $340.0K $221.8K $120.0K
YoY Change 9.68% 84.87% -25.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $340.0K $221.8K $120.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $341.1K $221.8K $122.2K
YoY Change 9.09% 84.87% -21.34%
SHAREHOLDERS EQUITY
Retained Earnings -$37.82M -$32.34M
YoY Change 238854.82% 204260.85%
Common Stock $41.00M $35.47M
YoY Change 14.04% 10.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.180M $4.058M $3.123M
YoY Change
Total Liabilities & Shareholders Equity $3.525M $4.279M $3.245M
YoY Change 20.01% 32.08% -14.98%

Cashflow Statement

Concept 2015 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$1.070M -$4.410M -$840.0K
YoY Change 8.32% 12.72% -50.3%
Depreciation, Depletion And Amortization $36.75K $136.3K $40.00K
YoY Change 21.64% 21.81% 0.0%
Cash From Operating Activities -$699.5K -$3.140M -$870.0K
YoY Change 34.46% 10.65% 47.46%
INVESTING ACTIVITIES
Capital Expenditures $123.7K $213.2K -$10.00K
YoY Change 113.0% 95.09% -80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$127.6K -$294.5K -$10.00K
YoY Change 46.98% 64.41% -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.330M 530.0K
YoY Change 84.18% -18.46%
NET CHANGE
Cash From Operating Activities -$699.5K -$3.140M -870.0K
Cash From Investing Activities -$127.6K -$294.5K -10.00K
Cash From Financing Activities $4.330M 530.0K
Net Change In Cash -$827.1K $895.2K -350.0K
YoY Change 142.83% -234.38% -3600.0%
FREE CASH FLOW
Cash From Operating Activities -$699.5K -$3.140M -$870.0K
Capital Expenditures $123.7K $213.2K -$10.00K
Free Cash Flow -$823.2K -$3.353M -$860.0K
YoY Change 42.35% 13.78% 59.26%

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CY2014 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
148681 USD
CY2014 us-gaap Nature Of Operations
NatureOfOperations
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0px; font-family: 'times new roman';" align="justify"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>History and Nature of Business</b></font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Lightwave Logic, Inc. is a technology Company focused on the development of next generation photonic devices and non-linear optical polymer materials systems for applications in high speed fiber-optic data communications and optical computing markets. Currently the Company is in various stages of photonic device and materials development and evaluation with potential customers and strategic partners. The Company expects the next revenue stream to be in sales of non-linear optical polymers, prototype devices and product development agreements prior to moving into production.</font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Company's current development activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company's technology now under development.</font></p> <p style="margin: 0px; font-family: 'times new roman';"><br/></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Lightwave Logic, Inc., formerly <font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Third-Order Nanotechnologies, Inc., formerly PSI-Tec Holdings, Inc., formerly Eastern Idaho Internet Service, Inc.</font></font> (the "Company") was organized under the laws of the State of <font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nevada</font></font> in 1997. <font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company was engaged in the business of marketing internet services until June 30, 1998, at which time the principal assets of the business were sold and operations were discontinued.</font></font> The Company was inactive until the acquisition of PSI-TEC Corporation ("PSI-TEC") on July 14, 2004, at which time the name was changed to PSI-TEC Holdings, Inc.</font></p> </div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Estimates</b></font></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Although these estimates are based on management's best knowledge of current events and actions the Company may undertake in the future, actual results could differ from the estimates.</font></p> </div>
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Concentration of Credit Risk</b></font></p> <p style="margin: 0px; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of cash. At December 31, 2014, the Company did have deposits with a financial institution that exceed the Federal Depository Insurance coverage.</font></p> </div>
us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
15600000 shares
lwlg Common Shares Exchanged In Merger
CommonSharesExchangedInMerger
2206280 shares
CY2014 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1997-01-01
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1997-01-01
CY2014 dei Entity Information Former Legal Or Registered Name
EntityInformationFormerLegalOrRegisteredName
Third-Order Nanotechnologies, Inc., formerly PSI-Tec Holdings, Inc., formerly Eastern Idaho Internet Service, Inc.
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Nevada
us-gaap Disposal Group Including Discontinued Operation Assets Of Disposal Group
DisposalGroupIncludingDiscontinuedOperationAssetsOfDisposalGroup
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company was engaged in the business of marketing internet services until June 30, 1998, at which time the principal assets of the business were sold and operations were discontinued.</font></div>
us-gaap Business Combination Cost Of Acquired Entity Equity Interests Issued And Issuable Fair Value Method
BusinessCombinationCostOfAcquiredEntityEquityInterestsIssuedAndIssuableFairValueMethod
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the share exchange is considered to be a capital transaction in substance rather than a business combination. That is, the share exchange is equivalent to the issuance of stock by PSI-TEC Holdings, Inc. for the net monetary assets of PSI-TEC, accompanied by a recapitalization, and is accounted for as a change of capital structure. Accordingly, the accounting for the share exchange was identical to that resulting from a reverse acquisition, except&#160;no&#160;goodwill was recorded. Under reverse takeover accounting, the post-reverse acquisition comparative historical financial statements of the legal acquirer, PSI-TEC Holdings, Inc.</font></font></div>
us-gaap Business Acquisition Name Of Acquired Entity
BusinessAcquisitionNameOfAcquiredEntity
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PSI-TEC Holdings, Inc.</font></div>
CY2014 dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Nevada
dei Entity Information Former Legal Or Registered Name
EntityInformationFormerLegalOrRegisteredName
PSI-Tec Holdings, Inc.
us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2004-07-14
lwlg Date Of Merger
DateOfMerger
2006-10-20
CY2014 lwlg Date Of Corporate Name Change
DateOfCorporateNameChange
2008-03-10
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Document Type
DocumentType
10-K
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0208 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0094 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0186 pure
CY2014Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
324004 USD
CY2014 lwlg Approximate Monthly Expenditures
ApproximateMonthlyExpenditures
295000 USD
CY2014 lwlg Remaining Funds Available Under Agreement Guarantees And Other Commitments By Institutional Investor
RemainingFundsAvailableUnderAgreementGuaranteesAndOtherCommitmentsByInstitutionalInvestor
18485352 USD
CY2014 lwlg Agreement With Institutional Investor Term
AgreementWithInstitutionalInvestorTerm
P30M
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
68451 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
47407 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
48817 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
50274 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
6307 USD
lwlg Date Of Corporate Name Change
DateOfCorporateNameChange
2008-03-10
CY2014 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2014Q4 lwlg Approximate Cash Position
ApproximateCashPosition
2450000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
221256 USD
CY2014 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P4Y
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7025 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.09 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.07 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.13 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0058 pure
CY2014 lwlg Agreement To Sell Invest Common Stock Value Upper Limit Institutional Investor
AgreementToSellInvestCommonStockValueUpperLimitInstitutionalInvestor
20000000 USD
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q2 dei Entity Public Float
EntityPublicFloat
41479075 USD
CY2014 dei Entity Registrant Name
EntityRegistrantName
Lightwave Logic, Inc.
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001325964
CY2015Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
58405704 shares
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014

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