$LWLG
Lightwave Logic, Inc.

2020 Q4 Form 10-Q Financial Statement

#000155335020000973 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $445.1K $444.2K $574.8K
YoY Change -8.4% 0.59% 14.0%
% of Gross Profit
Research & Development $1.140M $1.145M $1.057M
YoY Change 18.33% 0.96% -1.12%
% of Gross Profit
Depreciation & Amortization $195.1K $172.4K $196.9K
YoY Change -2.22% -4.27% 23.04%
% of Gross Profit
Operating Expenses $1.582M $1.589M $1.632M
YoY Change 9.16% 0.86% 3.72%
Operating Profit -$1.589M
YoY Change 0.86%
Interest Expense -$24.57K -$28.39K -$31.65K
YoY Change -27.42% -14.67% -24.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.607M -$1.618M -$1.664M
YoY Change 8.32% 0.54% 2.98%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.607M -$1.618M -$1.664M
YoY Change 8.32% 0.54% 2.98%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$16.82K -$17.44K -$18.36K
COMMON SHARES
Basic Shares Outstanding 95.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.307M $2.200M $2.222M
YoY Change 47.86% 1.5% 0.88%
Cash & Equivalents $3.307M $2.200M $2.222M
Short-Term Investments
Other Short-Term Assets $567.2K $627.4K $556.4K
YoY Change 52.25% 133.81% 46.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.874M $2.828M $2.779M
YoY Change 48.48% 16.07% 7.54%
LONG-TERM ASSETS
Property, Plant & Equipment $1.874M $1.935M $2.855M
YoY Change -22.47% -40.21% -13.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.619M $1.660M
YoY Change -10.0%
Total Long-Term Assets $3.493M $3.595M $3.782M
YoY Change -17.15% -13.71% -10.62%
TOTAL ASSETS
Total Short-Term Assets $3.874M $2.828M $2.779M
Total Long-Term Assets $3.493M $3.595M $3.782M
Total Assets $7.367M $6.423M $6.561M
YoY Change 7.94% -2.72% -3.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.2K $275.2K $136.9K
YoY Change 91.41% 146.37% 18.15%
Accrued Expenses $81.40K $53.02K $194.8K
YoY Change 23.76% -69.18% 55.3%
Deferred Revenue
YoY Change
Short-Term Debt $410.7K $410.7K $410.7K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $933.0K $1.201M $1.149M
YoY Change -6.47% 37.78% 36.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $658.3K $711.5K $764.1K
YoY Change -28.41% -26.7% -33.42%
Total Long-Term Liabilities $658.3K $711.5K $764.1K
YoY Change -28.41% -26.7% -33.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $933.0K $1.201M $1.149M
Total Long-Term Liabilities $658.3K $711.5K $764.1K
Total Liabilities $1.591M $1.912M $1.913M
YoY Change -16.99% 3.81% -3.9%
SHAREHOLDERS EQUITY
Retained Earnings -$70.97M -$69.36M
YoY Change 10.45%
Common Stock $76.75M $73.88M
YoY Change 10.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.775M $4.511M $4.647M
YoY Change
Total Liabilities & Shareholders Equity $7.367M $6.423M $6.561M
YoY Change 7.94% -2.72% -3.73%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.607M -$1.618M -$1.664M
YoY Change 8.32% 0.54% 2.98%
Depreciation, Depletion And Amortization $195.1K $172.4K $196.9K
YoY Change -2.22% -4.27% 23.04%
Cash From Operating Activities -$1.349M -$1.180M -$1.022M
YoY Change 11.37% 5.69% -20.83%
INVESTING ACTIVITIES
Capital Expenditures -$132.7K -$46.31K -$25.48K
YoY Change 247.99% -65.87% -66.86%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$132.7K -$46.31K -$25.48K
YoY Change 247.99% -65.87% -66.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.588M 1.205M 1.241M
YoY Change 96.35% -1.04% -3.4%
NET CHANGE
Cash From Operating Activities -1.349M -1.180M -1.022M
Cash From Investing Activities -132.7K -46.31K -25.48K
Cash From Financing Activities 2.588M 1.205M 1.241M
Net Change In Cash 1.106M -22.00K 194.1K
YoY Change 1513.59% -37.57% -334.87%
FREE CASH FLOW
Cash From Operating Activities -$1.349M -$1.180M -$1.022M
Capital Expenditures -$132.7K -$46.31K -$25.48K
Free Cash Flow -$1.217M -$1.134M -$996.5K
YoY Change 3.69% 15.58% -17.92%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6848 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2236344 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2200311 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2167777 USD
lwlg Noncash Operational Activity Operating Lease Right Of Use Building And Operating Lease Liability
NoncashOperationalActivityOperatingLeaseRightOfUseBuildingAndOperatingLeaseLiability
USD
lwlg Noncash Operational Activity Operating Lease Right Of Use Building And Operating Lease Liability
NoncashOperationalActivityOperatingLeaseRightOfUseBuildingAndOperatingLeaseLiability
885094 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
USD
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Nature of Business</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">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 to obtain a revenue stream from datacom and telecom devices, sales of non-linear optical polymers, and product development agreements prior to moving into full-scale production.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">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. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. In mid-March 2020 the Governor of Colorado declared a health emergency and issued an order to close all nonessential businesses. The Company temporarily curtailed most of its business operations from mid-March 2020 through May 1, 2020. The Company is currently operating under the guidelines of the State of Colorado Department of Public Health and Environment and the Governor of Colorado’s Executive Order, Safer-at Home, as amended. </p>
CY2020Q2 lwlg Expected Expenditures Per Month
ExpectedExpendituresPerMonth
600000 USD
CY2020Q3 us-gaap Prepaid Rent
PrepaidRent
36525 USD
CY2019Q4 us-gaap Prepaid Rent
PrepaidRent
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CY2020Q3 lwlg Prepaid Materials
PrepaidMaterials
USD
CY2019Q4 lwlg Prepaid Materials
PrepaidMaterials
1018 USD
CY2020Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
627383 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
372549 USD
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4126067 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4080337 USD
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2190630 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1663834 USD
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1935437 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2416503 USD
us-gaap Depreciation
Depreciation
526796 USD
us-gaap Depreciation
Depreciation
438417 USD
CY2020Q3 us-gaap Depreciation
Depreciation
172415 USD
CY2019Q3 us-gaap Depreciation
Depreciation
180098 USD
CY2020Q3 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1306641 USD
CY2019Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1267077 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
327596 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
939481 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
60780 USD
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20842 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20206 USD
CY2019Q4 lwlg Long Term Equipment Purchase Net Of Current Portion
LongTermEquipmentPurchaseNetOfCurrentPortion
52427 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
32974 USD
CY2020Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
13875 USD
CY2019Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
11817 USD
CY2017Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P61M
CY2020Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
221393 USD
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
58756 USD
CY2020Q3 us-gaap Prepaid Insurance
PrepaidInsurance
147553 USD
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
89828 USD
CY2020Q3 lwlg Research Development Credit
ResearchDevelopmentCredit
126066 USD
CY2019Q4 lwlg Research Development Credit
ResearchDevelopmentCredit
158612 USD
CY2020Q3 lwlg Prototype Devices
PrototypeDevices
95846 USD
CY2019Q4 lwlg Prototype Devices
PrototypeDevices
27810 USD
CY2019Q4 lwlg Current Portion Of Equipment Purchase
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630329 USD
CY2019Q4 lwlg Long Term Purchase Commitment Interest Rate
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0.0000 pure
CY2020Q3 lwlg Long Term Equipment Purchase Net Of Current Portion
LongTermEquipmentPurchaseNetOfCurrentPortion
USD
CY2020Q3 lwlg Aggregate Equipment Purchase Payable
AggregateEquipmentPurchasePayable
185078 USD
CY2019Q4 lwlg Aggregate Equipment Purchase Payable
AggregateEquipmentPurchasePayable
682756 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
390158 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
916483 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
62562 USD
CY2020Q3 lwlg Long Term Purchase Commitment Interest Rate
LongTermPurchaseCommitmentInterestRate
0.0000 pure
CY2020Q3 lwlg Current Portion Of Equipment Purchase
CurrentPortionOfEquipmentPurchase
185078 USD
CY2017Q4 lwlg Lease Beginning Date1
LeaseBeginningDate1
2017-11-01
CY2017Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2022-11-30
CY2017Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P24M
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
168824 USD
CY2017Q4 lwlg Percentage Of Rent Increase Annual Base Rent
PercentageOfRentIncreaseAnnualBaseRent
0.03 pure
CY2017Q4 lwlg Lease Beginning Date1
LeaseBeginningDate1
2017-11-01
CY2017Q4 lwlg Prepaid Rents
PrepaidRents
347045 USD
CY2017Q4 lwlg Prepaid Estimated Tenants Proportionate Share Of Operating Lease Expenses
PrepaidEstimatedTenantsProportionateShareOfOperatingLeaseExpenses
186293 USD
CY2017Q4 lwlg Percentage Of Rent Increase Annual Base Rent
PercentageOfRentIncreaseAnnualBaseRent
0.0300 pure
CY2017Q4 us-gaap Security Deposit
SecurityDeposit
36524 USD
CY2017Q4 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
260000 USD
CY2017Q4 lwlg Lease Beginning Date1
LeaseBeginningDate1
2017-11-01
CY2017Q4 lwlg Percentage Of Estimated Incremental Borrowing Rate
PercentageOfEstimatedIncrementalBorrowingRate
0.065 pure
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
885094 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
885094 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
49632 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
201501 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
207563 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
213781 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
182624 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
855101 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
111559 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
743542 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
213732 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
548736 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
557596 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
39811 USD

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