$MBOT
Microbot Medical Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515172269 Filed on May 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $30.13K $21.00K $24.00K
YoY Change 31.0% -12.51% -57.14%
Cost Of Revenue $87.28K
YoY Change 30.57%
Gross Profit $252.2K
YoY Change 16.03%
Gross Profit Margin 1050.85%
Selling, General & Admin $2.060M $2.690M $2.248M
YoY Change -5.32% 19.68% 19.06%
% of Gross Profit 891.18%
Research & Development $7.239M $6.292M $4.630M
YoY Change 23.97% 35.91% 1.44%
% of Gross Profit 1835.69%
Depreciation & Amortization $255.0K $269.6K $335.9K
YoY Change -22.73% -19.73% 40.2%
% of Gross Profit 133.17%
Operating Expenses $9.303M $8.981M $6.866M
YoY Change 16.53% 30.81% 11.37%
Operating Profit -$9.273M -$8.960M -$6.842M
YoY Change 16.5% 30.96% 9.35%
Interest Expense $146.3K $185.4K $380.5K
YoY Change -57.38% -51.28% 3649.39%
% of Operating Profit
Other Income/Expense, Net $810.9K -$390.3K -$720.4K
YoY Change -120.21% -45.82% 352.24%
Pretax Income -$8.460M -$9.350M -$7.590M
YoY Change -29.21% 23.19% 18.22%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.462M -$9.351M -$7.620M
YoY Change -30.16% 22.71% 18.76%
Net Earnings / Revenue -28083.08% -44533.51% -31751.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$141.0M -$233.8M -$254.7M
COMMON SHARES
Basic Shares Outstanding 105.1M shares 69.29M shares 55.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.93M $14.15M $26.46M
YoY Change 67.68% -46.52% 55.19%
Cash & Equivalents $29.93M $14.15M $26.46M
Short-Term Investments
Other Short-Term Assets $25.17K $63.76K $83.70K
YoY Change -76.56% -23.82% -93.3%
Inventory
Prepaid Expenses $874.3K $970.6K $413.4K
Receivables $2.743K $17.17K $100.4K
Other Receivables $190.0K $160.0K $110.0K
Total Short-Term Assets $31.03M $15.38M $27.21M
YoY Change 64.14% -43.49% 46.23%
LONG-TERM ASSETS
Property, Plant & Equipment $5.266M $5.160M $5.275M
YoY Change 2.43% -2.17% 247.01%
Goodwill $2.147M
YoY Change
Intangibles $315.2K $336.0K $1.766M
YoY Change -81.75% -80.97%
Long-Term Investments
YoY Change
Other Assets $373.7K $373.7K $413.7K
YoY Change 0.0% -9.67% -60.97%
Total Long-Term Assets $5.955M $5.870M $9.617M
YoY Change -37.04% -38.96% 56.37%
TOTAL ASSETS
Total Short-Term Assets $31.03M $15.38M $27.21M
Total Long-Term Assets $5.955M $5.870M $9.617M
Total Assets $36.98M $21.25M $36.83M
YoY Change 30.4% -42.31% 48.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.377M $1.678M $2.190M
YoY Change -19.3% -23.41% 53.17%
Accrued Expenses $4.623M $3.301M $2.231M
YoY Change 76.91% 47.98% 8.82%
Deferred Revenue
YoY Change
Short-Term Debt $3.470M $4.100M $3.750M
YoY Change -9.4% 9.33%
Long-Term Debt Due $20.00K $20.00K $71.25K
YoY Change 11.63% -71.93% -67.61%
Total Short-Term Liabilities $9.619M $9.211M $8.370M
YoY Change 15.95% 10.05% 123.79%
LONG-TERM LIABILITIES
Long-Term Debt $8.940M $9.280M $12.12M
YoY Change -19.68% -23.43% 15050.0%
Other Long-Term Liabilities $3.170M $5.100M $8.680M
YoY Change -72.39% -41.24% -19.11%
Total Long-Term Liabilities $12.11M $14.38M $20.80M
YoY Change -46.44% -30.87% 92.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.619M $9.211M $8.370M
Total Long-Term Liabilities $12.11M $14.38M $20.80M
Total Liabilities $21.72M $23.60M $29.17M
YoY Change -29.71% -19.12% 100.36%
SHAREHOLDERS EQUITY
Retained Earnings -$438.1M -$429.6M -$395.2M
YoY Change 7.57% 8.72%
Common Stock $453.3M $427.2M $402.5M
YoY Change 12.1% 6.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.26M -$2.346M $7.658M
YoY Change
Total Liabilities & Shareholders Equity $36.98M $21.25M $36.83M
YoY Change 30.4% -42.31% 48.75%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$8.462M -$9.351M -$7.620M
YoY Change -30.16% 22.71% 18.76%
Depreciation, Depletion And Amortization $255.0K $269.6K $335.9K
YoY Change -22.73% -19.73% 40.2%
Cash From Operating Activities -$7.570M -$8.907M -$6.508M
YoY Change -2.57% 36.88% -2.17%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K $221.8K $230.7K
YoY Change 161.54% -3.86% -27.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 $150.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$340.0K -$73.07K -$230.7K
YoY Change 161.54% -68.33% -106.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change
Debt Paid & Issued, Net $1.682M $998.1K
YoY Change 68.49%
Cash From Financing Activities 23.68M -1.830M 2.616M
YoY Change -3388.89% -169.96% 52.45%
NET CHANGE
Cash From Operating Activities -7.570M -8.907M -6.508M
Cash From Investing Activities -340.0K -73.07K -230.7K
Cash From Financing Activities 23.68M -1.830M 2.616M
Net Change In Cash 15.77M -10.81M -4.123M
YoY Change -282.95% 162.21% 234.3%
FREE CASH FLOW
Cash From Operating Activities -$7.570M -$8.907M -$6.508M
Capital Expenditures -$340.0K $221.8K $230.7K
Free Cash Flow -$7.230M -$9.129M -$6.738M
YoY Change -5.37% 35.48% -3.35%

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CY2015Q1 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Significant estimates include the following:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the grant date fair value of stock-based awards recognized as compensation expense (see Note 5, &#x201C;Stock-Based Compensation&#x201D;);</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the fair value of warrants recorded as a liability (see Note 8, &#x201C;Warrant Liability&#x201D;).</td> </tr> </table> </div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
69219964 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0
CY2015Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.18
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000883975
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33738929 shares
CY2015Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P3Y
CY2015Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain reclassifications have been made to the prior year financial statements in order to conform to the current year&#x2019;s presentation.</p> </div>
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
142683
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-32442
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5573
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1681664
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-46312
CY2015Q1 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
9900000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8960390
CY2015Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
148713
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-390311
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
140981
CY2015Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-9350701
CY2015Q1 us-gaap Revenues
Revenues
20997
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
221782
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-9350701
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1394
CY2015Q1 us-gaap Interest Paid
InterestPaid
78508
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-138071
CY2015Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-9383143
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1308894
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
269604
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-31498
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-4206
CY2015Q1 us-gaap Interest Expense
InterestExpense
185356
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
8981387
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6292191
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-10810204
CY2015Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
347330
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73069
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
148713
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1829920
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2689196
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1630659
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1308894
CY2015Q1 us-gaap Debt Issuance Costs
DebtIssuanceCosts
117000
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5000000
CY2015Q1 stem Maturity Period Of Long Term Debt
MaturityPeriodOfLongTermDebt
2014-08
CY2015Q1 stem Debt Instrument Amortized Discount Percentage
DebtInstrumentAmortizedDiscountPercentage
0.090 pure
CY2015Q1 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.02
CY2015Q1 stem Warrants Issued Per Unit
WarrantsIssuedPerUnit
1
CY2015Q1 stem Number Of Share Based Equity Incentive Plan
NumberOfShareBasedEquityIncentivePlan
2 Incentive_Plan
CY2015Q1 stem Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-10670
CY2015Q1 stem Loan Fees
LoanFees
1000000
CY2015Q1 stem Increase Decrease In Accrued Interest And Other Receivables
IncreaseDecreaseInAccruedInterestAndOtherReceivables
-85317
CY2015Q1 stem Common Stock Per Unit
CommonStockPerUnit
1
CY2015Q1 stem Debt Instrument Period During Which Loan Is Subject To Interest Only Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToInterestOnlyPayments
P6M
CY2015Q1 stem Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P90D
CY2015Q1 stem Restricted Stock Unit Vest Description
RestrictedStockUnitVestDescription
349,518 of these restricted stock units vest and convert into shares of our common stock after one year from the date of grant. 2,586,750 of these restricted stock units will vest and convert into shares of our common stock over a three year period from the date of grant; one-third of the award will vest on each grant date anniversary following the grant. 4,354,500 of these restricted stock units are performance based and vest on achievement of predefined milestones.
CY2015Q1 stem Debt Instrument Period During Which Loan Is Subject To Principal And Interest Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToPrincipalAndInterestPayments
P30M
CY2015Q1 stem Continuing Value Of Patent
ContinuingValueOfPatent
0
CY2015Q1 stem Amortization Of Debt Discount And Debt Issuance Costs
AmortizationOfDebtDiscountAndDebtIssuanceCosts
42206
CY2015Q1 stem Comprehensive Income Loss From Discontinued Operations
ComprehensiveIncomeLossFromDiscontinuedOperations
-32442

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