$MBOT
Microbot Medical Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516585591 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $29.31K $23.16K $21.00K
YoY Change -2.72% 10.32% -12.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $750.0K $60.00K $2.690M
YoY Change -63.59% -97.77% 19.68%
% of Gross Profit
Research & Development $3.694M $5.209M $6.292M
YoY Change -48.97% -17.22% 35.91%
% of Gross Profit
Depreciation & Amortization $177.0K $277.0K $269.6K
YoY Change -30.59% 2.74% -19.73%
% of Gross Profit
Operating Expenses $8.913M $9.837M $8.981M
YoY Change -4.19% 9.53% 30.81%
Operating Profit -$8.884M -$9.814M -$8.960M
YoY Change -4.19% 9.53% 30.96%
Interest Expense $128.00 $27.90K $185.4K
YoY Change -99.91% -84.95% -51.28%
% of Operating Profit
Other Income/Expense, Net $11.40M $252.5K -$390.3K
YoY Change 1305.83% -164.68% -45.82%
Pretax Income -$1.040M -$280.0K -$9.350M
YoY Change -87.71% -97.01% 23.19%
Income Tax $0.00
% Of Pretax Income
Net Earnings $2.515M -$9.561M -$9.351M
YoY Change -129.73% 2.25% 22.71%
Net Earnings / Revenue 8581.96% -41277.0% -44533.51%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.340M -$152.2K -$233.8M
COMMON SHARES
Basic Shares Outstanding 11.70M shares 112.5M shares 69.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.450M $8.670M $14.15M
YoY Change -91.81% -38.73% -46.52%
Cash & Equivalents $2.449M $8.674M $14.15M
Short-Term Investments
Other Short-Term Assets $40.00K $2.980M $63.76K
YoY Change 58.94% 4573.56% -23.82%
Inventory
Prepaid Expenses $555.4K $970.6K
Receivables $17.17K
Other Receivables $160.0K
Total Short-Term Assets $4.836M $11.68M $15.38M
YoY Change -84.41% -24.03% -43.49%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $4.950M $5.160M
YoY Change -100.0% -4.06% -2.17%
Goodwill
YoY Change
Intangibles $38.83K $42.32K $336.0K
YoY Change -87.68% -87.41% -80.97%
Long-Term Investments
YoY Change
Other Assets $1.450M $742.7K $373.7K
YoY Change 287.99% 98.74% -9.67%
Total Long-Term Assets $1.489M $5.735M $5.870M
YoY Change -75.0% -2.29% -38.96%
TOTAL ASSETS
Total Short-Term Assets $4.836M $11.68M $15.38M
Total Long-Term Assets $1.489M $5.735M $5.870M
Total Assets $6.325M $17.42M $21.25M
YoY Change -82.9% -18.03% -42.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.172M $1.925M $1.678M
YoY Change 203.05% 14.78% -23.41%
Accrued Expenses $2.343M $4.743M $3.301M
YoY Change -49.31% 43.67% 47.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $360.0K $4.100M
YoY Change -100.0% -91.22% 9.33%
Long-Term Debt Due $0.00 $20.00K $20.00K
YoY Change -100.0% 0.0% -71.93%
Total Short-Term Liabilities $10.47M $7.201M $9.211M
YoY Change 8.9% -21.82% 10.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $8.930M $9.280M
YoY Change -100.0% -3.77% -23.43%
Other Long-Term Liabilities $126.4K $369.4K $5.100M
YoY Change -96.01% -92.76% -41.24%
Total Long-Term Liabilities $126.4K $369.4K $14.38M
YoY Change -98.96% -97.43% -30.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.47M $7.201M $9.211M
Total Long-Term Liabilities $126.4K $369.4K $14.38M
Total Liabilities $11.21M $24.27M $23.60M
YoY Change -48.38% 2.86% -19.12%
SHAREHOLDERS EQUITY
Retained Earnings -$463.7M -$466.2M -$429.6M
YoY Change 5.85% 8.53% 8.72%
Common Stock $458.8M $459.3M $427.2M
YoY Change 1.21% 7.51% 6.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.888M -$6.853M -$2.346M
YoY Change
Total Liabilities & Shareholders Equity $6.325M $17.42M $21.25M
YoY Change -82.9% -18.03% -42.31%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $2.515M -$9.561M -$9.351M
YoY Change -129.73% 2.25% 22.71%
Depreciation, Depletion And Amortization $177.0K $277.0K $269.6K
YoY Change -30.59% 2.74% -19.73%
Cash From Operating Activities -$60.00K -$290.0K -$8.907M
YoY Change -99.21% -96.74% 36.88%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.934K $221.8K
YoY Change -100.0% -97.32% -3.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $150.0K
YoY Change
Cash From Investing Activities $0.00 $0.00 -$73.07K
YoY Change -100.0% -100.0% -68.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.102M
YoY Change
Debt Paid & Issued, Net $1.064M $1.682M
YoY Change -36.72% 68.49%
Cash From Financing Activities 750.0K 0.000 -1.830M
YoY Change -96.83% -100.0% -169.96%
NET CHANGE
Cash From Operating Activities -60.00K -290.0K -8.907M
Cash From Investing Activities 0.000 0.000 -73.07K
Cash From Financing Activities 750.0K 0.000 -1.830M
Net Change In Cash 690.0K -290.0K -10.81M
YoY Change -95.62% -97.32% 162.21%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$290.0K -$8.907M
Capital Expenditures $0.00 $5.934K $221.8K
Free Cash Flow -$60.00K -$295.9K -$9.129M
YoY Change -99.17% -96.76% 35.48%

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CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 6, &#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 9, &#x201C;Warrant Liability&#x201D;).</td> </tr> </table> </div>
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 dei Trading Symbol
TradingSymbol
STEM
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9805478 shares
CY2016Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6590
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5934
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-9561405
CY2016Q1 us-gaap Revenues
Revenues
23164
CY2016Q1 us-gaap Interest Paid
InterestPaid
16598
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-46850
CY2016Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
225311
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9813875
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2100
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
252470
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-446
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1064177
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9561851
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-446
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
4243
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1852426
CY2016Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-278228
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-4206
CY2016Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
6331
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
9837039
CY2016Q1 us-gaap Interest Expense
InterestExpense
27901
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5934
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
5806147
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5208705
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7102225
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3435818
CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1571391
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1852426
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4628334
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-352
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500
CY2016Q1 us-gaap Depreciation
Depreciation
274000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
276997
CY2016Q1 stem Increase Decrease In Accrued Interest And Other Receivables
IncreaseDecreaseInAccruedInterestAndOtherReceivables
-22581
CY2016Q1 stem Restricted Stock Unit Vest Description
RestrictedStockUnitVestDescription
73,171 restricted stock units vest and convert into shares of our common stock after one year from the date of grant. 204,039 restricted stock units are performance based and vest on achievement of predefined milestones.
CY2016Q1 stem Continuing Value Of Patent
ContinuingValueOfPatent
0
CY2016Q1 stem Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-25986
CY2016Q1 stem Number Of Share Based Equity Incentive Plan
NumberOfShareBasedEquityIncentivePlan
2 Incentive_Plan
CY2016Q1 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.19
CY2016Q1 stem Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P90D
CY2016Q1 stem Fair Value Of Warrant Liability Issued
FairValueOfWarrantLiabilityIssued
5666935

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