$MBOT
Microbot Medical Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516758803 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $0.00 $32.76K $29.00K
YoY Change -100.0% -11.53% -96.72%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.610M $310.0K -$6.970M
YoY Change -209.18% -86.58% -275.57%
% of Gross Profit
Research & Development $300.0K $340.0K -$20.43M
YoY Change -101.47% -95.6% -407.68%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 -$820.0K
YoY Change -100.0% -100.0% -356.25%
% of Gross Profit
Operating Expenses $7.910M $1.913M $8.528M
YoY Change -7.25% -80.92% -19.64%
Operating Profit -$1.880M
YoY Change -81.18%
Interest Expense $210.0K $12.50K -$640.0K
YoY Change -132.81% -88.3% -130.92%
% of Operating Profit
Other Income/Expense, Net $0.00 -$2.368M -$130.0K
YoY Change -100.0% -785.81% 1200.0%
Pretax Income -$7.700M -$650.0K $26.53M
YoY Change -129.02% -93.26% -362.41%
Income Tax
% Of Pretax Income
Net Earnings -$7.700M -$4.248M $26.53M
YoY Change -129.02% -55.95% -358.83%
Net Earnings / Revenue -12965.84% 91482.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.471M -$738.6K $7.872M
COMMON SHARES
Basic Shares Outstanding 16.26M shares 12.01M shares 108.8M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.710M $2.080M $440.0K
YoY Change 515.91% -90.18% -98.24%
Cash & Equivalents $2.710M $2.079M $12.11M
Short-Term Investments
Other Short-Term Assets $600.0K $3.378K
YoY Change -86.03%
Inventory
Prepaid Expenses $625.3K
Receivables
Other Receivables
Total Short-Term Assets $3.320M $2.106M $15.21M
YoY Change -78.18% -90.55% -42.61%
LONG-TERM ASSETS
Property, Plant & Equipment $50.00K $0.00 $5.218M
YoY Change -99.04% -100.0% 0.6%
Goodwill
YoY Change
Intangibles $38.83K $45.82K
YoY Change -86.81% -87.16%
Long-Term Investments
YoY Change
Other Assets $0.00 $742.7K
YoY Change -100.0% 98.74%
Total Long-Term Assets $50.00K $38.83K $6.006M
YoY Change -99.17% -99.36% 1.48%
TOTAL ASSETS
Total Short-Term Assets $3.320M $2.106M $15.21M
Total Long-Term Assets $50.00K $38.83K $6.006M
Total Assets $3.370M $2.144M $21.22M
YoY Change -84.12% -92.44% -34.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $512.0K $813.6K $2.512M
YoY Change -79.62% -41.54% 38.11%
Accrued Expenses $271.0K $560.7K $5.732M
YoY Change -95.27% -90.04% 17.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.000M $0.00
YoY Change -18.37% -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $783.0K $3.471M $9.830M
YoY Change -92.03% -63.98% -14.5%
LONG-TERM LIABILITIES
Long-Term Debt $80.00K $0.00 $420.0K
YoY Change -80.95% -100.0% -95.94%
Other Long-Term Liabilities $310.0K $126.4K $369.4K
YoY Change -16.07% -68.34% -70.45%
Total Long-Term Liabilities $390.0K $126.4K $369.4K
YoY Change 5.59% -68.34% -70.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $783.0K $3.471M $9.830M
Total Long-Term Liabilities $390.0K $126.4K $369.4K
Total Liabilities $1.170M $4.266M $21.55M
YoY Change -94.57% -79.95% -18.84%
SHAREHOLDERS EQUITY
Retained Earnings -$13.04M -$468.0M -$3.372M
YoY Change 286.57% 4.52% -99.2%
Common Stock $266.0K $465.8M $456.3M
YoY Change -99.94% 2.42% 7.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.696M -$2.122M -$64.00K
YoY Change
Total Liabilities & Shareholders Equity $3.368M $2.144M $529.0K
YoY Change 536.67% -92.44% -98.37%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$7.700M -$4.248M $26.53M
YoY Change -129.02% -55.95% -358.83%
Depreciation, Depletion And Amortization $0.00 $0.00 -$820.0K
YoY Change -100.0% -100.0% -356.25%
Cash From Operating Activities -$20.00K -$420.0K $22.98M
YoY Change -100.09% -94.22% -459.62%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 $1.010M
YoY Change -102.97% -100.0% -436.67%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$30.00K $0.00 $840.0K
YoY Change -103.57% -100.0% 394.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.180M 150.0K -20.39M
YoY Change -110.69% -114.29% 1959.6%
NET CHANGE
Cash From Operating Activities -20.00K -420.0K 22.98M
Cash From Investing Activities -30.00K 0.000 840.0K
Cash From Financing Activities 2.180M 150.0K -20.39M
Net Change In Cash 2.130M -270.0K 3.430M
YoY Change -37.9% -96.91% -147.57%
FREE CASH FLOW
Cash From Operating Activities -$20.00K -$420.0K $22.98M
Capital Expenditures -$30.00K $0.00 $1.010M
Free Cash Flow $10.00K -$420.0K $21.97M
YoY Change -99.95% -93.84% -460.76%

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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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; 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 width="1%">&#xA0;</td> <td valign="top" width="2%" 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 7, &#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 width="1%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">expenses accrued to wind-down current operations (see Note 10, &#x201C;Accrued Wind-down Expenses&#x201D;); and</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 width="1%">&#xA0;</td> <td valign="top" width="2%" 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 11, &#x201C;Warrant Liability&#x201D;).</td> </tr> </table> </div>
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
97501
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
110880
dei Trading Symbol
TradingSymbol
STEM
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8902802
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
289969
us-gaap Share Based Compensation
ShareBasedCompensation
743174
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1422495
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
50 Employees
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11829390 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
11030
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
stem Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
743174
stem Wind Down Expenses
WindDownExpenses
3806142
stem Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P90D
stem Continuing Value Of Patent
ContinuingValueOfPatent
0
stem Issuance Of Common Stock Through Exercise Of Warrants Value
IssuanceOfCommonStockThroughExerciseOfWarrantsValue
7233478
stem Issuance Of Common Stock And Warrants Value
IssuanceOfCommonStockAndWarrantsValue
1592677
stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.06
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-427589
CY2015Q3 us-gaap Revenues
Revenues
37030
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
345284
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
22367
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
10024961
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-9642647
stem Increase Decrease In Accrued Wind Down Expenses
IncreaseDecreaseInAccruedWindDownExpenses
1319863
stem Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-44977
stem Conversion Of Cirm Loan Into Grant
ConversionOfCIRMLoanIntoGrant
8916641
stem Discount Received On Settlement Of Vendor Invoices
DiscountReceivedOnSettlementOfVendorInvoices
1875701
stem Adjustments To Additional Paid In Capital Exercise Of Warrants Issuance Costs
AdjustmentsToAdditionalPaidInCapitalExerciseOfWarrantsIssuanceCosts
195000
CY2016Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
516000
CY2015 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.083 pure
CY2016Q2 stem Reclassification Of Accrued Interest Gains Losses On Extinguishment Of Debt
ReclassificationOfAccruedInterestGainsLossesOnExtinguishmentOfDebt
243000
CY2016Q2 stem Reclassification Of Principal Amount To Other Income
ReclassificationOfPrincipalAmountToOtherIncome
8917000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.07
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2305241
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9645574
CY2015Q3 us-gaap Interest Expense
InterestExpense
106843
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2927
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9987931
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2171
CY2015Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.083 pure
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7719720
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9039863 shares
CY2015Q3 stem Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
1426242
CY2015Q3 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.16
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1909937
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4247758
CY2016Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
4250308
CY2016Q3 us-gaap Revenues
Revenues
32762
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2368001
CY2016Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
18888
CY2016Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
87.60
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
1912631
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-4247870
CY2016Q3 us-gaap Interest Expense
InterestExpense
12500
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
112
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1879869
CY2016Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
218
CY2016Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.083 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7740 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13972198 shares
CY2016Q3 stem Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
-189140
CY2016Q3 stem Wind Down Expenses
WindDownExpenses
2694
CY2016Q3 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
-0.01
CY2016Q3 stem Discount Received On Settlement Of Vendor Invoices
DiscountReceivedOnSettlementOfVendorInvoices
1875701
CY2016Q3 stem Class Of Warrant Or Right Exercised During Period Value
ClassOfWarrantOrRightExercisedDuringPeriodValue
2403273
CY2016Q3 stem Class Of Warrant Or Right Cancelled During Period Value
ClassOfWarrantOrRightCancelledDuringPeriodValue
1786170

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