2023 Q1 Form 10-K Financial Statement

#000149315223010223 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.302M $1.184M $5.769M
YoY Change -11.43% -29.57% 6.71%
% of Gross Profit
Research & Development $1.617M $1.884M $7.736M
YoY Change -5.22% -16.49% 31.68%
% of Gross Profit
Depreciation & Amortization $25.00K $33.00K $102.0K
YoY Change 19.05% 17.86% 34.21%
% of Gross Profit
Operating Expenses $1.617M $3.068M $7.736M
YoY Change -49.09% -22.07% -31.88%
Operating Profit -$2.919M -$13.28M
YoY Change -8.09% 16.94%
Interest Expense $66.00K $75.00K $118.0K
YoY Change -607.69% -3.85% 168.18%
% of Operating Profit
Other Income/Expense, Net -$5.000K
YoY Change
Pretax Income -$2.853M -$2.998M -$13.17M
YoY Change -10.54% -22.31% 16.4%
Income Tax
% Of Pretax Income
Net Earnings -$2.853M -$2.998M -$13.17M
YoY Change -10.54% -22.31% 16.4%
Net Earnings / Revenue
Basic Earnings Per Share -$0.36 -$1.81
Diluted Earnings Per Share -$0.36 -$0.39 -$1.81
COMMON SHARES
Basic Shares Outstanding 8.131M shares 7.891M shares 7.260M shares
Diluted Shares Outstanding 8.013M shares 7.260M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.057M $8.205M $8.205M
YoY Change -59.45% -47.04% -47.04%
Cash & Equivalents $2.150M $2.442M $2.442M
Short-Term Investments $2.907M $5.763M $5.763M
Other Short-Term Assets $524.0K $506.0K $506.0K
YoY Change 85.82% 137.56% 137.56%
Inventory
Prepaid Expenses $429.0K
Receivables
Other Receivables
Total Short-Term Assets $5.581M $8.814M $8.814M
YoY Change -56.23% -44.49% -44.49%
LONG-TERM ASSETS
Property, Plant & Equipment $196.0K $221.0K $723.0K
YoY Change -78.92% -9.43% -18.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $627.0K $723.0K $723.0K
YoY Change -32.58% -18.58% -18.58%
TOTAL ASSETS
Total Short-Term Assets $5.581M $8.814M $8.814M
Total Long-Term Assets $627.0K $723.0K $723.0K
Total Assets $6.208M $9.537M $9.537M
YoY Change -54.63% -43.12% -43.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $224.0K $116.0K $116.0K
YoY Change 5.66% -58.42% -58.42%
Accrued Expenses $743.0K $1.670M $1.953M
YoY Change -49.21% 17.03% 14.55%
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 $1.233M $2.069M $2.069M
YoY Change -26.39% 4.28% 4.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $127.0K $179.0K $179.0K
YoY Change -67.1% -55.47% -55.47%
Total Long-Term Liabilities $127.0K $179.0K $179.0K
YoY Change -67.1% -55.47% -55.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.233M $2.069M $2.069M
Total Long-Term Liabilities $127.0K $179.0K $179.0K
Total Liabilities $1.360M $2.248M $2.248M
YoY Change -34.01% -5.78% -5.78%
SHAREHOLDERS EQUITY
Retained Earnings -$71.61M -$68.76M
YoY Change 23.69%
Common Stock $76.46M $76.05M
YoY Change 8.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.848M $7.289M $7.289M
YoY Change
Total Liabilities & Shareholders Equity $6.208M $9.537M $9.537M
YoY Change -54.63% -43.12% -43.12%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.853M -$2.998M -$13.17M
YoY Change -10.54% -22.31% 16.4%
Depreciation, Depletion And Amortization $25.00K $33.00K $102.0K
YoY Change 19.05% 17.86% 34.21%
Cash From Operating Activities -$3.203M -$2.463M -$11.55M
YoY Change 6.52% -14.69% 23.47%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $84.00K
YoY Change -102.27% -221.74%
Acquisitions
YoY Change
Other Investing Activities $2.883M -$3.752M -$3.752M
YoY Change -225.11% -214.78%
Cash From Investing Activities $2.883M -$3.753M -$3.836M
YoY Change -18118.75% -227.01% -219.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.324M $4.324M
YoY Change
NET CHANGE
Cash From Operating Activities -$3.203M -2.463M -$11.55M
Cash From Investing Activities $2.883M -3.753M -$3.836M
Cash From Financing Activities 4.324M $4.324M
Net Change In Cash -$320.0K -1.892M -$11.06M
YoY Change -89.41% -2882.35%
FREE CASH FLOW
Cash From Operating Activities -$3.203M -$2.463M -$11.55M
Capital Expenditures $1.000K $84.00K
Free Cash Flow -$3.203M -$2.464M -$11.63M
YoY Change 7.09% -13.33% 25.29%

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<p id="xdx_802_eus-gaap--NatureOfOperations_zNb5rAtlQ3Yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_82F_zReBNzFYssJj">GENERAL</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 85.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A. </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of business:</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design and development of next generation micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of redefining surgical robotics while improving surgical outcomes for patients.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incorporated on <span id="xdx_90C_edei--EntityIncorporationDateOfIncorporation_c20220101__20221231_zxPU93kZOCw9" title="Date of incorporation">August 2, 1988</span> in the State of Delaware under the name Cellular Transplants, Inc. The original Certificate of Incorporation was restated on February 14, 1992 to change the name of the Company to Cyto Therapeutics, Inc. On May 24, 2000, the Certificate of Incorporation as restated was further amended to change the name of the Company to StemCells, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and its subsidiary are sometimes collectively referred to as the “Company” as the context may require.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk Factors:</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To date, the Company has not generated revenues from its operations. As of December 31, 2022, the Company had cash equivalents and marketable securities balance of approximately $<span id="xdx_903_eus-gaap--CashCashEquivalentsAndShortTermInvestments_iI_pn3n3_c20221231_z9lZQeK5WOB8" title="Cash equivalents and marketable securities">8,202</span> excluding encumbered cash, which management believes is sufficient to fund its operations for additional 4 months form the date of this annual report. As of the issuance date, there is a substantial doubt as to the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span style="text-decoration: underline">MICROBOT MEDICAL INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span style="text-decoration: underline">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>U.S. dollars in thousands</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>(Except share and per share data)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. While management of the Company believes that it has sufficient funds until August 2023, the Company will seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C. </b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of estimates:</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 dei Entity Incorporation Date Of Incorporation
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1988-08-02
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CY2022 us-gaap Concentration Risk Credit Risk
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<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zXlDjgrGfgma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zLXsSRVZPcBj">Concentrations of credit risk</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments which potentially subject the Company to credit risk consist primarily of cash and cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements.</span></p>
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EmployeeStockOwnershipPlanExpensesToDirectorsRelatedParty
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EmployeeStockOwnershipPlanExpensesToDirectorsRelatedParty
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BonusToCeoAndExecutiveOfficesRelatedParty
581000 usd
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BonusToCeoAndExecutiveOfficesRelatedParty
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LaborAndRelatedExpense
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1172000 usd
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846000 usd
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300000 usd
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NoninterestExpenseDirectorsFeesRelatedParty
75000 usd
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NoninterestExpenseDirectorsFeesRelatedParty
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LaborAndRelatedExpenseRelatedParty
92000 usd
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LaborAndRelatedExpenseRelatedParty
28000 usd
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748000 usd
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DeferredTaxAssetsOperationLeaseLiabilities
105000 usd
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DeferredTaxAssetsOperationLeaseLiabilities
156000 usd
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71000 usd
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45000 usd
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DeferredTaxAssetsValuationAllowance
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DeferredTaxAssetsValuationAllowance
110536000 usd
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DeferredTaxAssetsNet
114000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
148000 usd
CY2022Q4 MBOT Deferred Tax Liabilities Operating Leases Rightof Use Assets
DeferredTaxLiabilitiesOperatingLeasesRightofUseAssets
114000 usd
CY2021Q4 MBOT Deferred Tax Liabilities Operating Leases Rightof Use Assets
DeferredTaxLiabilitiesOperatingLeasesRightofUseAssets
148000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
114000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
148000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2922000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2513000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2922000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2513000 usd

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