$MBOT
Microbot Medical Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223017966 Filed on May 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $959.0K $1.302M $1.470M
YoY Change -30.0% -11.43% 15.75%
% of Gross Profit
Research & Development $1.365M $1.617M $1.706M
YoY Change -37.76% -5.22% 52.32%
% of Gross Profit
Depreciation & Amortization $26.00K $25.00K $21.00K
YoY Change 13.04% 19.05% 5.0%
% of Gross Profit
Operating Expenses $1.365M $1.617M $3.176M
YoY Change -37.76% -49.09% 32.89%
Operating Profit -$2.324M -$2.919M -$3.176M
YoY Change -34.77% -8.09%
Interest Expense $37.00K $66.00K -$13.00K
YoY Change -26.0% -607.69%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.287M -$2.853M -$3.189M
YoY Change -34.9% -10.54% 33.43%
Income Tax
% Of Pretax Income
Net Earnings -$2.287M -$2.853M -$3.189M
YoY Change -34.9% -10.54% 33.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$0.36 -$0.45
Diluted Earnings Per Share -$0.25 -$0.36 -$448.6K
COMMON SHARES
Basic Shares Outstanding 8.131M shares 8.131M shares 7.108M shares
Diluted Shares Outstanding 9.199M shares 8.013M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.920M $5.057M $12.47M
YoY Change 6.76% -59.45% -45.59%
Cash & Equivalents $5.721M $2.150M $10.47M
Short-Term Investments $4.199M $2.907M $1.998M
Other Short-Term Assets $419.0K $524.0K $282.0K
YoY Change 17.37% 85.82% 0.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.34M $5.581M $12.75M
YoY Change 7.15% -56.23% -45.06%
LONG-TERM ASSETS
Property, Plant & Equipment $180.0K $196.0K $930.0K
YoY Change -35.25% -78.92% -3.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $545.0K $627.0K $930.0K
YoY Change -38.97% -32.58% -3.13%
TOTAL ASSETS
Total Short-Term Assets $10.34M $5.581M $12.75M
Total Long-Term Assets $545.0K $627.0K $930.0K
Total Assets $10.88M $6.208M $13.68M
YoY Change 3.24% -54.63% -43.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.0K $224.0K $212.0K
YoY Change 3.0% 5.66% -48.29%
Accrued Expenses $859.0K $743.0K $1.463M
YoY Change -28.18% -49.21% 68.16%
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 $1.324M $1.233M $1.675M
YoY Change -23.2% -26.39% 30.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $92.00K $127.0K $386.0K
YoY Change -66.91% -67.1% -32.28%
Total Long-Term Liabilities $92.00K $127.0K $386.0K
YoY Change -66.91% -67.1% -32.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.324M $1.233M $1.675M
Total Long-Term Liabilities $92.00K $127.0K $386.0K
Total Liabilities $1.416M $1.360M $2.061M
YoY Change -29.27% -34.01% 12.01%
SHAREHOLDERS EQUITY
Retained Earnings -$73.90M -$71.61M
YoY Change 18.63%
Common Stock $83.37M $76.46M
YoY Change 17.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.468M $4.848M $11.62M
YoY Change
Total Liabilities & Shareholders Equity $10.88M $6.208M $13.68M
YoY Change 3.24% -54.63% -43.39%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.287M -$2.853M -$3.189M
YoY Change -34.9% -10.54% 33.54%
Depreciation, Depletion And Amortization $26.00K $25.00K $21.00K
YoY Change 13.04% 19.05% 5.0%
Cash From Operating Activities -$1.854M -$3.203M -$3.007M
YoY Change -40.65% 6.52% 51.11%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$16.00K
YoY Change -116.13% 60.0%
Acquisitions
YoY Change
Other Investing Activities -$1.285M $2.883M $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.295M $2.883M -$16.00K
YoY Change 1988.71% -18118.75% -105.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.719M
YoY Change
NET CHANGE
Cash From Operating Activities -1.854M -$3.203M -3.007M
Cash From Investing Activities -1.295M $2.883M -16.00K
Cash From Financing Activities 6.719M
Net Change In Cash 3.570M -$320.0K -3.023M
YoY Change -212.05% -89.41% 75.76%
FREE CASH FLOW
Cash From Operating Activities -$1.854M -$3.203M -$3.007M
Capital Expenditures $10.00K -$16.00K
Free Cash Flow -$1.864M -$3.203M -$2.991M
YoY Change -39.12% 7.09% 51.06%

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<p id="xdx_80A_eus-gaap--NatureOfOperations_z9UofYGwhGY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span id="xdx_829_zEtJ2MkuJ43i">GENERAL</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A. Description of business:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.25in; 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 robotic endoluminal surgery devices targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its 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 0 0pt 13.65pt; 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incorporated on <span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_c20230101__20230331_zLCdimZINhad" 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 0 0pt 13.65pt; 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 0 0pt 0.25in; 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, par value $<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20161129_zFEJkCnUPJx5" title="Common stock, par value">0.01</span> per share (the “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 0 0pt 13.65pt; 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and Microbot Israel, its sole 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 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B. Risk Factors:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0 0pt 0.25in; 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 March 31, 2023, the Company had cash equivalents and marketable securities balance of approximately $<span id="xdx_909_eus-gaap--CashCashEquivalentsAndShortTermInvestments_iI_pn3n3_c20230331_zUNMVzku0A6l" title="Cash equivalents and marketable securities">5,057</span>, excluding encumbered cash, which management believes is sufficient to fund its operations for four months from the filing date of this Quarterly Report on Form 10-Q. Accordingly, as of such filing 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 0 0pt 0.25in; 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 0 0pt 0.25in; 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 September 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 0 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C. Use of estimates:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 0 0pt 0.25in; 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 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 0"><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 0; 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D. Unaudited Interim Financial Statements:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating results for the three-month period ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1988-08-02
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
5057000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
75000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
93000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
224000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
187000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
419000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
26000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
393000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2020Q1 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
151000 usd
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7890628 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7890628 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8130628 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
8130628 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
240000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0001

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