$MRAI
Marpai, Inc.

2022 Q1 Form 10-Q Financial Statement

#000141057822001308 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $6.219M
YoY Change
Cost Of Revenue $4.547M
YoY Change
Gross Profit $1.672M
YoY Change
Gross Profit Margin 26.89%
Selling, General & Admin $4.461M $1.123M
YoY Change 297.28%
% of Gross Profit 266.82%
Research & Development $593.1K $264.0K
YoY Change 124.65%
% of Gross Profit 35.47%
Depreciation & Amortization $825.4K $18.15K
YoY Change 4446.65%
% of Gross Profit 49.37%
Operating Expenses $5.054M $1.387M
YoY Change 264.42%
Operating Profit -$5.539M -$1.405M
YoY Change 294.17%
Interest Expense $3.945K $183.4K
YoY Change -97.85%
% of Operating Profit
Other Income/Expense, Net $49.00K $6.698K
YoY Change 631.52%
Pretax Income -$5.490M -$1.592M
YoY Change 244.91%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.490M -$1.592M
YoY Change 244.91%
Net Earnings / Revenue -88.28%
Basic Earnings Per Share -$0.28 -$0.55
Diluted Earnings Per Share -$0.28 -$0.55
COMMON SHARES
Basic Shares Outstanding 19.63M 2.897M
Diluted Shares Outstanding 19.63M 2.897M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.11M
YoY Change
Cash & Equivalents $14.11M $862.8K
Short-Term Investments
Other Short-Term Assets $8.571M
YoY Change
Inventory
Prepaid Expenses
Receivables $110.4K
Other Receivables $89.97K
Total Short-Term Assets $22.88M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $922.5K
YoY Change
Goodwill $2.383M
YoY Change
Intangibles $5.288M
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.61K
YoY Change
Total Long-Term Assets $16.75M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $22.88M
Total Long-Term Assets $16.75M
Total Assets $39.63M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.065M
YoY Change
Accrued Expenses $2.174M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.97M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $45.00K
YoY Change
Total Long-Term Liabilities $45.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.97M
Total Long-Term Liabilities $45.00K
Total Liabilities $15.17M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$27.02M
YoY Change
Common Stock $2.030K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.47M -$4.807M
YoY Change
Total Liabilities & Shareholders Equity $39.63M
YoY Change

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$5.490M -$1.592M
YoY Change 244.91%
Depreciation, Depletion And Amortization $825.4K $18.15K
YoY Change 4446.65%
Cash From Operating Activities -$3.328M -$760.3K
YoY Change 337.69%
INVESTING ACTIVITIES
Capital Expenditures $101.1K $9.355K
YoY Change 980.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$494.4K -$509.5K
YoY Change -2.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 375.8K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.328M -760.3K
Cash From Investing Activities -494.4K -509.5K
Cash From Financing Activities 0.000 375.8K
Net Change In Cash -3.822M -894.0K
YoY Change 327.53%
FREE CASH FLOW
Cash From Operating Activities -$3.328M -$760.3K
Capital Expenditures $101.1K $9.355K
Free Cash Flow -$3.429M -$769.6K
YoY Change 345.5%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EarningsPerShareDiluted
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CY2022Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2022Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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DocumentPeriodEndDate
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CY2022Q1 dei Document Transition Report
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CY2022Q1 dei Entity File Number
EntityFileNumber
001-40904
CY2022Q1 dei Entity Registrant Name
EntityRegistrantName
MARPAI, INC.
CY2022Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2022Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-1916231
CY2022Q1 dei Entity Address Address Line1
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5701 East Hillsborough Ave., Suite 1417
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CY2022Q1 dei Entity Address Postal Zip Code
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CY2022Q1 dei Local Phone Number
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CY2022Q1 dei Security12b Title
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Common Stock, par value $0.0001 per share
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MRAI
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, valuation of share-based compensation,valuation of the Company’s common stock prior to the IPO, accounting for warrants, allowance for doubtful accounts, useful lives of internally developed software,fair values of net assets acquired, goodwill, intangible assets and property and equipment, whether an arrangement is or contains a lease, the incremental borrowing rate used for operating leases, income tax accruals, the valuation allowance for deferred income taxes, and contingent liabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.</p>
CY2022Q1 us-gaap Goodwill Impairment Loss
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NumberOfReportableSegments
1
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2022Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
368699
CY2022Q1 mrai Accounts Receivable Payments Term
AccountsReceivablePaymentsTerm
P30D
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2346764
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5860326
CY2021Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4215081
CY2021Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3641481
CY2022Q1 mrai Business Acquisitions Incremental Amortization Expense Related To Intangible And Tangible Assets Acquired
BusinessAcquisitionsIncrementalAmortizationExpenseRelatedToIntangibleAndTangibleAssetsAcquired
297736
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1289170
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1185518
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
366694
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
295583
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
922476
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
889935
CY2022Q1 us-gaap Depreciation
Depreciation
71111
CY2021Q1 us-gaap Depreciation
Depreciation
18154
CY2022Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
7161571
CY2021Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
7161571
CY2022Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
1723656
CY2021Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
1186727
CY2022Q1 mrai Capitalized Computer Software Net Of Accumulated Amortization And In Process
CapitalizedComputerSoftwareNetOfAccumulatedAmortizationAndInProcess
5437915
CY2021Q4 mrai Capitalized Computer Software Net Of Accumulated Amortization And In Process
CapitalizedComputerSoftwareNetOfAccumulatedAmortizationAndInProcess
5974844
CY2022Q1 mrai Capitalized Computer Software In Process
CapitalizedComputerSoftwareInProcess
723328
CY2021Q4 mrai Capitalized Computer Software In Process
CapitalizedComputerSoftwareInProcess
330010
CY2022Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
6161243
CY2021Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
6304854
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
536929
CY2021Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
0
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
217358
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
416667
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
4.00
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
16673295
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
17129023
CY2022Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
123000
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
297000
CY2022Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3637
CY2020Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3637
CY2022Q1 mrai Related Party Reimbursement Expenses
RelatedPartyReimbursementExpenses
0
CY2021Q1 mrai Related Party Reimbursement Expenses
RelatedPartyReimbursementExpenses
94801
CY2022Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
589712
CY2021Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
897288
CY2022Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
963881
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
743038
CY2022Q1 mrai Performance Guarantee Liabilities Current
PerformanceGuaranteeLiabilitiesCurrent
368699
CY2021Q4 mrai Performance Guarantee Liabilities Current
PerformanceGuaranteeLiabilitiesCurrent
418988
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
251762
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
465723
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2174054
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2525037
CY2021Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
4.555821
CY2021Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
24547086
CY2021Q4 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
783257
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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