$MYO
MYOMO, INC.

2022 Q3 Form 10-Q Financial Statement

#000095017022014267 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $3.968M $3.678M $3.868M
YoY Change -9.48% 18.47% 65.54%
Cost Of Revenue $1.331M $1.267M $1.290M
YoY Change 19.91% 40.53% 106.99%
Gross Profit $2.637M $2.411M $2.578M
YoY Change -19.45% 9.44% 50.47%
Gross Profit Margin 66.45% 65.55% 66.65%
Selling, General & Admin $4.765M $4.664M $4.656M
YoY Change 2.2% 10.99% 13.03%
% of Gross Profit 180.71% 193.48% 180.62%
Research & Development $690.4K $632.9K $659.5K
YoY Change 7.67% 5.46% 25.39%
% of Gross Profit 26.18% 26.25% 25.58%
Depreciation & Amortization $49.09K $49.02K $45.63K
YoY Change 33.0% 39.98% 95.73%
% of Gross Profit 1.86% 2.03% 1.77%
Operating Expenses $5.456M $5.297M $5.316M
YoY Change 2.86% 10.3% 29.03%
Operating Profit -$2.819M -$2.886M -$2.738M
YoY Change 38.83% 11.03% 13.77%
Interest Expense $28.96K $4.174K -$790.00
YoY Change -813.28% -169.36% 558.33%
% of Operating Profit
Other Income/Expense, Net $12.31K -$29.03K -$790.00
YoY Change -403.5% 382.45% 563.87%
Pretax Income -$2.806M -$2.915M -$2.739M
YoY Change 37.95% 11.89% -6.61%
Income Tax $23.38K -$6.435K $76.26K
% Of Pretax Income
Net Earnings -$2.830M -$2.909M -$2.815M
YoY Change 37.56% 10.97% -4.93%
Net Earnings / Revenue -71.31% -79.1% -72.78%
Basic Earnings Per Share -$0.40 -$0.42 -$0.41
Diluted Earnings Per Share -$0.40 -$0.42 -$408.8K
COMMON SHARES
Basic Shares Outstanding 7.000M 6.924M 6.886M
Diluted Shares Outstanding 7.064M 6.924M 6.886M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.420M $10.24M $12.94M
YoY Change -41.14% -25.68% -25.49%
Cash & Equivalents $7.400M $10.24M $12.94M
Short-Term Investments
Other Short-Term Assets $553.7K $451.1K $940.9K
YoY Change -44.3% -54.85% -5.79%
Inventory $1.483M $1.261M $1.029M
Prepaid Expenses
Receivables $1.595M $1.357M $1.693M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.05M $13.31M $16.60M
YoY Change -32.86% -20.0% -16.68%
LONG-TERM ASSETS
Property, Plant & Equipment $240.0K $283.3K $279.5K
YoY Change -75.97% -11.53% -71.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $149.1K $165.8K $199.0K
YoY Change
Other Assets $111.0K $111.0K $111.4K
YoY Change
Total Long-Term Assets $1.105M $1.256M $1.372M
YoY Change 10.68% 16.69% 38.0%
TOTAL ASSETS
Total Short-Term Assets $11.05M $13.31M $16.60M
Total Long-Term Assets $1.105M $1.256M $1.372M
Total Assets $12.16M $14.56M $17.98M
YoY Change -30.37% -17.77% -14.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $878.6K $859.5K $1.014M
YoY Change 40.72% 40.33% 42.06%
Accrued Expenses $3.212M $3.023M $3.636M
YoY Change 3.67% 15.93% 7.49%
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 $4.114M $3.884M $4.653M
YoY Change 10.5% 20.64% 13.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $221.6K $329.7K $454.3K
YoY Change -62.39% 190.65% -40.14%
Total Long-Term Liabilities $221.6K $329.7K $454.3K
YoY Change -62.39% 190.65% -40.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.114M $3.884M $4.653M
Total Long-Term Liabilities $221.6K $329.7K $454.3K
Total Liabilities $4.335M $4.214M $5.107M
YoY Change 0.54% 26.43% 5.17%
SHAREHOLDERS EQUITY
Retained Earnings -$86.60M -$83.80M -$80.90M
YoY Change 15.01% 14.37%
Common Stock $94.46M $94.15M
YoY Change 8.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K $6.464K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $7.822M $10.35M $12.87M
YoY Change
Total Liabilities & Shareholders Equity $12.16M $14.56M $17.98M
YoY Change -30.37% -17.77% -14.08%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.830M -$2.909M -$2.815M
YoY Change 37.56% 10.97% -4.93%
Depreciation, Depletion And Amortization $49.09K $49.02K $45.63K
YoY Change 33.0% 39.98% 95.73%
Cash From Operating Activities -$2.799M -$2.648M -$2.300M
YoY Change 26.66% -22.04% 9.52%
INVESTING ACTIVITIES
Capital Expenditures -$5.740K -$52.79K $49.88K
YoY Change -89.54% -74.01% 12.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$199.0K
YoY Change
Cash From Investing Activities -$5.740K -$52.79K -$248.9K
YoY Change -89.54% -74.01% 459.42%
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 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -2.799M -2.648M -2.300M
Cash From Investing Activities -5.740K -52.79K -248.9K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -2.804M -2.701M -2.582M
YoY Change 140.53% -24.95% -150.33%
FREE CASH FLOW
Cash From Operating Activities -$2.799M -$2.648M -$2.300M
Capital Expenditures -$5.740K -$52.79K $49.88K
Free Cash Flow -$2.793M -$2.595M -$2.350M
YoY Change 29.62% -18.74% 9.58%

Facts In Submission

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7288275
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
165971
CY2021Q1 us-gaap Unrealized Gain On Foreign Currency Derivatives Before Tax
UnrealizedGainOnForeignCurrencyDerivativesBeforeTax
8323
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-2960794
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
16067149
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
363312
CY2021Q2 us-gaap Unrealized Gain On Foreign Currency Derivatives Before Tax
UnrealizedGainOnForeignCurrencyDerivativesBeforeTax
2143
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-2621315
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
13811289
us-gaap Profit Loss
ProfitLoss
-5723856
us-gaap Profit Loss
ProfitLoss
-5582109
us-gaap Depreciation
Depreciation
94645
us-gaap Depreciation
Depreciation
58329
us-gaap Share Based Compensation
ShareBasedCompensation
611493
us-gaap Share Based Compensation
ShareBasedCompensation
529283
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
26075
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-202
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
162638
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
66653
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
-33208
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-602033
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
194455
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
496529
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15704
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
0
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-485997
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
17926
myo Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-195244
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1650
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2512
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
28200
myo Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
-345470
myo Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
426749
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
0
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4637
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4970597
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5509514
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
199000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
102672
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
247644
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301672
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-247644
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
7288275
myo Proceeds From Payments Under Grants
ProceedsFromPaymentsUnderGrants
0
myo Proceeds From Payments Under Grants
ProceedsFromPaymentsUnderGrants
1208
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7289483
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-16195
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-1122
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5288464
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1531203
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15524378
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12241261
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10235914
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13772464
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
225665
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
654091
myo Property And Equipment Included In Accounts Payable And In Accrued Expenses And Other Liabilities
PropertyAndEquipmentIncludedInAccountsPayableAndInAccruedExpensesAndOtherLiabilities
0
myo Property And Equipment Included In Accounts Payable And In Accrued Expenses And Other Liabilities
PropertyAndEquipmentIncludedInAccountsPayableAndInAccruedExpensesAndOtherLiabilities
36102
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 1 — Description of Business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Myomo Inc. (“Myomo” or the Company”) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro ® myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class II medical device. The Company sells its products directly to patients, to orthotics and prosthetics (O&amp;P) providers around the world, the Veterans Health Administration, and distributors in Europe and Australia.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Calibri;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company was incorporated in the State of Delaware on September 1, 2004 and is headquartered in Boston, Massachusetts.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company incurred net losses of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">5.7</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">5.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million during the six months ended June 30, 2022 and 2021, respectively, and has an accumulated deficit of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">83.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:Calibri;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">million and $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">78.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million at June 30, 2022 and December 31, 2021, respectively. Cash used in operating activities was approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">5.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">5.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million for the six months ended June 30, 2022 and 2021, respectively. The Company has historically funded its operations through financing activities, including raising equity and debt capital.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:Calibri;min-width:fit-content;"> </span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:11.0pt;font-family:Calibri;min-width:fit-content;"> </span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s operating plans are primarily focused on scaling up its operations, increasing the proportion of patients carrying commercial insurance with payers that have historically reimbursed for the Company’s products and continued work with the Centers for Medicare and Medicaid Services, or CMS, and their administrative contractors regarding reimbursement of its products. In addition, the Company believes that it has access to capital resources through payment of the remaining license fee associated with the Company’s entry into a joint venture and technology license agreement with Beijing Ryzur Medical Investment Co., Ltd. On August 2, 2022, the Company entered into a Common Stock Purchase Agreement ("Purchase Agreement") with Keystone Capital Partners ("Keystone"), under which the Company at its sole discretion can direct Keystone to purchase the Company's common stock at a discount to the then current market price. Keystone is committed to purchase a minimum of </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1,399,348</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares, which represents a value of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">2.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million as of August 2, 2022, after application of the discount market price and a maximum of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">5.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million under the twenty-four (24) month term of the Purchase Agreement. See Note 10 - Subsequent Events, for further discussion. The Company may also undertake public or private equity offerings, obtain proceeds from exercises of outstanding warrants, debt financings, or other means. Debt financing may require the Company to pledge assets and enter into covenants that could restrict certain business activities or its ability to incur further indebtedness; and may contain other terms that are not favorable to the Company or its stockholders.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Based on the Company’s cash balance of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, committed capital from its Purchase Agreement with Keystone and its expected cash flows, the Company believes that its available cash plus committed capital will be sufficient to fund its operations for at least the next 12 months from issuance date of these financial statements.</span></p>
us-gaap Net Income Loss
NetIncomeLoss
-5700000
us-gaap Net Income Loss
NetIncomeLoss
-5600000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-83800000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-78100000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5000000.0
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5500000
CY2022Q2 us-gaap Cash
Cash
10200000
us-gaap Advertising Expense
AdvertisingExpense
1989600
us-gaap Advertising Expense
AdvertisingExpense
1609100
CY2022Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
26000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
0
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reclassifications</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Certain prior year</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;min-width:fit-content;"> amounts in prepaid expenses and other current assets have been reclassified to other assets to conform with the current year presentation.</span></p>
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from these estimates. The Company’s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, valuation of stock-based compensation, warranty obligations and reserves for slow-moving inventory.</span></p>
CY2022Q2 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
0
CY2022Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
-33208
us-gaap Gain Loss On Investments
GainLossOnInvestments
-33208
CY2022Q2 myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.34
CY2021Q2 myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.40
myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.41
myo Percentage Of Direct Billing Channel Revenue Insures Represent
PercentageOfDirectBillingChannelRevenueInsuresRepresent
0.28
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
3100
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
1500
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3677575
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3104294
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7545501
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5440783
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
1036200
CY2021Q2 us-gaap Advertising Expense
AdvertisingExpense
766500
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1236575
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2038261
us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount1
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount1
-640000
CY2021Q4 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
108417
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
453840
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
176082
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
18684
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
23161
CY2022Q2 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2021Q4 myo Inventory Rental Units
InventoryRentalUnits
62531
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
772457
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
584996
CY2022Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1307512
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
846770
CY2022Q2 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
46576
CY2021Q4 myo Inventory Reserve For Rental Units
InventoryReserveForRentalUnits
38462
CY2022Q2 us-gaap Inventory Net
InventoryNet
1260936
CY2021Q4 us-gaap Inventory Net
InventoryNet
808308
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9205167
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
14803456
CY2022Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
859536
CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
723352
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1115643
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2188869
CY2022Q2 myo Professional Fees Accrued Current
ProfessionalFeesAccruedCurrent
110706
CY2022Q2 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
113423
CY2021Q4 myo Deferred Payroll Taxes Under Cares Act
DeferredPayrollTaxesUnderCARESAct
113423
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
200465
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
176281
CY2022Q2 myo Accrued Liabilities Customer Deposit
AccruedLiabilitiesCustomerDeposit
659059
CY2021Q4 myo Accrued Liabilities Customer Deposit
AccruedLiabilitiesCustomerDeposit
192501
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
386507
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
446941
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3445339
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3949784
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1700
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1700
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.1718
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0168
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.92
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
345223
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
363312
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
611493
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
529283
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
25900
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
112900
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has a non-cancelable sublease agreement for its corporate headquarters in Boston, MA expiring in 2023, and it has a non-cancelable lease agreement for its manufacturing space in Boston and office space in Fort Worth, TX both expiring in 2025 with early termination available at the company’s discretion in 2023. Termination options were not included in the lease term for the Company’s existing operating leases. Certain arrangements have discounted rent periods or escalating rent payment provisions. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheets. We recognize rent expense on a straight-line basis over the lease term.
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
695933
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
275625
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
411142
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
159872
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
67981
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
914620
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
149197
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
765423
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
436694
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
328729
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
765423
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
125293
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
102963
us-gaap Operating Lease Cost
OperatingLeaseCost
241904
us-gaap Operating Lease Cost
OperatingLeaseCost
170472
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1300
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2175
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3250
us-gaap Short Term Lease Cost
ShortTermLeaseCost
25859
CY2022Q2 us-gaap Lease Cost
LeaseCost
126593
CY2021Q2 us-gaap Lease Cost
LeaseCost
105138
us-gaap Lease Cost
LeaseCost
245154
us-gaap Lease Cost
LeaseCost
196331
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.20

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