$NAOV
NanoVibronix, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223027890 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $458.0K $294.0K $485.0K
YoY Change 372.16% -39.38% 52.52%
Cost Of Revenue $109.0K $78.00K $204.0K
YoY Change 541.18% -61.76% 85.45%
Gross Profit $349.0K $216.0K $281.0K
YoY Change 336.25% -23.13% 35.1%
Gross Profit Margin 76.2% 73.47% 57.94%
Selling, General & Admin $986.0K $1.190M $1.488M
YoY Change 3.25% -20.03% 31.1%
% of Gross Profit 282.52% 550.93% 529.54%
Research & Development $33.00K $35.00K $61.00K
YoY Change -32.65% -42.62% -4.69%
% of Gross Profit 9.46% 16.2% 21.71%
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Operating Expenses $1.019M $1.225M $1.549M
YoY Change 1.49% -20.92% 29.19%
Operating Profit -$670.0K -$1.009M -$1.268M
YoY Change -27.49% -20.43% 27.95%
Interest Expense $35.00K $33.00K -$18.00K
YoY Change -318.75% -283.33% -102.55%
% of Operating Profit
Other Income/Expense, Net -$18.00K
YoY Change -1900.0%
Pretax Income -$724.0K -$1.061M -$1.286M
YoY Change -22.98% -17.5% 484.55%
Income Tax $3.000K $13.00K $16.00K
% Of Pretax Income
Net Earnings -$727.0K $500.0K -$1.302M
YoY Change -23.87% -138.4% 502.78%
Net Earnings / Revenue -158.73% 170.07% -268.45%
Basic Earnings Per Share -$0.42 -$0.65 -$0.05
Diluted Earnings Per Share -$0.42 -$0.65 -$46.50K
COMMON SHARES
Basic Shares Outstanding 1.662M shares 1.662M shares 28.00M shares
Diluted Shares Outstanding 1.721M shares 1.662M shares 1.400M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.790M $253.0K $3.944M
YoY Change 92.19% -93.59% -30.47%
Cash & Equivalents $3.787M $253.0K $3.944M
Short-Term Investments
Other Short-Term Assets $170.0K $176.0K $1.175M
YoY Change -86.27% -85.02% 75.11%
Inventory $3.179M $3.114M $928.0K
Prepaid Expenses
Receivables $32.00K $71.00K $262.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.168M $3.614M $6.309M
YoY Change 43.68% -42.72% -4.18%
LONG-TERM ASSETS
Property, Plant & Equipment $7.000K $7.000K $7.000K
YoY Change -12.5% 0.0% -74.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000K $3.000K $9.000K
YoY Change -71.43% -66.67% -95.93%
Total Long-Term Assets $193.0K $217.0K $233.0K
YoY Change -12.67% -6.87% -6.05%
TOTAL ASSETS
Total Short-Term Assets $7.168M $3.614M $6.309M
Total Long-Term Assets $193.0K $217.0K $233.0K
Total Assets $7.361M $3.831M $6.542M
YoY Change 41.29% -41.44% -4.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.00K $33.00K $173.0K
YoY Change 51.22% -80.92% -4.42%
Accrued Expenses $20.00K $37.00K $33.00K
YoY Change -28.57% 12.12% 230.0%
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 $2.392M $2.370M $2.053M
YoY Change 39.48% 15.44% 425.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $280.0K $296.0K $355.0K
YoY Change -17.89% -16.62% -84.41%
Total Long-Term Liabilities $280.0K $296.0K $355.0K
YoY Change -17.89% -16.62% -84.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.392M $2.370M $2.053M
Total Long-Term Liabilities $280.0K $296.0K $355.0K
Total Liabilities $2.671M $2.666M $2.408M
YoY Change 29.91% 10.71% -9.75%
SHAREHOLDERS EQUITY
Retained Earnings -$65.28M -$64.56M -$59.37M
YoY Change 8.22% 8.73%
Common Stock $2.000K $2.000K $28.00K
YoY Change -92.86% -92.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.690M $1.165M $4.134M
YoY Change
Total Liabilities & Shareholders Equity $7.361M $3.831M $6.542M
YoY Change 41.29% -41.44% -4.24%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$727.0K $500.0K -$1.302M
YoY Change -23.87% -138.4% 502.78%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$680.0K -$1.229M -$1.999M
YoY Change -65.38% -38.52% 4.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$2.000K
YoY Change -100.0% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$2.000K
YoY Change -100.0% -100.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.210M 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -680.0K -1.229M -1.999M
Cash From Investing Activities 0.000 0.000 -2.000K
Cash From Financing Activities 4.210M 0.000 0.000
Net Change In Cash 3.530M -1.229M -2.001M
YoY Change -279.55% -38.58% -13.53%
FREE CASH FLOW
Cash From Operating Activities -$680.0K -$1.229M -$1.999M
Capital Expenditures $0.00 $0.00 -$2.000K
Free Cash Flow -$680.0K -$1.229M -$1.997M
YoY Change -65.34% -38.46% 4.12%

Facts In Submission

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
-37000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2171000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1165000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1165000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2171000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2434000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
133000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
306000 usd
NAOV Noncash Interest Expense
NoncashInterestExpense
67000 usd
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-10000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
62000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
62000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-536000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
945000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
939000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
753000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-33000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
86000 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
85000 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
80000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-44000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-23000 usd
NAOV Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
-2000 usd
NAOV Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
-5000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2429000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3740000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-37000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-51000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2460000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3793000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2713000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7737000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
253000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3944000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80C_eus-gaap--NatureOfOperations_z1LRqw8O5Yeh" 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_822_zyAtsYIrpRbb">DESCRIPTION OF BUSINESS</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NanoVibronix, Inc. (the “Company”), a Delaware corporation, commenced operations on October 20, 2003 and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home, without the assistance of medical professionals.</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal research and development activities are conducted in Israel through its wholly owned subsidiary, NanoVibronix (Israel 2003) Ltd., a company registered in Israel, which commenced operations in October 2003.</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 us-gaap Stockholders Equity
StockholdersEquity
2200000 usd
CY2023Q2 NAOV Value Of Listed Securites
ValueOfListedSecurites
35000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
500000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zMDjghYaeOD9" 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"><i><span id="xdx_865_zPu4VFZTHEr3">Use of estimates</span></i></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those 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>
us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
37000 usd
us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax
51000 usd
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-20 Reverse Stock Split
CY2023Q1 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
15726 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
220000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
133000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
306000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
195000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M28D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
220412 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
260967 shares
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
294000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
485000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
648000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
757000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M21D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
us-gaap Operating Lease Expense
OperatingLeaseExpense
36000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
14000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
35000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
38000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
37000 usd
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 usd
CY2023Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3000 usd
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
8000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
10000 usd
CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
9000 usd
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3000 usd
CY2021Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
3000000 usd
CY2023Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1500250 usd
CY2023Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
1432000 usd
CY2023Q1 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
68250 usd
CY2023Q2 us-gaap Legal Fees
LegalFees
23000 usd
us-gaap Legal Fees
LegalFees
89000 usd

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