$NDRA
ENDRA Life Sciences Inc.

2021 Q3 Form 10-Q Financial Statement

#000165495421008864 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.477M $1.455M $1.110M
YoY Change -0.59% 3.63% 0.91%
% of Gross Profit
Research & Development $1.173M $1.745M $1.140M
YoY Change -33.69% 17.11% -43.84%
% of Gross Profit
Depreciation & Amortization $29.83K $33.73K $50.00K
YoY Change 198.3% 68.65% 150.0%
% of Gross Profit
Operating Expenses $2.651M $3.200M $2.250M
YoY Change -18.58% 10.68% -28.12%
Operating Profit -$2.651M -$3.200M
YoY Change -18.58% 10.68%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$7.507K $1.086K $0.00
YoY Change 186.42% -141.88% -100.0%
Pretax Income -$2.658M -$3.199M -$2.250M
YoY Change -18.41% 10.55% -53.22%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.658M -$3.199M -$2.250M
YoY Change -18.41% 10.55% -53.22%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$63.42K -$76.76K -$421.3K
COMMON SHARES
Basic Shares Outstanding 41.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.79M $14.04M $7.230M
YoY Change 211.17% 1772.45% 17.18%
Cash & Equivalents $11.79M $7.227M
Short-Term Investments
Other Short-Term Assets $1.177M $5.986K $5.986K
YoY Change 78.36% -99.49% -97.61%
Inventory $1.500M $1.325M $589.6K
Prepaid Expenses $1.177M $968.9K $390.8K
Receivables
Other Receivables
Total Short-Term Assets $14.47M $16.34M $8.208M
YoY Change 202.72% 616.8% 25.5%
LONG-TERM ASSETS
Property, Plant & Equipment $162.3K $192.1K $212.2K
YoY Change -72.02% -67.44% -66.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.986K $5.986K
YoY Change
Total Long-Term Assets $844.1K $899.6K $557.2K
YoY Change 45.53% 55.1% -12.93%
TOTAL ASSETS
Total Short-Term Assets $14.47M $16.34M $8.208M
Total Long-Term Assets $844.1K $899.6K $557.2K
Total Assets $15.31M $17.24M $8.765M
YoY Change 185.71% 502.89% 22.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $747.8K $807.1K $402.9K
YoY Change -14.05% 61.42% -68.52%
Accrued Expenses $829.1K $831.0K $580.0K
YoY Change 59.43% 10.79% 16.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.577M $1.638M $986.7K
YoY Change 12.63% 32.1% -52.34%
LONG-TERM LIABILITIES
Long-Term Debt $28.48K $28.48K $340.0K
YoY Change -91.62% -91.62%
Other Long-Term Liabilities $552.8K $586.2K $270.0K
YoY Change 90.63% 89.09% -20.59%
Total Long-Term Liabilities $581.3K $614.7K $610.0K
YoY Change -7.73% -5.44% 79.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.577M $1.638M $986.7K
Total Long-Term Liabilities $581.3K $614.7K $610.0K
Total Liabilities $2.158M $2.253M $1.596M
YoY Change 6.31% 19.19% -34.06%
SHAREHOLDERS EQUITY
Retained Earnings -$65.59M -$62.93M -$57.34M
YoY Change
Common Stock $4.215K $4.185K $3.404K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.16M $14.99M $7.169M
YoY Change
Total Liabilities & Shareholders Equity $15.31M $17.24M $8.765M
YoY Change 185.71% 502.89% 22.07%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$2.658M -$3.199M -$2.250M
YoY Change -18.41% 10.55% -53.22%
Depreciation, Depletion And Amortization $29.83K $33.73K $50.00K
YoY Change 198.3% 68.65% 150.0%
Cash From Operating Activities -$2.747M -$2.803M -$2.080M
YoY Change 28.96% -18.76% 8.9%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.000K -$70.00K
YoY Change -100.0% 133.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $5.000K -$70.00K
YoY Change -100.0% 133.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 496.6K 3.920K 5.580M
YoY Change -90.38% -99.64% -4.62%
NET CHANGE
Cash From Operating Activities -2.747M -2.803M -2.080M
Cash From Investing Activities 0.000 5.000K -70.00K
Cash From Financing Activities 496.6K 3.920K 5.580M
Net Change In Cash -2.250M -2.794M 3.430M
YoY Change -174.02% 18.89% -12.28%
FREE CASH FLOW
Cash From Operating Activities -$2.747M -$2.803M -$2.080M
Capital Expenditures $0.00 $5.000K -$70.00K
Free Cash Flow -$2.747M -$2.808M -$2.010M
YoY Change 28.35% -18.61% 6.91%

Facts In Submission

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us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
493814 USD
ndra Deemed Dividend Related To Warrant Repriced
DeemedDividendRelatedToWarrantRepriced
121071 USD
ndra Deemed Dividend Related To Warrant Repriced
DeemedDividendRelatedToWarrantRepriced
0 USD
ndra Conversion Of Series A Convertible Preferred Stock
ConversionOfSeriesAConvertiblePreferredStock
-7 USD
ndra Conversion Of Series A Convertible Preferred Stock
ConversionOfSeriesAConvertiblePreferredStock
636 USD
ndra Conversion Of Series B Convertible Preferred Stock
ConversionOfSeriesBConvertiblePreferredStock
0 USD
ndra Conversion Of Series B Convertible Preferred Stock
ConversionOfSeriesBConvertiblePreferredStock
36 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
27652 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
137909 USD
ndra Stock Paid And Payable For Services
StockPaidAndPayableForServices
0 USD
ndra Stock Paid And Payable For Services
StockPaidAndPayableForServices
40000 USD
ndra Right Of Use Asset
RightOfUseAsset
707504 USD
ndra Right Of Use Asset
RightOfUseAsset
0 USD
ndra Lease Liability
LeaseLiability
709385 USD
ndra Lease Liability
LeaseLiability
0 USD
us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"><strong>Note 1 – Nature of the Business</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">ENDRA Life Sciences Inc. (“ENDRA” or the “Company”) has developed and is continuing to develop technology for increasing the capabilities of clinical diagnostic ultrasound to broaden patient access to the safe diagnosis and treatment of a number of significant medical conditions in circumstances where expensive X-ray computed tomography (“CT”) and magnetic resonance imaging (“MRI”) technology is unavailable or impractical.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">ENDRA was incorporated on July 18, 2007 as a Delaware corporation.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">Management makes estimates that affect certain accounts including deferred income tax assets, accrued expenses, fair value of equity instruments and reserves for any other commitments or contingencies. Any adjustments applied to estimates are recognized in the period in which such adjustments are determined.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The COVID-19 outbreak, which the World Health Organization has classified as a pandemic, has prompted governments and regulatory bodies throughout the world to issue “stay-at-home” or similar orders, and enact restrictions on the performance of “non-essential” services, public gatherings and travel.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The extent to which COVID-19 impacts the Company’s business and financial results will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the extent to which it will impact worldwide macroeconomic conditions, the speed of the anticipated recovery, access to capital markets, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2021 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to, estimates related to the accounting for potential liabilities and accrued expenses, the assumptions utilized in valuing stock-based compensation issued for services, the realization of deferred tax assets, and assessments of impairment related to long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">Despite the Company’s efforts, the ultimate impact of COVID-19 on the Company’s business depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the extent to which COVID-19 will negatively impact its financial results or liquidity.</p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7668899 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10047010 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3569707 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
114852 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.09
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
176258 USD

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