2021 Q4 Form 10-Q Financial Statement

#000165495421012249 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 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 $1.649M $1.477M $1.110M
YoY Change 48.54% -0.59% 0.91%
% of Gross Profit
Research & Development $1.423M $1.173M $1.140M
YoY Change 24.81% -33.69% -43.84%
% of Gross Profit
Depreciation & Amortization $21.26K $29.83K $50.00K
YoY Change -57.48% 198.3% 150.0%
% of Gross Profit
Operating Expenses $3.072M $2.651M $2.250M
YoY Change 36.51% -18.58% -28.12%
Operating Profit -$2.651M
YoY Change -18.58%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$33.09K -$7.507K $0.00
YoY Change 186.42% -100.0%
Pretax Income -$3.105M -$2.658M -$2.250M
YoY Change 37.98% -18.41% -53.22%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.105M -$2.658M -$2.250M
YoY Change 37.98% -18.41% -53.22%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$73.44K -$63.42K -$421.3K
COMMON SHARES
Basic Shares Outstanding 42.17M shares 41.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.462M $11.79M $7.230M
YoY Change 30.86% 211.17% 17.18%
Cash & Equivalents $9.462M $11.79M $7.227M
Short-Term Investments
Other Short-Term Assets $1.348M $1.177M $5.986K
YoY Change 22419.21% 78.36% -97.61%
Inventory $1.285M $1.500M $589.6K
Prepaid Expenses $1.348M $1.177M $390.8K
Receivables
Other Receivables
Total Short-Term Assets $12.09M $14.47M $8.208M
YoY Change 47.35% 202.72% 25.5%
LONG-TERM ASSETS
Property, Plant & Equipment $131.1K $162.3K $212.2K
YoY Change -38.22% -72.02% -66.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.986K $5.986K $5.986K
YoY Change 0.0%
Total Long-Term Assets $780.5K $844.1K $557.2K
YoY Change 40.07% 45.53% -12.93%
TOTAL ASSETS
Total Short-Term Assets $12.09M $14.47M $8.208M
Total Long-Term Assets $780.5K $844.1K $557.2K
Total Assets $12.87M $15.31M $8.765M
YoY Change 46.89% 185.71% 22.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $791.1K $747.8K $402.9K
YoY Change 96.33% -14.05% -68.52%
Accrued Expenses $752.7K $829.1K $580.0K
YoY Change 29.78% 59.43% 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 $1.544M $1.577M $986.7K
YoY Change 56.46% 12.63% -52.34%
LONG-TERM LIABILITIES
Long-Term Debt $28.48K $28.48K $340.0K
YoY Change -91.62% -91.62%
Other Long-Term Liabilities $518.2K $552.8K $270.0K
YoY Change 91.91% 90.63% -20.59%
Total Long-Term Liabilities $546.6K $581.3K $610.0K
YoY Change -10.39% -7.73% 79.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.544M $1.577M $986.7K
Total Long-Term Liabilities $546.6K $581.3K $610.0K
Total Liabilities $2.090M $2.158M $1.596M
YoY Change 31.01% 6.31% -34.06%
SHAREHOLDERS EQUITY
Retained Earnings -$68.69M -$65.59M -$57.34M
YoY Change 19.8%
Common Stock $4.254K $4.215K $3.404K
YoY Change 24.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.78M $13.16M $7.169M
YoY Change
Total Liabilities & Shareholders Equity $12.87M $15.31M $8.765M
YoY Change 46.89% 185.71% 22.07%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$3.105M -$2.658M -$2.250M
YoY Change 37.98% -18.41% -53.22%
Depreciation, Depletion And Amortization $21.26K $29.83K $50.00K
YoY Change -57.48% 198.3% 150.0%
Cash From Operating Activities -$2.653M -$2.747M -$2.080M
YoY Change 27.54% 28.96% 8.9%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$70.00K
YoY Change -100.0% -100.0% 133.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$70.00K
YoY Change -100.0% -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 321.1K 496.6K 5.580M
YoY Change -94.25% -90.38% -4.62%
NET CHANGE
Cash From Operating Activities -2.653M -2.747M -2.080M
Cash From Investing Activities 0.000 0.000 -70.00K
Cash From Financing Activities 321.1K 496.6K 5.580M
Net Change In Cash -2.332M -2.250M 3.430M
YoY Change -167.98% -174.02% -12.28%
FREE CASH FLOW
Cash From Operating Activities -$2.653M -$2.747M -$2.080M
Capital Expenditures $0.00 $0.00 -$70.00K
Free Cash Flow -$2.653M -$2.747M -$2.010M
YoY Change 31.98% 28.35% 6.91%

Facts In Submission

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395551 USD
ndra Conversion Of Series B Convertible Preferred Stock
ConversionOfSeriesBConvertiblePreferredStock
0 USD
ndra Conversion Of Series B Convertible Preferred Stock
ConversionOfSeriesBConvertiblePreferredStock
-36 USD
ndra Stock Dividend Payable
StockDividendPayable
-31870 USD
ndra Stock Dividend Payable
StockDividendPayable
-47641 USD
ndra Stock Issued For Rsu
StockIssuedForRsu
36462 USD
ndra Stock Issued For Rsu
StockIssuedForRsu
0 USD
ndra Right Of Use Asset
RightOfUseAsset
675822 USD
ndra Right Of Use Asset
RightOfUseAsset
356060 USD
ndra Lease Liability
LeaseLiability
680526 USD
ndra Lease Liability
LeaseLiability
364113 USD
us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Note 1 – Nature of the Business</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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 September 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:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p>
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
680526 USD
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
348388 USD
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
675822 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
339012 USD
CY2021Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1173319 USD
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1769339 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4059730 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4774534 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7695899 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10047010 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7695899 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2073249 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y10M24D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
22815 shares
CY2021Q1 ndra Total Fair Value Of Restricted Stock Unit
TotalFairValueOfRestrictedStockUnit
45858 USD
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10047010 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
On January 1, 2021, the pool of shares available for issuance under the Omnibus Plan automatically increased by 1,599,570shares, from 5,861,658 shares to 7,461,228.
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65586182 USD
CY2021Q3 ndra Working Capital Deficit
WorkingCapitalDeficit
-12893307 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
680845 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
585867 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
162265 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
212242 USD
us-gaap Depreciation
Depreciation
94977 USD
us-gaap Depreciation
Depreciation
45114 USD
CY2021Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
747762 USD
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
402910 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
196079 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
48260 USD
CY2021Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
294554 USD
CY2020Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
369393 USD
CY2021Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5750 USD
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5750 USD
CY2021Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
204985 USD
CY2020Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
83870 USD
CY2021Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
1449130 USD
CY2020Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
910183 USD
CY2021Q1 ndra Closing Price
ClosingPrice
2.01
CY2021Q1 ndra Shares Available For Issuance Increased Under The Omnibus Plan
SharesAvailableForIssuanceIncreasedUnderTheOmnibusPlan
1599570 shares
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5861658 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
7461228 shares
ndra Common Stock Share Issued For Rsus Shares
CommonStockShareIssuedForRsusShares
22815 shares
ndra Common Stock Share Issued For Rsus Amount
CommonStockShareIssuedForRsusAmount
36460 USD
ndra Aggregate Gross Proceeds From Issuance Of Common Stock Shares
AggregateGrossProceedsFromIssuanceOfCommonStockShares
12600000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
15461 USD
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
80000000 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 ndra Stock Payable Share
StockPayableShare
42665 USD
ndra Total Common Stock Shares Issued
TotalCommonStockSharesIssued
8116023 USD
ndra Proceeds From Sales Of Common Stock Shares Return
ProceedsFromSalesOfCommonStockSharesReturn
4198170 shares
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
10294904 USD
ndra Common Stock Shares Upon Warrat Exercise Shares
CommonStockSharesUponWarratExerciseShares
3567899 shares
ndra Common Stock Shares Upon Warrat Exercise Amount
CommonStockSharesUponWarratExerciseAmount
2785627 USD
ndra Common Stock Shares Upon Cashless Warrant Exercise
CommonStockSharesUponCashlessWarrantExercise
202887 shares
ndra Common Stock Shares Upon Cashless Option Exercise
CommonStockSharesUponCashlessOptionExercise
23835 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
32527 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
74000 USD
ndra Aggregate Fair Value Of Stock Options Granted
AggregateFairValueOfStockOptionsGranted
3511662 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions
0 pure
ndra Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1679000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.98
ndra Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm
P7Y7M2D
ndra Number Of Options Exercised
NumberOfOptionsExercised
-37645 shares
ndra Number Of Options Cancelled Or Expired
NumberOfOptionsCancelledOrExpired
-114852 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.79
ndra Common Stock Share Issued Upon Private Warrant Exercises Shares
CommonStockShareIssuedUponPrivateWarrantExercisesShares
3567899 shares
ndra Common Stock Share Issued Upon Private Warrant Exercises Amount
CommonStockShareIssuedUponPrivateWarrantExercisesAmount
2785626 USD
ndra Common Stock Shares Upon Cashless Warrant Exercise
CommonStockSharesUponCashlessWarrantExercise
202887 shares
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
46355 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
190963 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
196721 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
202624 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
202624 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
839287 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
680526 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
127696 USD
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
552830 USD
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53263 USD
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
29581 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
119802 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
90484 USD
ndra Common Stock Upon The Exercise Of Private Warrants
CommonStockUponTheExerciseOfPrivateWarrants
Company’s common stock upon the exercise of Private Warrants greater than 19.99% of the number of shares outstanding prior to any such issuance

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