$NNVC
NANOVIRICIDES, INC.

2019 Q1 Form 10-Q Financial Statement

#000114420419008138 Filed on February 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2017 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 $770.0K $710.0K $1.010M
YoY Change -44.6% -29.7% -2.88%
% of Gross Profit
Research & Development $1.310M $1.658M $1.640M
YoY Change 1.47% 1.11% 30.03%
% of Gross Profit
Depreciation & Amortization $172.2K $171.8K $166.7K
YoY Change 2.19% 3.05% 2.65%
% of Gross Profit
Operating Expenses $2.083M $2.369M $2.394M
YoY Change -13.87% -1.03% 4.19%
Operating Profit -$2.083M -$2.369M -$2.394M
YoY Change -13.87% -1.03% 4.19%
Interest Expense -$60.00K $140.0K $1.060M
YoY Change -119.35% -86.79% 332.65%
% of Operating Profit
Other Income/Expense, Net -$56.94K $138.2K -$403.1K
YoY Change -118.47% -134.28% -153.66%
Pretax Income -$2.140M -$2.231M -$2.797M
YoY Change 1.42% -20.23% 80.86%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.140M -$2.231M -$2.797M
YoY Change 1.42% -20.23% 80.86%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$594.4K -$642.7K -$0.04
COMMON SHARES
Basic Shares Outstanding 69.50M 69.38M shares 63.34M shares
Diluted Shares Outstanding 63.34M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.237M $3.904M $12.05M
YoY Change -60.1% -67.6% -37.56%
Cash & Equivalents $4.237M $3.904M $12.05M
Short-Term Investments
Other Short-Term Assets $393.2K $169.0K $240.0K
YoY Change 19.16% -29.6% 71.43%
Inventory
Prepaid Expenses $393.2K $168.9K
Receivables
Other Receivables
Total Short-Term Assets $4.630M $4.073M $12.29M
YoY Change -57.72% -66.86% -36.78%
LONG-TERM ASSETS
Property, Plant & Equipment $10.39M $10.56M $11.03M
YoY Change -5.46% -4.3% -3.75%
Goodwill
YoY Change
Intangibles $368.7K $370.8K
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.020K $5.310K $30.00K
YoY Change -69.9% -82.3% -62.5%
Total Long-Term Assets $10.76M $10.93M $11.44M
YoY Change -5.49% -4.44% -4.02%
TOTAL ASSETS
Total Short-Term Assets $4.630M $4.073M $12.29M
Total Long-Term Assets $10.76M $10.93M $11.44M
Total Assets $15.39M $15.00M $23.73M
YoY Change -31.09% -36.77% -24.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $976.8K $1.025M $1.550M
YoY Change -48.04% -33.9% 868.75%
Accrued Expenses $107.5K $139.0K $30.00K
YoY Change -73.79% 363.5% -41.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $5.160M
YoY Change -100.0% -12.69%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.084M $1.164M $6.740M
YoY Change -66.01% -82.74% 6.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $4.730M
YoY Change -100.0% -100.0% 34.38%
Other Long-Term Liabilities $1.593M $0.00 $1.070M
YoY Change -100.0% -55.04%
Total Long-Term Liabilities $1.593M $0.00 $4.730M
YoY Change -66.32% -100.0% -19.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.084M $1.164M $6.740M
Total Long-Term Liabilities $1.593M $0.00 $4.730M
Total Liabilities $2.677M $1.164M $7.810M
YoY Change -16.07% -85.1% -36.08%
SHAREHOLDERS EQUITY
Retained Earnings -$89.90M -$87.76M
YoY Change
Common Stock $76.74K $69.50K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.72M $13.84M $15.92M
YoY Change
Total Liabilities & Shareholders Equity $15.39M $15.00M $23.73M
YoY Change -31.09% -36.77% -24.34%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$2.140M -$2.231M -$2.797M
YoY Change 1.42% -20.23% 80.86%
Depreciation, Depletion And Amortization $172.2K $171.8K $166.7K
YoY Change 2.19% 3.05% 2.65%
Cash From Operating Activities -$2.010M -$2.161M -$1.400M
YoY Change 54.63% 54.33% -46.56%
INVESTING ACTIVITIES
Capital Expenditures -$6.600K -$17.54K -$60.00K
YoY Change -95.29% -70.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.600K -$17.54K -$60.00K
YoY Change -95.29% -70.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$822.7K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.350M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -2.010M -2.161M -1.400M
Cash From Investing Activities -6.600K -17.54K -60.00K
Cash From Financing Activities 2.350M 0.000
Net Change In Cash 333.2K -2.178M -1.460M
YoY Change -123.14% 49.18% -44.27%
FREE CASH FLOW
Cash From Operating Activities -$2.010M -$2.161M -$1.400M
Capital Expenditures -$6.600K -$17.54K -$60.00K
Free Cash Flow -$2.004M -$2.143M -$1.340M
YoY Change 72.73% 59.93% -48.85%

Facts In Submission

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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q4 us-gaap Accrued Salaries Current
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CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2018Q2 us-gaap Due To Officers Or Stockholders Current
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nnvc Warrants Issued
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ClassOfWarrantOrRightOutstanding
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GainsLossesOnExtinguishmentOfDebt
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Reclassifications and Prior Year Adjustments</div></div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of operations. The Company reclassified $253,508 and $550,186 of expenses for&#160;the&#160;three and six months ended December 31, 2017 respectively, related to the Company&#8217;s laboratory facilities from general and administrative expenses into research and development expenses for consistency with current year presentation. The reclassifications had no impact on the reported results of operations and net loss reported for the three and six months ended December 31, 2017.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
nnvc Percentage Of Net Sales Allocated For Royalty Payments
PercentageOfNetSalesAllocatedForRoyaltyPayments
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CY2017Q4 us-gaap Debt Conversion Description
DebtConversionDescription
for an aggregate of 5,500,000 shares of the Company&#8217;s $0.001 par value Common Stock (&#8220;Purchase Price&#8221;) comprising 5,000,000 shares for the principal of the Debenture and 500,000 shares for unpaid coupon interest from October 1, 2017 through June 30, 2018.
CY2018Q4 us-gaap Other Accrued Liabilities Current
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CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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0.0271
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0293
nnvc Fair Value Measurement Significant Assumptions
FairValueMeasurementSignificantAssumptions
a. The common stock price was in the range $.31 to $.58; b. The calculated weighted average number of shares of common stock in the period; c. A 26.63% premium over the common shares for the voting preferences; d. The calculated weighted average number of total voting shares and the monthly shares representing voting rights of 19.22% to 19.25% of the total; e. The conversion value is based on an assumption for calculation purposes only of a Change of Control in 4 years from October 31, 2016 and a remaining restricted term of 2.34 to 1.84 years; f. 29.42% to 32.24% restricted stock discount (based on a restricted stock analysis and call-put analysis curve: 55.76% to 71.74% volatility, 2.09% to 2.70% risk free rate) applied to the converted common.
CY2018Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.41
nnvc Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageRemainingContractualTerm
P0Y
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
400000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
7716
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
15432
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1348247
nnvc Common Shares Issued For Interest
CommonSharesIssuedForInterest
0
nnvc Common Shares Issued For Interest
CommonSharesIssuedForInterest
-60274
nnvc Obligation To Issue Shares For Series C Debenture Payment
ObligationToIssueSharesForSeriesCDebenturePayment
0
nnvc Obligation To Issue Shares For Series C Debenture Payment
ObligationToIssueSharesForSeriesCDebenturePayment
5739337
nnvc Obligation To Issue Shares For Deferred Interest
ObligationToIssueSharesForDeferredInterest
125000
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1 - Organization and Nature of Business</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">NanoViricides, Inc. (the Company&#8221;) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides is also unique in the bio-pharma field in that it possesses its own state of the art facilities for the design, synthesis, analysis and characterization of the nanomedicines that we develop, as well as for production scale-up, and c-GMP-like production in quantities needed for human clinical trials, where our design, development, and production work is performed. The biological studies such as the effectiveness, safety, bio-distribution and Pharmacokinetics/Pharmacodynamics on our drug candidates are performed by external collaborators and contract organizations.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></div><div style="margin: 0px 6.7pt 0px 0in; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: justify;">We are a company with several drugs in various stages of early development. In our lead antiviralprogram against herpes viruses, i.e. the HerpeCide&#8482; program alone, we have drug candidates against at least five indications at different stages of development. Of these, the Company is advancing the shingles drug candidate towards human clinical trials. The IND-enabling Safety/Toxicology studies required for doing so have begun as of the end of December, 2018 at the contract research organization (&#8220;CRO&#8221;) BASi, Indiana. Typically these studies may last six to nine months. If successful, the Company intends to file an IND after receiving a formal report on these studies from BASi. In addition, our drug candidates against HSV-1 &#8220;cold sores&#8221; and HSV-2 &#8220;genital herpes&#8221; are in advanced studies and are expected to follow the shingles drug candidate into human clinical trials. Shingles in adults and chicken pox in children is caused by the same virus, namely VZV (Varicella-zoster virus, aka HHV-3 or human herpesvirus-3). There are estimated to be approximately 120,000-150,000 annual chickenpox cases in the USA in the post-vaccination-era, i.e. since childhood vaccination with the live attenuated varicella virus Oka strain has become standard. In addition, we have drugs in development against all influenzas in our FluCide&#8482; program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses.</div><div style="margin: 0px 0in; text-align: justify; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none;">&#160;&#160;</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify;">Our drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (&#8220;TheraCour&#8221;), to which we have broad, exclusive licenses in perpetuity. The first license agreement we executed with TheraCour on September 1, 2005, gave us an exclusive, worldwide license for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV), Influenza and Asian Bird Flu Virus. On February 15, 2010, the Company executed an Additional License Agreement with TheraCour.&#160;&#160;Pursuant to the Additional License Agreement, the Company was granted exclusive licenses, in perpetuity, for technologies, developed by TheraCour, for the development of drug candidates for the treatment of Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes.&#160; In addition, the Company is negotiating a license for VZV (shingles, chicken pox virus), and the remaining human herpesviruses from TheraCour. For this purpose, the Company has conducted a valuation for the shingles and PHN indications. The Company expects to arrive at an agreement on terms of the license very soon.&#160;To date, TheraCour has not withheld any licenses for antiviral nanomedicines that NanoViricides has asked for, and we anticipate that the licenses to the remaining herpes viruses including VZV will be executed once the due diligence process is&#160;<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">completed.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
nnvc Obligation To Issue Shares For Deferred Interest
ObligationToIssueSharesForDeferredInterest
0
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
NANOVIRICIDES, INC.
dei Entity Central Index Key
EntityCentralIndexKey
0001379006
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Trading Symbol
TradingSymbol
NNVC
CY2019Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
69501000
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
false

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