$OGEN
ORAGENICS INC

2014 Q3 Form 10-Q Financial Statement

#000119312514300671 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $201.0K $303.8K $167.7K
YoY Change -20.67% 81.16% -34.61%
Cost Of Revenue $73.71K $125.6K $86.66K
YoY Change -34.99% 44.95% -22.81%
Gross Profit $127.3K $178.1K $81.01K
YoY Change -9.07% 119.9% -43.8%
Gross Profit Margin 63.33% 58.65% 48.32%
Selling, General & Admin $565.1K $1.177M $1.519M
YoY Change -77.91% -22.51% 81.85%
% of Gross Profit 443.93% 660.88% 1875.44%
Research & Development $597.0K $903.3K $637.0K
YoY Change -91.36% 41.82% -89.69%
% of Gross Profit 469.0% 507.07% 786.27%
Depreciation & Amortization $10.00K $0.00 $20.00K
YoY Change -50.0% -100.0% 0.0%
% of Gross Profit 7.86% 0.0% 24.69%
Operating Expenses $1.162M $2.081M $2.156M
YoY Change -87.72% -3.51% -69.25%
Operating Profit -$1.035M -$1.903M -$2.075M
YoY Change -88.9% -8.32% -69.79%
Interest Expense $1.305K $980.00 $844.00
YoY Change -15.59% 16.11% -98.6%
% of Operating Profit
Other Income/Expense, Net $5.305K $6.997K $1.233K
YoY Change 12839.02% 467.48% -102.05%
Pretax Income -$1.030M -$1.896M -$2.074M
YoY Change -88.96% -8.61% -70.07%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.030M -$1.896M -$2.074M
YoY Change -88.96% -8.61% -70.07%
Net Earnings / Revenue -512.19% -624.04% -1236.99%
Basic Earnings Per Share
Diluted Earnings Per Share -$284.5K -$526.3K -$752.7K
COMMON SHARES
Basic Shares Outstanding 36.18M shares 36.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.76M $12.90M $6.370M
YoY Change 42.2% 102.51% 463.72%
Cash & Equivalents $11.76M $12.90M $6.368M
Short-Term Investments
Other Short-Term Assets $220.0K $140.0K $300.0K
YoY Change -4.35% -53.33% -14.29%
Inventory $263.9K $239.0K $303.0K
Prepaid Expenses
Receivables $26.31K $22.83K $49.61K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.28M $13.30M $7.023M
YoY Change 39.87% 89.46% 275.54%
LONG-TERM ASSETS
Property, Plant & Equipment $26.30K $31.88K $48.86K
YoY Change -31.16% -34.76% -55.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $26.30K $31.88K $48.86K
YoY Change -31.16% -34.76% -55.58%
TOTAL ASSETS
Total Short-Term Assets $12.28M $13.30M $7.023M
Total Long-Term Assets $26.30K $31.88K $48.86K
Total Assets $12.30M $13.34M $7.071M
YoY Change 39.56% 88.6% 257.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $700.0K $1.220M
YoY Change -74.58% -42.62% -2.4%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $110.0K $40.00K $140.0K
YoY Change -94.66% -71.43% 250.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $739.5K $777.9K $1.388M
YoY Change -83.39% -43.95% 0.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $739.5K $777.9K $1.388M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $740.0K $780.0K $1.390M
YoY Change -83.37% -43.88% -59.48%
SHAREHOLDERS EQUITY
Retained Earnings -$74.72M -$73.69M -$57.75M
YoY Change 11.4% 27.6%
Common Stock $86.28M $86.25M $27.51K
YoY Change 285904.11% 313378.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.56M $12.56M $5.683M
YoY Change
Total Liabilities & Shareholders Equity $12.30M $13.34M $7.071M
YoY Change 39.56% 88.6% 257.14%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$1.030M -$1.896M -$2.074M
YoY Change -88.96% -8.61% -70.07%
Depreciation, Depletion And Amortization $10.00K $0.00 $20.00K
YoY Change -50.0% -100.0% 0.0%
Cash From Operating Activities -$1.100M -$1.700M -$2.000M
YoY Change -44.16% -15.0% 73.91%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00K -50.00K 20.00K
YoY Change -100.78% -350.0% -98.47%
NET CHANGE
Cash From Operating Activities -1.100M -1.700M -2.000M
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities -30.00K -50.00K 20.00K
Net Change In Cash -1.130M -1.750M -1.990M
YoY Change -159.79% -12.06% -1343.75%
FREE CASH FLOW
Cash From Operating Activities -$1.100M -$1.700M -$2.000M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$1.100M -$1.700M -$1.990M
YoY Change -43.88% -14.57%

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dei Entity Registrant Name
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ORAGENICS INC
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dei Document Fiscal Year Focus
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dei Document Type
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10-Q
dei Document Period End Date
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>Organization</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Oragenics, Inc. (formerly known as Oragen, Inc.) (the &#x201C;Company&#x201D; or &#x201C;we&#x201D;) was incorporated in November 1996; however, operating activity did not commence until 1999. The Company is focused on the discovery, development and commercialization of a variety of technologies associated with broad spectrum antibiotics, oral health, and other general health benefits.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are anticipated milestone payments, stock based compensation, valuation of warrants, income tax valuation allowance, inventory obsolescence reserve, sales returns and allowances and the allowance for doubtful accounts.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentrations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company is dependent on key suppliers to provide probiotics, blending, warehousing and packaging of its EvoraPlus, EvoraKids, EvoraPro, and Teddy&#x2019;s Pride products. The Company had four key suppliers during the three and six months ended June&#xA0;30, 2014 and 2013. The majority of the Company&#x2019;s cost of sales are from these key suppliers during the three and six months ended June&#xA0;30, 2014 and 2013. Accounts payable and accrued expenses for these vendors totaled approximately $-0- and $146,284 as of June&#xA0;30, 2014 and December&#xA0;31, 2013, respectively.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash accounts in commercial banks, which may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. As of June&#xA0;30, 2014, the uninsured portion of this balance was $12,648,573. As of December&#xA0;31, 2013, the uninsured portion of this balance was $16,026,510.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Guaranteed Rights of Return</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company has granted guaranteed rights of return to two dental distributors. The Company defers recognition of revenue on these accounts until either the distributor provides notification to the Company that the product has been sold to the end consumer or the guaranteed right of return period expires. Once notification has been received and verified, the Company records revenue in that accounting period. The Company had $38,876 and $18,839 of revenue deferred under guaranteed rights of return arrangements included in deferred revenue in the balance sheets as of June&#xA0;30, 2014 and December&#xA0;31, 2013, respectively.</p> </div>
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ClassOfWarrantGrantedInPeriod
0 shares
ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
ogen Common Stock Issued During Period Par Value For Warrants Exercise
CommonStockIssuedDuringPeriodParValueForWarrantsExercise
135
ogen Number Of Dental Distributor With Guaranteed Rights Of Returns
NumberOfDentalDistributorWithGuaranteedRightsOfReturns
2 Customer
CY2014Q2 ogen Class Of Warrant Expired
ClassOfWarrantExpired
5000 shares
CY2014Q2 ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
10.00
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14900000
CY2013 ogen Class Of Warrant Exercised
ClassOfWarrantExercised
200000 shares
CY2013 ogen Class Of Warrant Exercised Weighted Average Exercise Price
ClassOfWarrantExercisedWeightedAverageExercisePrice
1.50
CY2013 ogen Class Of Warrant Expired
ClassOfWarrantExpired
288888 shares
CY2013 ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
19.87
CY2013 ogen Class Of Warrant Granted In Period
ClassOfWarrantGrantedInPeriod
0 shares
CY2013 ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13000000
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27502267 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.32
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
25000 shares
CY2013Q2 us-gaap Revenues
Revenues
167668
CY2013Q2 us-gaap Gross Profit
GrossProfit
81011
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2074035
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
5077
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
636969
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1233
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-2074035
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
86657
CY2013Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
78207
CY2013Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3000
CY2013Q2 us-gaap Interest Expense
InterestExpense
844
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
2156279
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1519310
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36145977 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.81
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000 shares
CY2014Q2 us-gaap Revenues
Revenues
303752
CY2014Q2 us-gaap Gross Profit
GrossProfit
178147
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1895519
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
-203
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
9680
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1902516
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6997
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-1895519
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
125605
CY2014Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
251176
CY2014Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1500
CY2014Q2 us-gaap Interest Expense
InterestExpense
980
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
903328
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
2080663
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1177335
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit

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