$OGEN
ORAGENICS INC

2015 Q2 Form 10-Q Financial Statement

#000119312515179809 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $242.0K $363.8K $214.7K
YoY Change -20.32% 69.47% 21.68%
Cost Of Revenue $0.00 $168.0K $79.76K
YoY Change -100.0% 110.63% 24.72%
Gross Profit $0.00 $195.8K $134.9K
YoY Change -100.0% 45.13% 19.96%
Gross Profit Margin 0.0% 53.82% 62.84%
Selling, General & Admin $732.3K $815.5K $767.4K
YoY Change -37.8% 6.26% -30.44%
% of Gross Profit 416.53% 568.86%
Research & Development $5.612M $676.6K $1.016M
YoY Change 521.25% -33.44% 36.37%
% of Gross Profit 345.59% 753.49%
Depreciation & Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% -50.0%
% of Gross Profit 5.11% 7.41%
Operating Expenses $6.344M $1.375M $1.784M
YoY Change 204.91% -22.93% -3.5%
Operating Profit -$6.344M -$1.296M -$1.649M
YoY Change 233.46% -21.39% -5.02%
Interest Expense $10.03K $606.00 $571.00
YoY Change 923.57% 6.13% -39.83%
% of Operating Profit
Other Income/Expense, Net -$5.176K $3.506K $8.074K
YoY Change -173.97% -56.58% -94.48%
Pretax Income -$6.349M -$1.293M -$1.641M
YoY Change 234.97% -21.21% 3.2%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.335M -$1.293M -$1.641M
YoY Change 234.23% -21.21% 3.2%
Net Earnings / Revenue -2617.55% -355.38% -764.41%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.742M -$355.4K -$454.3K
COMMON SHARES
Basic Shares Outstanding 36.38M shares 36.18M shares 36.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.040M $9.050M $14.64M
YoY Change -37.67% -38.18% 75.33%
Cash & Equivalents $8.044M $9.053M $14.64M
Short-Term Investments
Other Short-Term Assets $90.00K $130.0K $150.0K
YoY Change -35.71% -13.33% -37.5%
Inventory $364.1K $377.0K $265.9K
Prepaid Expenses
Receivables $26.80K $29.56K $42.88K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.525M $9.594M $15.10M
YoY Change -35.93% -36.47% 72.4%
LONG-TERM ASSETS
Property, Plant & Equipment $170.7K $167.7K $39.32K
YoY Change 435.59% 326.45% -34.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $170.7K $167.7K $39.32K
YoY Change 435.59% 326.45% -34.48%
TOTAL ASSETS
Total Short-Term Assets $8.525M $9.594M $15.10M
Total Long-Term Assets $170.7K $167.7K $39.32K
Total Assets $8.695M $9.761M $15.14M
YoY Change -34.8% -35.53% 71.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $550.0K $510.0K $810.0K
YoY Change -21.43% -37.04% -25.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $5.030M $80.00K $80.00K
YoY Change 12475.0% 0.0% 14.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.601M $606.0K $938.1K
YoY Change 620.09% -35.4% -19.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.601M $606.0K $938.1K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.600M $610.0K $940.0K
YoY Change 617.95% -35.11% -19.66%
SHAREHOLDERS EQUITY
Retained Earnings -$83.57M -$77.24M -$71.80M
YoY Change 13.41% 7.58%
Common Stock $86.67M $86.39M $86.00M
YoY Change 0.48% 0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.094M $9.156M $14.20M
YoY Change
Total Liabilities & Shareholders Equity $8.695M $9.761M $15.14M
YoY Change -34.8% -35.53% 71.67%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$6.335M -$1.293M -$1.641M
YoY Change 234.23% -21.21% 3.2%
Depreciation, Depletion And Amortization $20.00K $10.00K $10.00K
YoY Change 0.0% -50.0%
Cash From Operating Activities -$940.0K -$1.290M -$1.580M
YoY Change -44.71% -18.35% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $72.24K $18.89K
YoY Change 282.43%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$70.00K -$20.00K
YoY Change 250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -30.00K -30.00K
YoY Change 0.0% 0.0% -400.0%
NET CHANGE
Cash From Operating Activities -940.0K -1.290M -1.580M
Cash From Investing Activities -20.00K -70.00K -20.00K
Cash From Financing Activities -50.00K -30.00K -30.00K
Net Change In Cash -1.010M -1.390M -1.630M
YoY Change -42.29% -14.72% 3.82%
FREE CASH FLOW
Cash From Operating Activities -$940.0K -$1.290M -$1.580M
Capital Expenditures -$20.00K $72.24K $18.89K
Free Cash Flow -$920.0K -$1.362M -$1.599M
YoY Change -45.88% -14.8%

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CY2015Q1 us-gaap Revenue Recognition Deferred Revenue
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Guaranteed Rights of Return</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 $17,276 and $21,222 of revenue deferred under guaranteed rights of return arrangements included in deferred revenue in the balance sheets as of March&#xA0;31, 2015 and December&#xA0;31, 2014, respectively.</p> </div>
CY2015Q1 dei Document Type
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10-Q
CY2015Q1 dei Entity Registrant Name
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ORAGENICS INC
CY2015Q1 dei Trading Symbol
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OGEN
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Organization</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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. We are focused on becoming the world leader in novel antibiotics against infectious disease. We also develop, market and sell proprietary probiotics specifically designed to enhance oral health for humans and pets.</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 U.S. 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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CY2015Q1 dei Entity Central Index Key
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0001174940
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CY2015Q1 dei Document Fiscal Period Focus
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CY2015Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Concentrations</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company is dependent on key suppliers to provide probiotics, blending, warehousing and packaging of its EvoraPlus, EvoraKids, EvoraPro, EvoraPet, and Teddy&#x2019;s Pride products. The Company had four key suppliers during the three months ended March&#xA0;31, 2015. The majority of the Company&#x2019;s cost of revenues is from these key suppliers during the three months ended March&#xA0;31, 2015 and 2014. Accounts payable and accrued expenses for these vendors totaled approximately $-0- and $189,120 as of March&#xA0;31, 2015 and December&#xA0;31, 2014, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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 March&#xA0;31, 2015, the uninsured portion of this balance was $8,803,091. As of December&#xA0;31, 2014, the uninsured portion of this balance was $10,198,921.</p> </div>
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CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
72237
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-1292777
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
6616
CY2015Q1 us-gaap Interest Paid
InterestPaid
606
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13953
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-3946
CY2015Q1 us-gaap Interest Expense
InterestExpense
606
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
1492060
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
676595
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
815465
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1395453
CY2015Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
112140
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
167997
CY2015Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13872
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-34845
CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-34845
CY2015Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2000
CY2015Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
66000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-72237
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-200892
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
46140
CY2015Q1 ogen Class Of Warrant Granted In Period
ClassOfWarrantGrantedInPeriod
0 shares
CY2015Q1 ogen Number Of Dental Distributor With Guaranteed Rights Of Returns
NumberOfDentalDistributorWithGuaranteedRightsOfReturns
2 Customer
CY2015Q1 ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
2.00
CY2015Q1 ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
CY2015Q1 ogen Par Value Of Restricted Shares Issued
ParValueOfRestrictedSharesIssued
200

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