$OGEN
ORAGENICS INC

2015 Q3 Form 10-Q Financial Statement

#000119312515283215 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $329.8K $242.0K $303.8K
YoY Change 64.07% -20.32% 81.16%
Cost Of Revenue $0.00 $0.00 $125.6K
YoY Change -100.0% -100.0% 44.95%
Gross Profit $0.00 $0.00 $178.1K
YoY Change -100.0% -100.0% 119.9%
Gross Profit Margin 0.0% 0.0% 58.65%
Selling, General & Admin $853.9K $732.3K $1.177M
YoY Change 51.11% -37.8% -22.51%
% of Gross Profit 660.88%
Research & Development $1.104M $5.612M $903.3K
YoY Change 84.92% 521.25% 41.82%
% of Gross Profit 507.07%
Depreciation & Amortization $20.00K $20.00K $0.00
YoY Change 100.0% -100.0%
% of Gross Profit 0.0%
Operating Expenses $1.866M $6.344M $2.081M
YoY Change 60.56% 204.91% -3.51%
Operating Profit -$1.866M -$6.344M -$1.903M
YoY Change 80.31% 233.46% -8.32%
Interest Expense $39.56K $10.03K $980.00
YoY Change 2931.72% 923.57% 16.11%
% of Operating Profit
Other Income/Expense, Net -$34.16K -$5.176K $6.997K
YoY Change -743.92% -173.97% 467.48%
Pretax Income -$1.900M -$6.349M -$1.896M
YoY Change 84.56% 234.97% -8.61%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.864M -$6.335M -$1.896M
YoY Change 81.02% 234.23% -8.61%
Net Earnings / Revenue -565.1% -2617.55% -624.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$511.0K -$1.742M -$526.3K
COMMON SHARES
Basic Shares Outstanding 36.48M shares 36.38M shares 36.13M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.740M $8.040M $12.90M
YoY Change -42.69% -37.67% 102.51%
Cash & Equivalents $6.739M $8.044M $12.90M
Short-Term Investments
Other Short-Term Assets $170.0K $90.00K $140.0K
YoY Change -22.73% -35.71% -53.33%
Inventory $299.3K $364.1K $239.0K
Prepaid Expenses
Receivables $19.37K $26.80K $22.83K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.231M $8.525M $13.30M
YoY Change -41.1% -35.93% 89.46%
LONG-TERM ASSETS
Property, Plant & Equipment $159.3K $170.7K $31.88K
YoY Change 505.65% 435.59% -34.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $159.3K $170.7K $31.88K
YoY Change 505.65% 435.59% -34.76%
TOTAL ASSETS
Total Short-Term Assets $7.231M $8.525M $13.30M
Total Long-Term Assets $159.3K $170.7K $31.88K
Total Assets $7.390M $8.695M $13.34M
YoY Change -39.93% -34.8% 88.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $760.0K $550.0K $700.0K
YoY Change 26.67% -21.43% -42.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $5.110M $5.030M $40.00K
YoY Change 4545.45% 12475.0% -71.43%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.887M $5.601M $777.9K
YoY Change 696.03% 620.09% -43.95%
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 $5.887M $5.601M $777.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.890M $5.600M $780.0K
YoY Change 695.95% 617.95% -43.88%
SHAREHOLDERS EQUITY
Retained Earnings -$85.44M -$83.57M -$73.69M
YoY Change 14.34% 13.41% 27.6%
Common Stock $86.94M $86.67M $86.25M
YoY Change 0.76% 0.48% 313378.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.503M $3.094M $12.56M
YoY Change
Total Liabilities & Shareholders Equity $7.390M $8.695M $13.34M
YoY Change -39.93% -34.8% 88.6%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.864M -$6.335M -$1.896M
YoY Change 81.02% 234.23% -8.61%
Depreciation, Depletion And Amortization $20.00K $20.00K $0.00
YoY Change 100.0% -100.0%
Cash From Operating Activities -$1.270M -$940.0K -$1.700M
YoY Change 15.45% -44.71% -15.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$20.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$10.00K -$20.00K $0.00
YoY Change -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 -50.00K
YoY Change 0.0% 0.0% -350.0%
NET CHANGE
Cash From Operating Activities -1.270M -940.0K -1.700M
Cash From Investing Activities -10.00K -20.00K 0.000
Cash From Financing Activities -30.00K -50.00K -50.00K
Net Change In Cash -1.310M -1.010M -1.750M
YoY Change 15.93% -42.29% -12.06%
FREE CASH FLOW
Cash From Operating Activities -$1.270M -$940.0K -$1.700M
Capital Expenditures -$10.00K -$20.00K $0.00
Free Cash Flow -$1.260M -$920.0K -$1.700M
YoY Change 14.55% -45.88% -14.57%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Organization</b></p> <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. 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>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 $17,855 and $21,222 of revenue deferred under guaranteed rights of return arrangements included in deferred revenue in the balance sheets as of June&#xA0;30, 2015 and December&#xA0;31, 2014, respectively.</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, EvoraPet, and Teddy&#x2019;s Pride products. The Company had four key suppliers during the three and six months ended June&#xA0;30, 2015. The majority of the Company&#x2019;s cost of revenues is from these key suppliers during the three and six months ended June&#xA0;30, 2015 and 2014. Accounts payable and accrued expenses for these vendors totaled approximately $60,643 and $189,120 as of June&#xA0;30, 2015 and December&#xA0;31, 2014, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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, 2015, the uninsured portion of this balance was $7,793,503. As of December&#xA0;31, 2014, the uninsured portion of this balance was $10,198,921.</p> </div>
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ORAGENICS INC
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2 Customer
ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
2.00
ogen Technology Access Fee Paid In Convertible Note Payable To Shareholder
TechnologyAccessFeePaidInConvertibleNotePayableToShareholder
5000000
ogen Par Value Of Restricted Shares Issued
ParValueOfRestrictedSharesIssued
200
CY2013 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3900000
CY2013 ogen Proceeds From Issuance Of Public Placement
ProceedsFromIssuanceOfPublicPlacement
9904996
CY2014 ogen Class Of Warrant Expired
ClassOfWarrantExpired
5000 shares
CY2014 ogen Class Of Warrant Granted In Period
ClassOfWarrantGrantedInPeriod
0 shares
CY2014 ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
CY2014 ogen Class Of Warrant Exercised
ClassOfWarrantExercised
210000 shares
CY2014 ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
10.00
CY2014 ogen Class Of Warrant Exercised Weighted Average Exercise Price
ClassOfWarrantExercisedWeightedAverageExercisePrice
1.50
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 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 Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36145977 shares
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-1895519
CY2014Q2 us-gaap Revenues
Revenues
303752
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1902516
CY2014Q2 us-gaap Gross Profit
GrossProfit
178147
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-203
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6997
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1895519
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
9680
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
2080663
CY2014Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
251176
CY2014Q2 us-gaap Interest Expense
InterestExpense
980
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
903328
CY2014Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1500
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1177335
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
125605
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.77
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36378944 shares
us-gaap Net Income Loss
NetIncomeLoss
-6335471
us-gaap Revenues
Revenues
242038
us-gaap Operating Income Loss
OperatingIncomeLoss
-6330295
us-gaap Gross Profit
GrossProfit
155256
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5176
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6335471
us-gaap Investment Income Interest
InvestmentIncomeInterest
5755
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Operating Expenses
OperatingExpenses
6485551
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
274140
us-gaap Interest Expense
InterestExpense
10031
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5611921
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
900
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
873630
us-gaap Cost Of Goods Sold
CostOfGoodsSold
86782

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