$OGEN
ORAGENICS INC

2016 Q3 Form 10-Q Financial Statement

#000119312516681886 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $0.00 $0.00 $242.0K
YoY Change -100.0% -100.0% -20.32%
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Gross Profit $0.00 $0.00 $0.00
YoY Change -100.0%
Gross Profit Margin 0.0%
Selling, General & Admin $1.100M $920.7K $732.3K
YoY Change 28.82% 25.73% -37.8%
% of Gross Profit
Research & Development $924.8K $792.7K $5.612M
YoY Change -16.23% -85.87% 521.25%
% of Gross Profit
Depreciation & Amortization $20.00K $20.00K $20.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.027M $1.733M $6.344M
YoY Change 8.61% -72.68% 204.91%
Operating Profit -$2.027M -$1.733M -$6.344M
YoY Change 8.61% -72.68% 233.46%
Interest Expense $1.291K $885.00 $10.03K
YoY Change -96.74% -91.18% 923.57%
% of Operating Profit
Other Income/Expense, Net $21.10K -$280.00 -$5.176K
YoY Change -161.76% -94.59% -173.97%
Pretax Income -$2.006M -$1.734M -$6.349M
YoY Change 5.55% -72.7% 234.97%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.963M -$312.6K -$6.335M
YoY Change 5.33% -95.07% 234.23%
Net Earnings / Revenue -2617.55%
Basic Earnings Per Share
Diluted Earnings Per Share -$399.2K -$77.31K -$1.742M
COMMON SHARES
Basic Shares Outstanding 49.11M shares 40.06M shares 36.38M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.120M $5.460M $8.040M
YoY Change -24.04% -32.09% -37.67%
Cash & Equivalents $5.117M $5.457M $8.044M
Short-Term Investments
Other Short-Term Assets $170.0K $120.0K $90.00K
YoY Change 0.0% 33.33% -35.71%
Inventory $0.00 $0.00 $364.1K
Prepaid Expenses
Receivables $26.80K
Other Receivables $0.00
Total Short-Term Assets $5.288M $6.033M $8.525M
YoY Change -26.86% -29.23% -35.93%
LONG-TERM ASSETS
Property, Plant & Equipment $107.1K $104.2K $170.7K
YoY Change -32.75% -38.97% 435.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $107.1K $104.2K $170.7K
YoY Change -32.75% -38.97% 435.59%
TOTAL ASSETS
Total Short-Term Assets $5.288M $6.033M $8.525M
Total Long-Term Assets $107.1K $104.2K $170.7K
Total Assets $5.396M $6.137M $8.695M
YoY Change -26.99% -29.42% -34.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $790.0K $690.0K $550.0K
YoY Change 3.95% 25.45% -21.43%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $110.0K $30.00K $5.030M
YoY Change -97.85% -99.4% 12475.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $909.3K $897.8K $5.601M
YoY Change -84.55% -83.97% 620.09%
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 $909.3K $897.8K $5.601M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $910.0K $900.0K $5.600M
YoY Change -84.55% -83.93% 617.95%
SHAREHOLDERS EQUITY
Retained Earnings -$91.99M -$90.03M -$83.57M
YoY Change 7.68% 7.73% 13.41%
Common Stock $97.50M $97.27M $86.67M
YoY Change 12.14% 12.23% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.486M $5.239M $3.094M
YoY Change
Total Liabilities & Shareholders Equity $5.396M $6.137M $8.695M
YoY Change -26.99% -29.42% -34.8%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.963M -$312.6K -$6.335M
YoY Change 5.33% -95.07% 234.23%
Depreciation, Depletion And Amortization $20.00K $20.00K $20.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$1.710M -$1.760M -$940.0K
YoY Change 34.65% 87.23% -44.71%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 -$20.00K
YoY Change 200.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $450.0K $1.250M
YoY Change
Cash From Investing Activities $430.0K $1.250M -$20.00K
YoY Change -4400.0% -6350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 950.0K 2.590M -50.00K
YoY Change -3266.67% -5280.0% 0.0%
NET CHANGE
Cash From Operating Activities -1.710M -1.760M -940.0K
Cash From Investing Activities 430.0K 1.250M -20.00K
Cash From Financing Activities 950.0K 2.590M -50.00K
Net Change In Cash -330.0K 2.080M -1.010M
YoY Change -74.81% -305.94% -42.29%
FREE CASH FLOW
Cash From Operating Activities -$1.710M -$1.760M -$940.0K
Capital Expenditures -$30.00K $0.00 -$20.00K
Free Cash Flow -$1.680M -$1.760M -$920.0K
YoY Change 33.33% 91.3% -45.88%

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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"> In June of 2016, the Company sold its consumer probiotics business (See Note 8). As such the Company is no longer dependent on key suppliers to continue to operate the consumer probiotics business.</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, 2016, the uninsured portion of this balance was $5,207,444. As of December&#xA0;31, 2015, the uninsured portion of this balance was $4,833,355.</p> </div>
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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 a leader in novel antibiotics against infectious disease and on developing effective treatments for oral mucositis.</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 US&#xA0;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, and income tax valuation allowance. Inventory obsolescence reserve, sales returns and allowances and the allowance for doubtful accounts were the principal areas of estimation that had been reflected in the financial statements related to discontinued operations.</p> </div>
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1753952
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
256667 shares
dei Trading Symbol
TradingSymbol
OGEN
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2053975
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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"> In June of 2016, the Company sold its consumer probiotics business (See Note 8). The Company had granted guaranteed rights of return to two dental distributors in connection with its consumer probiotics business. The Company deferred recognition of revenue on these accounts until either the distributor provided notification to the Company that the product had been sold to the end consumer or the guaranteed right of return period expired. Once notification was received and verified, the Company recorded revenue in that accounting period. As a result of the sale of the consumer probiotics business (See Note 8), no amounts are shown for deferred revenue as of June&#xA0;30, 2016. The Company had $-0- and $14,215 of revenue deferred under guaranteed rights of return arrangements included in current liabilities of discontinued operations in the balance sheets as of June&#xA0;30, 2016 and December&#xA0;31, 2015, respectively.</p> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
700000 shares
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-77969
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.72
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
373333 shares
us-gaap Share Based Compensation
ShareBasedCompensation
159566
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40010518 shares
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3807560
ogen Class Of Warrant Granted In Period
ClassOfWarrantGrantedInPeriod
0 shares
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-6335471
ogen Number Of Dental Distributor With Guaranteed Rights Of Returns
NumberOfDentalDistributorWithGuaranteedRightsOfReturns
2 Customer
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6349399
ogen Cash And Cash Equivalents Period Increase Decrease Discontinuing Operations
CashAndCashEquivalentsPeriodIncreaseDecreaseDiscontinuingOperations
101749
ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
ogen Par Value Of Restricted Shares Issued
ParValueOfRestrictedSharesIssued
230
ogen Par Value Of Restricted Shares Forfeited
ParValueOfRestrictedSharesForfeited
20
ogen Notes Issued For Stock
NotesIssuedForStock
2000000
CY2015 ogen Class Of Warrant Granted In Period
ClassOfWarrantGrantedInPeriod
0 shares
CY2015 ogen Class Of Warrant Expired Weighted Average Exercise Price
ClassOfWarrantExpiredWeightedAverageExercisePrice
2.00
CY2015 ogen Class Of Warrant Exercised Weighted Average Exercise Price
ClassOfWarrantExercisedWeightedAverageExercisePrice
1.50
CY2015 ogen Class Of Warrant Granted In Period Weighted Average Exercise Price
ClassOfWarrantGrantedInPeriodWeightedAverageExercisePrice
0
CY2015 ogen Class Of Warrant Expired
ClassOfWarrantExpired
2170925 shares
CY2015 ogen Class Of Warrant Exercised
ClassOfWarrantExercised
185585 shares
CY2015Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
274140
CY2015Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
0
CY2015Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
13928
CY2015Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
900
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
228110
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
242038
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5176
CY2015Q2 us-gaap Gross Profit
GrossProfit
0
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
13928
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
6344223
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.77
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36378944 shares
CY2015Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-6349399
CY2016Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
37804
CY2016Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2016Q2 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
1453744
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
0
CY2015Q2 us-gaap Interest Expense
InterestExpense
10031
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6344223
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
5755
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.17
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
732302
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5611921
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000 shares
CY2016Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
-32797
CY2016Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1200
CY2016Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
223593
CY2016Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
190796
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-280
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
373
CY2016Q2 us-gaap Gross Profit
GrossProfit
0
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1420947
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
1733282
CY2016Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.04
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-312615
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1733562
CY2016Q2 us-gaap Interest Expense
InterestExpense
885
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1733282
CY2016Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1432
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.04
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
920717
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
812565
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
300000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.58
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40065793 shares
CY2016Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1733562

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