2014 Q2 Form 10-Q Financial Statement

#000117891314001274 Filed on April 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $810.0K $510.0K $510.0K
YoY Change 62.0% 0.0% 121.74%
% of Gross Profit
Research & Development $1.089M $674.0K $749.0K
YoY Change 30.36% -10.01% 5.4%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $1.089M $674.0K $749.0K
YoY Change 30.36% -10.01% 5.4%
Operating Profit -$1.903M -$1.186M -$1.260M
YoY Change 42.6% -5.86% 33.97%
Interest Expense $80.00K $70.00K $30.00K
YoY Change 0.0% 133.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.830M -$1.115M -$1.226M
YoY Change 45.66% -9.06% 24.41%
Income Tax
% Of Pretax Income
Net Earnings -$1.828M -$1.115M -$1.226M
YoY Change 45.49% -9.04% 24.41%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$185.0K -$121.6K -$170.6K
COMMON SHARES
Basic Shares Outstanding 9.943M shares 9.745M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.54M $23.35M $5.340M
YoY Change 267.38% 337.27% 78.0%
Cash & Equivalents $2.475M $3.253M $2.040M
Short-Term Investments $13.07M $20.10M $3.300M
Other Short-Term Assets $160.0K $270.0K $60.00K
YoY Change 100.0% 350.0% 100.0%
Inventory
Prepaid Expenses $36.41K
Receivables $439.8K
Other Receivables $267.1K $73.05K $99.53K
Total Short-Term Assets $15.97M $23.69M $5.939M
YoY Change 231.06% 298.81% 91.08%
LONG-TERM ASSETS
Property, Plant & Equipment $13.55K $12.16K $1.869K
YoY Change 136.42% 550.83% -76.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.510M $0.00 $10.00K
YoY Change 65000.0% -100.0% 0.0%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% -50.0%
Total Long-Term Assets $6.529M $23.06K $17.93K
YoY Change 28893.67% 28.61% -47.73%
TOTAL ASSETS
Total Short-Term Assets $15.97M $23.69M $5.939M
Total Long-Term Assets $6.529M $23.06K $17.93K
Total Assets $22.50M $23.71M $5.957M
YoY Change 364.23% 298.0% 89.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $450.0K $300.0K $420.0K
YoY Change 12.5% -28.57% -20.75%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $495.0K $349.8K $469.4K
YoY Change 10.99% -25.47% -19.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.00K $30.00K $240.0K
YoY Change -87.5% -87.5% 50.0%
Total Long-Term Liabilities $31.94K $32.42K $239.9K
YoY Change -86.75% -86.49% 48.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $495.0K $349.8K $469.4K
Total Long-Term Liabilities $31.94K $32.42K $239.9K
Total Liabilities $527.0K $382.2K $709.3K
YoY Change -23.3% -46.11% -4.68%
SHAREHOLDERS EQUITY
Retained Earnings -$26.19M -$24.36M -$20.08M
YoY Change 22.77% 21.35% 25.39%
Common Stock $47.69M $46.84M $25.08M
YoY Change 88.07% 86.78% 36.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.97M $23.33M $5.248M
YoY Change
Total Liabilities & Shareholders Equity $22.50M $23.71M $5.957M
YoY Change 364.23% 298.0% 89.57%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.828M -$1.115M -$1.226M
YoY Change 45.49% -9.04% 24.41%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$1.040M -$1.480M -$1.280M
YoY Change -0.95% 15.63% 113.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $110.0K -$13.12M -$2.200M
YoY Change 0.0% 496.36% -329.17%
Cash From Investing Activities $110.0K -$13.13M -$2.200M
YoY Change 0.0% 496.82% -329.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.0K 16.49M -10.00K
YoY Change -165000.0%
NET CHANGE
Cash From Operating Activities -1.040M -1.480M -1.280M
Cash From Investing Activities 110.0K -13.13M -2.200M
Cash From Financing Activities 150.0K 16.49M -10.00K
Net Change In Cash -780.0K 1.880M -3.490M
YoY Change -17.02% -153.87% -1069.44%
FREE CASH FLOW
Cash From Operating Activities -$1.040M -$1.480M -$1.280M
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$1.040M -$1.470M -$1.280M
YoY Change -0.95% 14.84% 113.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left; TEXT-INDENT: 0pt"> <!--StartFragment--> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: justify"> General:</div> </td> </tr> </table> </div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 72.85pt"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> &nbsp;</div> </td> <td style="WIDTH: 27pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> 1)</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: left"> Incorporation and operations</div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> Oramed Pharmaceuticals Inc. (the "Company") was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd ("Hadasit") to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. In subsequent periods, the Company entered into additional development agreements with Hadasit, the most recent of which was signed on September 11, 2011. See also note 2a.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd., which is engaged in research and development. Unless the context indicates otherwise, the term "Group" refers to Oramed Pharmaceuticals Inc. and its Israeli subsidiary, Oramed Ltd. (the "Subsidiary").</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt">&nbsp;</div> <div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr valign="top"> <td style="WIDTH: 72.85pt"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"> &nbsp;</div> </td> <td style="WIDTH: 27pt"> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"> 2)</div> </td> <td> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold; text-align: left"> Development and liquidity risks</div> </td> </tr> </table> </div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> The Company has been in the development stage since its formation and has not yet generated any revenues from its operations.<font style="FONT-WEIGHT: bold; DISPLAY: inline">&nbsp;</font> Continued operation of the Company is contingent upon obtaining sufficient funding until it becomes profitable.</div> <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br /> </div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> The Group is engaged in research and development in the biotechnology field and is considered a development stage company in accordance with ASC Topic 915 "Development Stage Entities", due to the fact that it has not generated any revenues from its operations.</div> <div style="DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; text-align: justify; TEXT-INDENT: 0pt"> &nbsp;</div> <div style="DISPLAY: block; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; MARGIN-LEFT: 99pt; MARGIN-RIGHT: -0.05pt; text-align: left; TEXT-INDENT: 0pt"> Successful completion of the Company&#39;s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the FDA prior to selling its products within the United States, and foreign regulatory approvals must be obtained to sell its products internationally. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company&#39;s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company cannot predict the outcome of these activities.</div> <!--EndFragment--></div> </div>
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us-gaap Stock Issued During Period Value Issued For Cash
StockIssuedDuringPeriodValueIssuedForCash
14887085 USD
CY2008 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
116110 USD
us-gaap Stock Issued During Period Shares Issued For Cash
StockIssuedDuringPeriodSharesIssuedForCash
1580000 shares
CY2009 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
152928 USD
CY2010 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
249850 USD
CY2011 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
227569 USD
CY2012 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
107860 USD
CY2013 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
244457 USD
CY2013 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
12 pure
us-gaap Stock Issued1
StockIssued1
USD
us-gaap Stock Issued1
StockIssued1
USD
us-gaap Stock Issued1
StockIssued1
77779 USD
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
239161 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
64400 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2122981 USD
CY2008 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5784800 USD
CY2011 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3694212 USD
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2944464 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1422592 USD
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
434876 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9127799 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7018766 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8531150 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7212767 shares

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0001178913-14-001274-index-headers.html Edgar Link pending
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0001178913-14-001274.txt Edgar Link pending
0001178913-14-001274-xbrl.zip Edgar Link pending
exhibit_31-1.htm Edgar Link pending
exhibit_31-2.htm Edgar Link pending
exhibit_32-1.htm Edgar Link pending
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ormp-20140228.xml Edgar Link completed
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ormp-20140228_lab.xml Edgar Link unprocessable
ormp-20140228_pre.xml Edgar Link unprocessable
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