$PALI
PALISADE BIO, INC.

2013 Q3 Form 10-Q Financial Statement

#000114420413060498 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $2.500K $170.8K
YoY Change -98.54% 70.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.710M $1.280M
YoY Change 33.59% 12.28%
% of Gross Profit
Research & Development $1.847M $1.385M
YoY Change 33.34% -34.65%
% of Gross Profit
Depreciation & Amortization $80.00K $80.00K
YoY Change 0.0% 33.33%
% of Gross Profit
Operating Expenses $3.636M $2.754M
YoY Change 32.04% -17.3%
Operating Profit -$3.634M -$2.583M
YoY Change 40.68%
Interest Expense $448.9K $335.00
YoY Change 133912.84% -96.65%
% of Operating Profit
Other Income/Expense, Net -$3.053M $5.768K
YoY Change -53029.46%
Pretax Income -$6.690M -$2.580M
YoY Change 159.3% -19.63%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.687M -$2.577M
YoY Change 159.45% -19.71%
Net Earnings / Revenue -267478.28% -1508.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$133.8M -$64.50M
COMMON SHARES
Basic Shares Outstanding 71.65M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.40M $9.870M
YoY Change 66.16% 135.0%
Cash & Equivalents $16.40M $9.873M
Short-Term Investments
Other Short-Term Assets $920.0K $290.0K
YoY Change 217.24% -55.38%
Inventory
Prepaid Expenses $344.0K
Receivables $7.500K
Other Receivables $0.00
Total Short-Term Assets $17.33M $10.16M
YoY Change 70.56% 109.48%
LONG-TERM ASSETS
Property, Plant & Equipment $253.6K $250.0K
YoY Change 1.42% -19.35%
Goodwill
YoY Change
Intangibles $1.048M
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.86K $60.00K
YoY Change 8.1% -14.29%
Total Long-Term Assets $1.837M $1.080M
YoY Change 70.1% 3.85%
TOTAL ASSETS
Total Short-Term Assets $17.33M $10.16M
Total Long-Term Assets $1.837M $1.080M
Total Assets $19.17M $11.24M
YoY Change 70.51% 90.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.210M $1.500M
YoY Change -19.33% 7.91%
Accrued Expenses $460.0K $480.0K
YoY Change -4.17% -11.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.986M
YoY Change
Total Short-Term Liabilities $5.148M $2.120M
YoY Change 142.82% 6.53%
LONG-TERM LIABILITIES
Long-Term Debt $5.661M $0.00
YoY Change
Other Long-Term Liabilities $90.00K $20.00K
YoY Change 350.0%
Total Long-Term Liabilities $5.661M $20.00K
YoY Change 28206.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.148M $2.120M
Total Long-Term Liabilities $5.661M $20.00K
Total Liabilities $10.90M $2.140M
YoY Change 409.29% 7.54%
SHAREHOLDERS EQUITY
Retained Earnings -$125.1M
YoY Change
Common Stock $766.6K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.267M $9.100M
YoY Change
Total Liabilities & Shareholders Equity $19.17M $11.24M
YoY Change 70.51% 90.83%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$6.687M -$2.577M
YoY Change 159.45% -19.71%
Depreciation, Depletion And Amortization $80.00K $80.00K
YoY Change 0.0% 33.33%
Cash From Operating Activities -$2.250M -$1.420M
YoY Change 58.45% -21.55%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$40.00K
YoY Change 400.0% -69.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$200.0K -$40.00K
YoY Change 400.0% -69.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.680M 8.790M
YoY Change -12.63%
NET CHANGE
Cash From Operating Activities -2.250M -1.420M
Cash From Investing Activities -200.0K -40.00K
Cash From Financing Activities 7.680M 8.790M
Net Change In Cash 5.230M 7.330M
YoY Change -28.65% -477.84%
FREE CASH FLOW
Cash From Operating Activities -$2.250M -$1.420M
Capital Expenditures -$200.0K -$40.00K
Free Cash Flow -$2.050M -$1.380M
YoY Change 48.55% -17.86%

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us-gaap Use Of Estimates
UseOfEstimates
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND: transparent; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"> <u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Use of Estimates</font></u></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of financial statements in accordance 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 and the reported amounts of revenues and expenses during the reporting period. The condensed financial statements include significant estimates for the value and expected economic life of our licensed technology, our net operating loss for tax purposes, the fair value of our derivative instruments and our share-based compensation related to employees and directors, consultants and investment banks, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35200000 shares
cur Policy For Maximum Maturity Days Of Investments Considered As Cash Equivalents
PolicyForMaximumMaturityDaysOfInvestmentsConsideredAsCashEquivalents
P90D
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36100000 shares
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35200000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1502579 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16289866 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12364648 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
16289866 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.98
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.12
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1007453 USD
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
486700 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14787287 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.90
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.17
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.90
CY2012Q4 cur Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms
P6Y1M6D
CY2013Q3 cur Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms
P5Y8M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1926000 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
17479303 USD
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
10865493 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
17479303 USD
CY2013Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
16289866 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2013Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
32000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.69
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.82
CY2012Q1 cur Shares Issued Direct Placement
SharesIssuedDirectPlacement
5200000 shares
CY2012Q1 us-gaap Share Price
SharePrice
1.00
CY2012Q1 cur Warrants Issued During Period
WarrantsIssuedDuringPeriod
5200000 shares
CY2012Q1 cur Class Of Warrant Or Right Exercise Price Of Warrants Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsIssued
1.02
CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5200000 USD
CY2012Q1 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
4877000 USD
CY2012Q3 cur Common Stock In Public Offering
CommonStockInPublicOffering
6900000 shares
CY2012Q3 us-gaap Share Price
SharePrice
0.40
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2760000 USD
CY2012Q3 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
2441000 USD
CY2012Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
300000 shares
CY2012Q3 cur Class Of Warrant Or Right Exercise Price Of Warrants Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsIssued
0.50
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7000000 USD
CY2012Q3 us-gaap Share Price
SharePrice
1.00
CY2012Q3 cur Shares Issued Direct Placement
SharesIssuedDirectPlacement
7000000 shares
CY2012Q3 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
6368000 USD
CY2012Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
350000 shares
CY2012Q3 cur Class Of Warrant Or Right Exercise Price Of Warrants Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsIssued
1.25
CY2012Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
25000 shares
CY2012Q4 cur Stock Issued During Period Share From Warrants Exercised
StockIssuedDuringPeriodShareFromWarrantsExercised
200000 shares
CY2012Q4 us-gaap Share Price
SharePrice
1.02
CY2012Q4 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
204000 USD
CY2013Q1 cur Stock Issued During Period Share From Warrants Exercised
StockIssuedDuringPeriodShareFromWarrantsExercised
258000 shares
CY2013Q1 us-gaap Share Price
SharePrice
1.25
CY2013Q1 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
323000 USD
CY2013Q1 cur Class Of Warrant Or Right Exercise Price Of Warrants Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsIssued
1.25
CY2013Q1 cur Warrants Issued During Period
WarrantsIssuedDuringPeriod
258000 shares
CY2013Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
1.25
CY2013Q1 cur Warrants Expiration Date
WarrantsExpirationDate
2020-03-31
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
350650 shares
CY2013Q1 cur Stock Issued During Period Share From Warrants In Conjunction With Debt Transaction
StockIssuedDuringPeriodShareFromWarrantsInConjunctionWithDebtTransaction
1297607 shares
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-06-30
CY2012Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityCurrentAndNoncurrent
0 USD
cur Fair Value Adjustment Of Stock Option
FairValueAdjustmentOfStockOption
74602 USD
CY2013Q3 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityCurrentAndNoncurrent
109602 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2065000 USD
cur Compensation Expenses Unvested Stock Option Term Period
CompensationExpensesUnvestedStockOptionTermPeriod
P1Y10M24D
us-gaap Restricted Stock Expense
RestrictedStockExpense
69000 USD
cur Compensation Expenses Unvested Restricted Stock Term Period
CompensationExpensesUnvestedRestrictedStockTermPeriod
P4M24D
CY2013Q3 cur Derivative And Stock Option Carry Amount Liability Current And Noncurrent
DerivativeAndStockOptionCarryAmountLiabilityCurrentAndNoncurrent
1421482 USD
cur Issuance Date Fair Value Of Contingent Stock Options
IssuanceDateFairValueOfContingentStockOptions
35000 USD

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