$PALI
PALISADE BIO, INC.

2015 Q3 Form 10-Q Financial Statement

#000114420415047543 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $2.500K $2.500K $5.000K
YoY Change -50.0% -50.0% 100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.810M $1.680M $1.520M
YoY Change -8.12% 10.53% 18.75%
% of Gross Profit
Research & Development $3.392M $3.313M $2.000M
YoY Change 60.77% 65.65% 4.91%
% of Gross Profit
Depreciation & Amortization $90.00K $90.00K $90.00K
YoY Change 12.5% 0.0% 80.0%
% of Gross Profit
Operating Expenses $5.200M $4.997M $3.516M
YoY Change 26.47% 42.12% 8.59%
Operating Profit -$5.198M -$4.995M -$3.511M
YoY Change 26.56% 42.25% 8.52%
Interest Expense $464.2K $459.1K $397.6K
YoY Change 28.37% 15.46% -9.48%
% of Operating Profit
Other Income/Expense, Net -$440.0K -$453.3K -$3.240M
YoY Change 26.27% -86.01% 7.43%
Pretax Income -$5.640M -$5.450M -$6.750M
YoY Change 26.46% -19.26% 8.0%
Income Tax
% Of Pretax Income
Net Earnings -$5.638M -$5.448M -$6.751M
YoY Change 26.54% -19.3% 7.99%
Net Earnings / Revenue -225502.72% -217921.48% -135025.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$94.00M -$90.83M -$112.5M
COMMON SHARES
Basic Shares Outstanding 91.79M shares 90.34M shares 86.76M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.15M $23.68M $30.23M
YoY Change -32.65% -21.67% 170.64%
Cash & Equivalents $13.13M $8.649M $15.23M
Short-Term Investments $5.020M $15.03M $15.00M
Other Short-Term Assets $1.400M $1.020M $590.0K
YoY Change 86.67% 72.88% -27.16%
Inventory
Prepaid Expenses $1.289M $904.2K $196.2K
Receivables $19.16K $18.82K $24.47K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.56M $24.73M $30.84M
YoY Change -29.46% -19.83% 157.64%
LONG-TERM ASSETS
Property, Plant & Equipment $335.9K $343.0K $310.1K
YoY Change 11.48% 10.62% 63.34%
Goodwill
YoY Change
Intangibles $1.147M $1.205M $1.247M
YoY Change -7.9% -3.37% 26.66%
Long-Term Investments
YoY Change
Other Assets $72.16K $57.26K $58.86K
YoY Change 25.02% -2.72% -1.19%
Total Long-Term Assets $1.578M $1.647M $1.786M
YoY Change -7.66% -7.82% -2.23%
TOTAL ASSETS
Total Short-Term Assets $19.56M $24.73M $30.84M
Total Long-Term Assets $1.578M $1.647M $1.786M
Total Assets $21.14M $26.37M $32.63M
YoY Change -28.2% -19.17% 136.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.040M $2.100M $2.030M
YoY Change -16.39% 3.45% 150.62%
Accrued Expenses $770.0K $490.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.458M $3.170M $2.952M
YoY Change 45.75% 7.37% 138.93%
Total Short-Term Liabilities $7.470M $5.910M $4.991M
YoY Change 30.94% 18.4% 66.03%
LONG-TERM LIABILITIES
Long-Term Debt $4.625M $5.812M $3.416M
YoY Change 77.12% 70.15% -46.32%
Other Long-Term Liabilities $140.0K $110.0K $190.0K
YoY Change -36.36% -42.11% 216.67%
Total Long-Term Liabilities $4.625M $5.812M $3.416M
YoY Change 77.12% 70.15% -46.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.470M $5.910M $4.991M
Total Long-Term Liabilities $4.625M $5.812M $3.416M
Total Liabilities $12.24M $11.83M $8.600M
YoY Change 43.32% 37.59% -8.76%
SHAREHOLDERS EQUITY
Retained Earnings -$167.2M -$141.1M
YoY Change 14.87% 19.13%
Common Stock $917.9K $903.6K $868.4K
YoY Change 5.31% 4.06% 22.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.903M $14.54M $24.03M
YoY Change
Total Liabilities & Shareholders Equity $21.14M $26.37M $32.63M
YoY Change -28.2% -19.18% 136.47%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$5.638M -$5.448M -$6.751M
YoY Change 26.54% -19.3% 7.99%
Depreciation, Depletion And Amortization $90.00K $90.00K $90.00K
YoY Change 12.5% 0.0% 80.0%
Cash From Operating Activities -$5.510M -$4.800M -$2.410M
YoY Change 77.17% 99.17% -28.27%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$100.0K -$170.0K
YoY Change -77.78% -41.18% 21.43%
Acquisitions
YoY Change
Other Investing Activities $10.01M $0.00 $0.00
YoY Change -100200.0%
Cash From Investing Activities $9.990M -$90.00K -$170.0K
YoY Change -10090.0% -47.06% 21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -40.00K -530.0K
YoY Change -100.0% -92.45% -126.5%
NET CHANGE
Cash From Operating Activities -5.510M -4.800M -2.410M
Cash From Investing Activities 9.990M -90.00K -170.0K
Cash From Financing Activities 0.000 -40.00K -530.0K
Net Change In Cash 4.480M -4.930M -3.110M
YoY Change -235.76% 58.52% 107.33%
FREE CASH FLOW
Cash From Operating Activities -$5.510M -$4.800M -$2.410M
Capital Expenditures -$20.00K -$100.0K -$170.0K
Free Cash Flow -$5.490M -$4.700M -$2.240M
YoY Change 81.79% 109.82% -30.43%

Facts In Submission

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232611 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19261632 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
15480734 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
19255386 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.89
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.61
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.64
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
11043872 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.26
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.16
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
4412000 USD
cur Compensation Expenses Unvested Restricted Stock Term Period
CompensationExpensesUnvestedRestrictedStockTermPeriod
P2Y2M12D
CY2014Q1 cur Warrants Issued During Period
WarrantsIssuedDuringPeriod
6872859 shares
CY2014Q1 us-gaap Share Price
SharePrice
2.91
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20000000 USD
CY2014Q1 cur Warrants And Shares Issued Value Net
WarrantsAndSharesIssuedValueNet
18630000 USD
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.27
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.94
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.03
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.94
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y9M18D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
20306807 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
68400 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11043872 USD
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8243906 USD
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
90359761 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
87789679 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <u><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Use of Estimates</font></u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; 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 consolidated financial statements include significant estimates for the expected economic life and value of our owned and licensed technology, our net operating loss and related valuation allowance for tax purposes and our stock-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>
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
19261632 shares
cur Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y9M18D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
cur Warrant Modification Expense
WarrantModificationExpense
0 USD
cur Warrant Modification Expense
WarrantModificationExpense
3109850 USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q2 cur Warrant Modification Expense
WarrantModificationExpense
3109850 USD
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-06-30
us-gaap Debt Instrument Convertible Terms Of Conversion Feature
DebtInstrumentConvertibleTermsOfConversionFeature
The loan agreement provided for a conversion feature whereby the lender or the Company could each convert up to a maximum of $1 million in principal payments into common stock of the Company
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
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38900000 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38900000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39700000 shares

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