$PALI
PALISADE BIO, INC.

2020 Q4 Form 10-Q Financial Statement

#000117184320007837 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $2.500K $2.500K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.990M $1.880M $1.300M
YoY Change 191.24% 44.62% 9.24%
% of Gross Profit
Research & Development $410.0K $466.0K $825.5K
YoY Change -46.75% -43.55% -7.98%
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K $30.00K
YoY Change -66.67% -33.33% -40.0%
% of Gross Profit
Operating Expenses $4.400M $1.816M $2.127M
YoY Change 105.61% -14.61% 1.99%
Operating Profit -$1.816M -$2.124M
YoY Change -14.51% 1.99%
Interest Expense -$20.00K $28.00K $1.913K
YoY Change -122.22% 1363.67% 27.7%
% of Operating Profit
Other Income/Expense, Net $0.00 -$27.00K $361.0K
YoY Change -107.48% 43.05%
Pretax Income -$4.420M -$2.320M -$1.760M
YoY Change 116.67% 31.82% -3.83%
Income Tax
% Of Pretax Income
Net Earnings -$4.420M -$1.843M -$1.763M
YoY Change 116.67% 4.53% -3.67%
Net Earnings / Revenue -73720.0% -70525.36%
Basic Earnings Per Share -$0.66
Diluted Earnings Per Share -$1.529M -$0.66 -$3.520M
COMMON SHARES
Basic Shares Outstanding 17.30M 2.775M 2.100M
Diluted Shares Outstanding 2.775M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.53M $12.65M $7.300M
YoY Change 106.07% 73.29% 27.18%
Cash & Equivalents $713.0K $751.0K $7.300M
Short-Term Investments
Other Short-Term Assets $2.240M $2.330M $610.0K
YoY Change 339.22% 281.97% 10.91%
Inventory
Prepaid Expenses $1.400M $1.431M $605.3K
Receivables $59.00K $8.779K $61.15K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $896.0K $14.99M $7.966M
YoY Change -84.13% 88.19% 22.44%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $15.04K $51.94K
YoY Change -87.82% -71.05% -51.52%
Goodwill
YoY Change
Intangibles $147.1K $152.6K $688.1K
YoY Change -78.0% -77.82% -12.76%
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $240.0K
YoY Change -95.65% -95.83% 742.84%
Total Long-Term Assets $2.123M $178.1K $977.2K
YoY Change 126.57% -81.77% -19.55%
TOTAL ASSETS
Total Short-Term Assets $896.0K $14.99M $7.966M
Total Long-Term Assets $2.123M $178.1K $977.2K
Total Assets $3.019M $15.17M $8.944M
YoY Change -54.15% 69.62% 15.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.537M $580.0K $1.180M
YoY Change 209.39% -50.85% 40.48%
Accrued Expenses $2.740M $140.0K
YoY Change 1857.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.047M
YoY Change
Total Short-Term Liabilities $8.082M $1.002M $1.581M
YoY Change 559.89% -36.63% 33.49%
LONG-TERM LIABILITIES
Long-Term Debt $94.00K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $80.00K $40.00K $320.0K
YoY Change -65.22% -87.5% -84.47%
Total Long-Term Liabilities $94.00K $40.00K $320.0K
YoY Change -59.13% -87.5% -84.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.082M $1.002M $1.581M
Total Long-Term Liabilities $94.00K $40.00K $320.0K
Total Liabilities $10.12M $1.047M $1.901M
YoY Change 594.01% -44.92% -41.36%
SHAREHOLDERS EQUITY
Retained Earnings -$68.03M -$233.8M -$219.9M
YoY Change -69.35% 6.31% 3.11%
Common Stock $28.00K $173.0K $28.18K
YoY Change -27.58% 513.69% -81.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.60M -$12.85M $7.043M
YoY Change
Total Liabilities & Shareholders Equity $3.019M $15.17M $8.944M
YoY Change -54.15% 69.62% 15.83%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$4.420M -$1.843M -$1.763M
YoY Change 116.67% 4.53% -3.67%
Depreciation, Depletion And Amortization $10.00K $20.00K $30.00K
YoY Change -66.67% -33.33% -40.0%
Cash From Operating Activities -$2.200M -$3.080M -$1.900M
YoY Change 7.32% 62.11% 14.46%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
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 0.000 6.930M
YoY Change -100.0% -100.0% 2135.48%
NET CHANGE
Cash From Operating Activities -2.200M -3.080M -1.900M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000 6.930M
Net Change In Cash -2.200M -3.080M 5.030M
YoY Change 0.46% -161.23% -472.59%
FREE CASH FLOW
Cash From Operating Activities -$2.200M -$3.080M -$1.900M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5566527
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
185074
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2124175
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
148543
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1743
CY2019Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1013
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4501
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-962
CY2020Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-18
CY2020Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
3180
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2200
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3180
CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4501
CY2020Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1431398
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
510900
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
414320
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7257
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
26935
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-282371
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
200000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
200000
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
200000
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
200000
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
2000
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
2000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3547894
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
131
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15040
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41036
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
362176
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
232296
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
241061
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
466014
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
825486
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1608935
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3294402
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-233823525
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-221975544
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2500
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2500
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11020
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12894
us-gaap Share Based Compensation
ShareBasedCompensation
523961
us-gaap Share Based Compensation
ShareBasedCompensation
761344
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7100000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
710884
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
157204
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1686466
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.52
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.45
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
271660
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1800922
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.55
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.62
CY2020Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1800922
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y328D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y109D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y292D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2019Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
6049550
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
3271781
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
1962625
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
7042563
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
5125993
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
9977957
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
16234293
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
14122473
us-gaap Sublease Income
SubleaseIncome
86100
us-gaap Sublease Income
SubleaseIncome
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 unaudited condensed consolidated financial statements include significant estimates for the expected economic life and value of our licensed technology and related patents, our net operating loss and related valuation allowance for tax purposes, the fair value of our liability classified warrants and our share-based compensation related to employees and directors, consultants and advisors, among other things. Because of the use of estimates inherent in the financial reporting process, actual results could differ significantly from those estimates.</div></div></div>
us-gaap Variable Lease Cost
VariableLeaseCost
us-gaap Variable Lease Cost
VariableLeaseCost
23200
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17306672
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2975779
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12713094
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1316597

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