2022 Q3 Form 10-Q Financial Statement

#000149315222023020 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $76.00K $300.0K
YoY Change -62.0%
Cost Of Revenue $1.626M $441.0K
YoY Change 1029.17%
Gross Profit -$1.550M -$141.0K
YoY Change -2867.86%
Gross Profit Margin -2039.47% -47.0%
Selling, General & Admin $15.06M $16.74M $12.57M
YoY Change 78.83% 92.11% 221.46%
% of Gross Profit
Research & Development $6.202M $6.740M $6.969M
YoY Change 16.91% 58.29% 91.46%
% of Gross Profit
Depreciation & Amortization $700.0K $938.0K $166.0K
YoY Change 1742.11% 5111.11%
% of Gross Profit
Operating Expenses $21.26M $23.48M $19.54M
YoY Change 54.9% 81.01% 158.78%
Operating Profit -$23.31M -$23.48M -$19.68M
YoY Change 70.57% 81.01%
Interest Expense -$264.0K -$523.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$6.619M -$5.624M
YoY Change -1974.67%
Pretax Income -$29.93M -$29.10M -$19.68M
YoY Change 118.99% 129.68% 112.52%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$26.13M -$25.53M -$17.22M
YoY Change 113.67% 122.52% 97.0%
Net Earnings / Revenue -34376.32% -5739.33%
Basic Earnings Per Share -$0.29 -$0.29
Diluted Earnings Per Share -$291.1K -$293.5K -$244.4K
COMMON SHARES
Basic Shares Outstanding 91.00M shares 86.96M shares
Diluted Shares Outstanding 89.76M shares 86.96M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.77M $68.47M $77.97M
YoY Change 62.73% 58.46% 345.04%
Cash & Equivalents $56.79M $65.15M $77.26M
Short-Term Investments
Other Short-Term Assets $1.183M $2.345M $4.466M
YoY Change -71.43% -24.98% 214.51%
Inventory
Prepaid Expenses
Receivables $31.00K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.98M $70.82M $82.64M
YoY Change 48.52% 52.83% 336.31%
LONG-TERM ASSETS
Property, Plant & Equipment $2.374M $2.253M $1.585M
YoY Change 426.39%
Goodwill
YoY Change
Intangibles $3.950M $4.456M $2.029M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.083M $1.725M $725.0K
YoY Change 43.44% 66.67% -13.69%
Total Long-Term Assets $10.49M $11.64M $4.339M
YoY Change 736.87% 1024.54% 416.55%
TOTAL ASSETS
Total Short-Term Assets $61.98M $70.82M $82.64M
Total Long-Term Assets $10.49M $11.64M $4.339M
Total Assets $72.47M $82.45M $86.98M
YoY Change 68.58% 74.06% 339.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.454M $4.492M $3.299M
YoY Change -59.64% 19.28% 11.08%
Accrued Expenses $2.930M $2.932M $4.259M
YoY Change 75.34% 87.35% 82.79%
Deferred Revenue
YoY Change
Short-Term Debt $36.53M $30.44M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.91M $38.87M $7.558M
YoY Change 440.72% 629.08% -62.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.998M $2.183M
YoY Change
Total Long-Term Liabilities $1.998M $2.183M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $41.91M $38.87M $7.558M
Total Long-Term Liabilities $1.998M $2.183M
Total Liabilities $43.91M $41.05M $7.558M
YoY Change 441.08% 828.73% -57.73%
SHAREHOLDERS EQUITY
Retained Earnings -$207.6M -$181.4M -$138.9M
YoY Change
Common Stock $92.00K $87.00K $86.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $408.0K $548.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $8.948M $21.98M $61.67M
YoY Change
Total Liabilities & Shareholders Equity $72.47M $82.45M $86.98M
YoY Change 68.58% 74.06% 339.72%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$26.13M -$25.53M -$17.22M
YoY Change 113.67% 122.52% 97.0%
Depreciation, Depletion And Amortization $700.0K $938.0K $166.0K
YoY Change 1742.11% 5111.11%
Cash From Operating Activities -$19.34M -$22.56M -$16.78M
YoY Change 141.22% 240.45% 149.66%
INVESTING ACTIVITIES
Capital Expenditures -$316.0K -$352.0K -$1.277M
YoY Change 802.86% 200.85% 12670.0%
Acquisitions $1.000M
YoY Change
Other Investing Activities -$1.000M -$2.200M -$2.100M
YoY Change 900.0% 4580.85%
Cash From Investing Activities -$1.316M -$2.552M -$3.377M
YoY Change 874.81% 1456.1% 33670.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.29M 25.53M 60.07M
YoY Change 438.05% 1643.58% 282.62%
NET CHANGE
Cash From Operating Activities -19.34M -22.56M -16.78M
Cash From Investing Activities -1.316M -2.552M -3.377M
Cash From Financing Activities 12.29M 25.53M 60.07M
Net Change In Cash -8.368M 416.0K 39.92M
YoY Change 42.58% -107.81% 345.01%
FREE CASH FLOW
Cash From Operating Activities -$19.34M -$22.56M -$16.78M
Capital Expenditures -$316.0K -$352.0K -$1.277M
Free Cash Flow -$19.03M -$22.21M -$15.50M
YoY Change 138.32% 241.16% 131.0%

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CY2021Q2 PAVM Series B Preferred Stock Dividends Income Statement Impact
SeriesBPreferredStockDividendsIncomeStatementImpact
74000 usd
PAVM Series B Preferred Stock Dividends Income Statement Impact
SeriesBPreferredStockDividendsIncomeStatementImpact
138000 usd
PAVM Series B Preferred Stock Dividends Income Statement Impact
SeriesBPreferredStockDividendsIncomeStatementImpact
149000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25595000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11545000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42535000 usd
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
304000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21051000 usd
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2022Q2 PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.29
CY2021Q2 PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.14
PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.49
PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.27
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86957352 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82235397 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86689857 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78117637 shares
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
64733000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
61000 usd
CY2022Q2 PAVM Adjustment To Additional Paid In Capital Issue Common Stock Of Majorityowned Subsidiary
AdjustmentToAdditionalPaidInCapitalIssueCommonStockOfMajorityownedSubsidiary
501000 usd
CY2022Q2 PAVM Stock Issued During The Periof Of New Issue Impact Of Subsidiary Equity Transactions
StockIssuedDuringThePeriofOfNewIssueImpactOfSubsidiaryEquityTransactions
241000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
1449000 usd
CY2022Q2 PAVM Stockbased Compensation Majorityowned Subsidiary
StockbasedCompensationMajorityownedSubsidiary
3557000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-36000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-29101000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41404000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
79418000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-1000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
303000 usd
PAVM Adjustment To Additional Paid In Capital Issue Common Stock Of Majorityowned Subsidiary
AdjustmentToAdditionalPaidInCapitalIssueCommonStockOfMajorityownedSubsidiary
688000 usd
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
217000 usd
PAVM Stock Issued During The Periof Of New Issue Impact Of Subsidiary Equity Transactions
StockIssuedDuringThePeriofOfNewIssueImpactOfSubsidiaryEquityTransactions
241000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
2726000 usd
PAVM Stockbased Compensation Majorityowned Subsidiary
StockbasedCompensationMajorityownedSubsidiary
7094000 usd
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
-548000 usd
us-gaap Profit Loss
ProfitLoss
-48734000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41404000 usd
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
48040000 usd
CY2021Q2 PAVM Issue Common Stock Exercise Series Z Warrants Value
IssueCommonStockExerciseSeriesZWarrantsValue
1411000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
51000 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
2622000 usd
CY2021Q2 PAVM Stockbased Compensation Majorityowned Subsidiary
StockbasedCompensationMajorityownedSubsidiary
2580000 usd
CY2021Q2 PAVM Adjustments To Additional Paid In Capital Minority Interest Investement Value
AdjustmentsToAdditionalPaidInCapitalMinorityInterestInvestementValue
6000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-12670000 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42040000 usd
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-473000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
53704000 usd
PAVM Issue Common Stock Upon Partial Conversions Of Senior Secured Convertible Note
IssueCommonStockUponPartialConversionsOfSeniorSecuredConvertibleNote
1723000 usd
PAVM Issue Common Stock Exercise Series Z Warrants Value
IssueCommonStockExerciseSeriesZWarrantsValue
2785000 usd
us-gaap Profit Loss
ProfitLoss
-48734000 usd
us-gaap Profit Loss
ProfitLoss
-22779000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1031000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
131000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
3254000 usd
PAVM Stockbased Compensation Majorityowned Subsidiary
StockbasedCompensationMajorityownedSubsidiary
3385000 usd
PAVM Adjustments To Additional Paid In Capital Minority Interest Investement Value
AdjustmentsToAdditionalPaidInCapitalMinorityInterestInvestementValue
6000 usd
us-gaap Profit Loss
ProfitLoss
-22779000 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42040000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
9820000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6639000 usd
us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
133000 usd
PAVM Issuance Of Common Stock Installment Settlement Payment
IssuanceOfCommonStockInstallmentSettlementPayment
239000 usd
PAVM Change In Fair Value Senior Secured Convertible Note
ChangeInFairValueSeniorSecuredConvertibleNote
2000000 usd
PAVM Change In Fair Value Senior Secured Convertible Note
ChangeInFairValueSeniorSecuredConvertibleNote
-1682000 usd
PAVM Loss Upon Issuance Senior Secured Convertible Note
LossUponIssuanceSeniorSecuredConvertibleNote
2500000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3715000 usd
PAVM Debt Instrument Forgiveness
DebtInstrumentForgiveness
300000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
57000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-200000 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
1665000 usd
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
1441000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1057000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
650000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1326000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-759000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-34821000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15796000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
926000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
157000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2200000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
47000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3126000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-204000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
55016000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1312000 usd
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
25000000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
14816000 usd
PAVM Repayments Of Convertible Debt Non Installment Payments
RepaymentsOfConvertibleDebtNonInstallmentPayments
154000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2785000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
303000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
131000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
217000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
304000 usd
PAVM Proceeds From Exercise Of Stock Options Issued Under Equity Plan Of Majority Owned Subsidiary
ProceedsFromExerciseOfStockOptionsIssuedUnderEquityPlanOfMajorityOwnedSubsidiary
688000 usd
PAVM Purchase Treasury Stock Payment Of Employee Payroll Tax Obligation In Connection With Stockbased Compensation
PurchaseTreasuryStockPaymentOfEmployeePayrollTaxObligationInConnectionWithStockbasedCompensation
366000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
25842000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
41954000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12105000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
25954000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
77258000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17256000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
65153000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43210000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_801_eus-gaap--NatureOfOperations_zxDJz15mk5jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — <span id="xdx_82A_z1TF1P7X3rak">The Company</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Description of the Business</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAVmed Inc and Subsidiaries, referred to herein as “PAVmed” or the “Company” is comprised of PAVmed Inc. and its wholly-owned subsidiary and its majority-owned subsidiaries, inclusive of Lucid Diagnostics Inc. (“Lucid Diagnostics” or “LUCID”), Veris Health Inc. (“Veris Health” or “VERIS”), and Solys Diagnostics Inc. (“Solys Diagnostics” or “SOLYS”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is organized to advance a broad pipeline of innovative medical technologies from concept to commercialization, employing a business model focused on capital efficiency and speed to market. The Company’s activities have focused on advancing the lead products towards regulatory approval and commercialization, protecting its intellectual property, and building its corporate infrastructure and management team.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s current operational activities are principally focused on the commercialization of EsoGuard and CarpX, while its development activities are focused on pursuing FDA approval and clearance of other lead products in our product portfolio pipeline, including EsoGuard IVD, PortIO, EsoCure and digital health technologies acquired by the Company’s majority-owned subsidiary Veris Health Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ability of the Company to generate revenue depends upon the Company’s ability to successfully advance the commercialization of EsoGuard and CarpX while also completing the development and the necessary regulatory approvals of its other products and services. There are no assurances, however, the Company will be able to obtain an adequate level of financial resources required for the long-term commercialization and development of its products and services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has financed its operations principally through public and private issuances of its common stock, preferred stock, common stock purchase warrants, and debt. The Company is subject to all of the risks and uncertainties typically faced by medical device and diagnostic companies that devote substantially all of their efforts to the commercialization of their initial product and services and ongoing research and development activities and conducting clinical trials. The Company expects to continue to experience recurring losses from operations and will continue to fund its operations with debt and equity financing transactions. Notwithstanding, however, with the cash on-hand as of the date hereof and other debt and equity committed sources of financing, the Company expects to be able to fund its operations and meet its financial obligations as they become due for the one year period from the date of the issue of the Company’s unaudited condensed consolidated financial statements, as included herein in this Quarterly Report on Form 10-Q for the period ended June 30, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zn0Bun2clWR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z29XM4xk9J39">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.13in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and the determination of corresponding carrying value reserve, if any, and liabilities and the disclosure of contingent losses, as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Significant estimates in these (unaudited) condensed consolidated financial statements include those related to the estimated fair value of debt obligations, stock-based equity awards, intangible assets, and common stock purchase warrants. Other significant estimates include the estimated incremental borrowing rate, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets. Additionally, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>  </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — Summary of Significant Accounting Policies</b> - continued</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Accounting Policies</b> - Continued</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
543000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
189000 usd
PAVM Monthly Fees
MonthlyFees
100000 usd
us-gaap Cost Of Revenue
CostOfRevenue
369000 usd
CY2021Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
439000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
882000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
549000 usd
CY2022Q2 PAVM Prepaid Service Providers And Suppliers
PrepaidServiceProvidersAndSuppliers
834000 usd
CY2021Q4 PAVM Prepaid Service Providers And Suppliers
PrepaidServiceProvidersAndSuppliers
808000 usd
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1156000 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1856000 usd
CY2022Q2 us-gaap Security Deposit
SecurityDeposit
3317000 usd
CY2021Q4 us-gaap Security Deposit
SecurityDeposit
1989000 usd
CY2022Q2 PAVM Esocheck Cell Collection Prepaid Supplies
EsocheckCellCollectionPrepaidSupplies
215000 usd
CY2021Q4 PAVM Esocheck Cell Collection Prepaid Supplies
EsocheckCellCollectionPrepaidSupplies
434000 usd
CY2022Q2 PAVM Esoguard Mailer Prepaid Supplies
EsoguardMailerPrepaidSupplies
65000 usd
CY2021Q4 PAVM Esoguard Mailer Prepaid Supplies
EsoguardMailerPrepaidSupplies
59000 usd
CY2022Q2 PAVM Prepaid Carp X Device
PrepaidCarpXDevice
75000 usd
CY2021Q4 PAVM Prepaid Carp X Device
PrepaidCarpXDevice
33000 usd
CY2022Q2 PAVM Prepaid Expense Deposits And Other Assets Current
PrepaidExpenseDepositsAndOtherAssetsCurrent
5662000 usd
CY2021Q4 PAVM Prepaid Expense Deposits And Other Assets Current
PrepaidExpenseDepositsAndOtherAssetsCurrent
5179000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
562000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1175000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1139000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
272000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
272000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
132000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3552000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
426000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3126000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
483000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3633000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M21D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.07875 pure
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3205000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
3126000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
943000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2183000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5375000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2175000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
919000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
146000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4456000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2029000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
650000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5007000 usd
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5203000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
9820000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6639000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
773000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1010000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2021000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
688000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
421000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
316000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4456000 usd
CY2020Q4 PAVM Court In Excess
CourtInExcess
450000 usd
CY2022Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
29500000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
27500000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
27500000 usd
CY2022Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
29500000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3715000 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q2 PAVM Increase In Common Stock Shares Authorized
IncreaseInCommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-29101000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-12670000 usd
us-gaap Profit Loss
ProfitLoss
-48734000 usd
us-gaap Profit Loss
ProfitLoss
-22779000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3576000 usd
CY2021Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1199000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6337000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1877000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-25525000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11471000 usd
us-gaap Net Income Loss
NetIncomeLoss
-42397000 usd
us-gaap Net Income Loss
NetIncomeLoss
-20902000 usd
CY2022Q2 PAVM Preferred Stock Dividends Series B
PreferredStockDividendsSeriesB
-70000 usd
CY2021Q2 PAVM Preferred Stock Dividends Series B
PreferredStockDividendsSeriesB
-74000 usd
PAVM Preferred Stock Dividends Series B
PreferredStockDividendsSeriesB
-138000 usd
PAVM Preferred Stock Dividends Series B
PreferredStockDividendsSeriesB
-149000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25595000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11545000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-42535000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21051000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86957352 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82235397 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86689857 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78117637 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2022Q2 PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.29
CY2021Q2 PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.14
PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.49
PAVM Net Loss Attributable To Common Stockholders Per Share Basic And Diluted
NetLossAttributableToCommonStockholdersPerShareBasicAndDiluted
-0.27
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25273806 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27215314 shares

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form10-q_htm.xml Edgar Link completed
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