2020 Q1 Form 10-K Financial Statement

#000156459020011712 Filed on March 19, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2018 Q4 2018 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.510M $440.0K $260.0K
YoY Change 463.75%
% of Gross Profit
Research & Development $15.87M $14.00K $6.000K
YoY Change 3598.14%
% of Gross Profit
Depreciation & Amortization $52.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $20.38M $451.0K $268.0K
YoY Change 1561.91%
Operating Profit -$20.38M -$451.0K -$268.0K
YoY Change 1561.91%
Interest Expense $738.0K -$10.00K $4.000K
YoY Change 6609.09%
% of Operating Profit
Other Income/Expense, Net $234.0K -$33.00K -$22.00K
YoY Change -1036.0%
Pretax Income -$20.14M -$480.0K -$290.0K
YoY Change 1511.2%
Income Tax
% Of Pretax Income
Net Earnings -$20.14M -$484.0K -$290.0K
YoY Change 1509.99%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$800.8K -$18.55K -$11.21K
COMMON SHARES
Basic Shares Outstanding 28.96M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $256.7M
YoY Change
Cash & Equivalents $256.7M $879.0K
Short-Term Investments
Other Short-Term Assets $5.200M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $261.8M $902.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.700M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K
YoY Change
Total Long-Term Assets $2.100M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $261.8M $902.0K
Total Long-Term Assets $2.100M $0.00
Total Assets $263.9M $902.0K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $55.00K
YoY Change
Accrued Expenses $3.400M $170.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.576M $2.188M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $45.90M
YoY Change
Other Long-Term Liabilities $4.125M
YoY Change
Total Long-Term Liabilities $4.125M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.576M $2.188M
Total Long-Term Liabilities $4.125M
Total Liabilities $55.22M $2.188M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$276.6M -$1.288M
YoY Change
Common Stock $485.3M $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.7M -$1.286M -$802.0K
YoY Change
Total Liabilities & Shareholders Equity $263.9M $902.0K
YoY Change

Cashflow Statement

Concept 2020 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$20.14M -$484.0K -$290.0K
YoY Change 1509.99%
Depreciation, Depletion And Amortization $52.00K $0.00
YoY Change
Cash From Operating Activities -$11.42M -$300.0K -$270.0K
YoY Change 1314.75%
INVESTING ACTIVITIES
Capital Expenditures $676.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$676.0K $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 25.00M 1.050M 300.0K
YoY Change
NET CHANGE
Cash From Operating Activities -11.42M -300.0K -270.0K
Cash From Investing Activities -676.0K 0.000 0.000
Cash From Financing Activities 25.00M 1.050M 300.0K
Net Change In Cash 12.91M 750.0K 30.00K
YoY Change -1699.38%
FREE CASH FLOW
Cash From Operating Activities -$11.42M -$300.0K -$270.0K
Capital Expenditures $676.0K $0.00
Free Cash Flow -$12.09M -$270.0K
YoY Change 1398.51%

Facts In Submission

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s combined financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company&#8217;s combined financial statements and accompanying notes. The most significant estimates in the Company&#8217;s combined financial statements relate to accruals for research and development expenses, and the valuation of convertible promissory notes, warrant liabilities and various other equity instruments. Although these estimates are based on the Company&#8217;s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.</p>
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5599000
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CY2019 phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Sale Of Unvested Common Stock
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2524852
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1400528
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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30874000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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6800000
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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257000
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CY2018 us-gaap Income Tax Expense Benefit
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6322000
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5000
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204000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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16050000
CY2019Q2 us-gaap Research And Development Expense
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2772000
CY2019Q3 us-gaap Research And Development Expense
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4469000
CY2019Q4 us-gaap Research And Development Expense
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CY2019Q2 phat Process Research And Development
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6760334
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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6760334

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