$PULM
Pulmatrix, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518160231 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $0.00 $153.0K $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.120M $2.050M $1.640M
YoY Change 2.42% 25.0% -31.95%
% of Gross Profit
Research & Development $4.013M $3.221M $1.672M
YoY Change 19.33% 92.64% -51.25%
% of Gross Profit
Depreciation & Amortization $60.00K $60.00K $64.00K
YoY Change -14.29% -6.25% 10.34%
% of Gross Profit
Operating Expenses $6.128M $5.267M $3.312M
YoY Change 12.88% 59.03% -43.28%
Operating Profit -$6.128M -$5.114M -$3.312M
YoY Change 12.88% 54.41% -39.15%
Interest Expense $80.00K $106.0K $187.0K
YoY Change -53.49% -43.32% -16.14%
% of Operating Profit
Other Income/Expense, Net $20.00K -$1.000K $16.00K
YoY Change 400.0% -106.25% -633.33%
Pretax Income -$6.190M -$5.220M -$3.480M
YoY Change 10.54% 50.0% -38.62%
Income Tax
% Of Pretax Income
Net Earnings -$6.188M -$5.221M -$3.483M
YoY Change 10.56% 49.9% -38.56%
Net Earnings / Revenue -3412.42%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.343M -$2.384M -$2.071M
COMMON SHARES
Basic Shares Outstanding 41.93M shares 22.28M shares 17.83M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.340M $1.550M $10.54M
YoY Change -24.04% -85.29% -28.54%
Cash & Equivalents $8.341M $1.553M $10.54M
Short-Term Investments
Other Short-Term Assets $620.0K $350.0K $410.0K
YoY Change -17.33% -14.63% 99.03%
Inventory
Prepaid Expenses
Receivables $153.0K
Other Receivables $0.00
Total Short-Term Assets $8.960M $2.052M $10.95M
YoY Change -23.61% -81.27% -30.51%
LONG-TERM ASSETS
Property, Plant & Equipment $498.0K $554.0K $722.0K
YoY Change -25.89% -23.27% -7.79%
Goodwill $10.91M $10.91M $10.91M
YoY Change 0.0% 0.0% -31.54%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $11.62M $11.67M $11.84M
YoY Change -1.48% -1.42% -51.59%
TOTAL ASSETS
Total Short-Term Assets $8.960M $2.052M $10.95M
Total Long-Term Assets $11.62M $11.67M $11.84M
Total Assets $20.58M $13.72M $22.79M
YoY Change -12.52% -39.79% -43.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.507M $1.192M $235.0K
YoY Change 167.2% 407.23% -81.53%
Accrued Expenses $2.271M $2.479M $1.439M
YoY Change -12.08% 72.27% 35.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.520M $0.00
YoY Change
Long-Term Debt Due $2.524M $2.661M
YoY Change -5.15% 58.2%
Total Short-Term Liabilities $3.778M $6.196M $4.335M
YoY Change -35.88% 42.93% 8.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.522M
YoY Change -100.0% -100.0% -50.25%
Other Long-Term Liabilities $40.00K
YoY Change 300.0%
Total Long-Term Liabilities $0.00 $0.00 $2.522M
YoY Change -100.0% -100.0% -50.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.778M $6.196M $4.335M
Total Long-Term Liabilities $0.00 $0.00 $2.522M
Total Liabilities $3.780M $6.200M $6.892M
YoY Change -51.11% -10.04% -42.82%
SHAREHOLDERS EQUITY
Retained Earnings -$185.4M -$179.2M -$159.4M
YoY Change 12.35% 12.42% 19.18%
Common Stock $202.2M $186.8M $175.3M
YoY Change 11.83% 6.51% 8.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.80M $7.528M $15.90M
YoY Change
Total Liabilities & Shareholders Equity $20.58M $13.72M $22.79M
YoY Change -12.52% -39.79% -43.33%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.188M -$5.221M -$3.483M
YoY Change 10.56% 49.9% -38.56%
Depreciation, Depletion And Amortization $60.00K $60.00K $64.00K
YoY Change -14.29% -6.25% 10.34%
Cash From Operating Activities -$4.950M -$3.125M -$2.990M
YoY Change 35.25% 4.52% -26.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.847M $9.702M
YoY Change -80.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.74M 1.128M 9.350M
YoY Change 185.64% -87.94%
NET CHANGE
Cash From Operating Activities -4.950M -3.125M -2.990M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 11.74M 1.128M 9.350M
Net Change In Cash 6.790M -1.997M 6.360M
YoY Change 1443.18% -131.4% -253.25%
FREE CASH FLOW
Cash From Operating Activities -$4.950M -$3.125M -$2.990M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$4.950M -$2.990M
YoY Change 35.62% -28.0%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) for interim financial reporting and as required by Regulation <font style="WHITE-SPACE: nowrap">S-X,</font> Rule <font style="WHITE-SPACE: nowrap">10-01.</font> Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect&#xA0;the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March&#xA0;31, 2018, are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December&#xA0;31, 2018. For further information, refer to the financial statements and footnotes included in the Company&#x2019;s annual financial statements for the fiscal year ended December&#xA0;31, 2017, which are included in the Company&#x2019;s annual report on Form <font style="WHITE-SPACE: nowrap">10-K</font> filed with the SEC on March&#xA0;13, 2018.</p> </div>
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1128000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-5221000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5114000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3221000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M28D
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2286 shares
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M10D
CY2018Q1 us-gaap Revenues
Revenues
153000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
765000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
765000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.95
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M7D
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q1 dei Trading Symbol
TradingSymbol
PULM
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21876985 shares
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In preparing 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 liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating fair value of equity instruments recorded as derivative liabilities, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.</p> </div>
CY2018Q1 pulm Non Cash Interest Expenses
NonCashInterestExpenses
31000
CY2018Q1 pulm Fair Value Of Warrant Derivative Liabilities At Issuance Recorded As Debt Discount
FairValueOfWarrantDerivativeLiabilitiesAtIssuanceRecordedAsDebtDiscount
1000
CY2018Q1 pulm Class Of Warrant Or Right Cancelled
ClassOfWarrantOrRightCancelled
0 shares
CY2018Q1 pulm Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0 shares
CY2018Q1 pulm Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0 shares
CY2018Q1 pulm Class Of Warrant Or Right Forfeited
ClassOfWarrantOrRightForfeited
0 shares

Files In Submission

Name View Source Status
0001193125-18-160231-index-headers.html Edgar Link pending
0001193125-18-160231-index.html Edgar Link pending
0001193125-18-160231.txt Edgar Link pending
0001193125-18-160231-xbrl.zip Edgar Link pending
d418236d10q.htm Edgar Link pending
d418236dex311.htm Edgar Link pending
d418236dex312.htm Edgar Link pending
d418236dex321.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
pulm-20180331.xml Edgar Link completed
pulm-20180331.xsd Edgar Link pending
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pulm-20180331_def.xml Edgar Link unprocessable
pulm-20180331_lab.xml Edgar Link unprocessable
pulm-20180331_pre.xml Edgar Link unprocessable
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