$PURE
PURE BIOSCIENCE, INC.

2022 Q4 Form 10-Q Financial Statement

#000149315222035441 Filed on December 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2021 Q4
Revenue $467.0K $501.0K
YoY Change -6.79% -68.51%
Cost Of Revenue $214.0K $172.0K
YoY Change 24.42% -73.17%
Gross Profit $257.0K $329.0K
YoY Change -21.88% -65.37%
Gross Profit Margin 55.03% 65.67%
Selling, General & Admin $1.165M $1.057M
YoY Change 10.22% 1.05%
% of Gross Profit 453.31% 321.28%
Research & Development $78.00K $67.00K
YoY Change 16.42% -19.28%
% of Gross Profit 30.35% 20.36%
Depreciation & Amortization $30.00K $58.00K
YoY Change -48.28% 28.89%
% of Gross Profit 11.67% 17.63%
Operating Expenses $1.243M $1.124M
YoY Change 10.59% -0.44%
Operating Profit -$986.0K -$795.0K
YoY Change 24.03% 344.13%
Interest Expense $2.000K -$1.000K
YoY Change -300.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$1.000K
YoY Change 600.0%
Pretax Income -$993.0K -$796.0K
YoY Change 24.75% 342.22%
Income Tax
% Of Pretax Income
Net Earnings -$993.0K -$796.0K
YoY Change 24.75% 342.22%
Net Earnings / Revenue -212.63% -158.88%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$8.917K -$9.104K
COMMON SHARES
Basic Shares Outstanding 111.4M shares 87.43M shares
Diluted Shares Outstanding 111.4M shares

Balance Sheet

Concept 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.452M $1.760M
YoY Change 39.32% -49.22%
Cash & Equivalents $2.452M $1.760M
Short-Term Investments
Other Short-Term Assets $129.0K $143.0K
YoY Change -9.79% 18.18%
Inventory $239.0K $312.0K
Prepaid Expenses $54.00K
Receivables $252.0K $238.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.072M $2.453M
YoY Change 25.23% -49.73%
LONG-TERM ASSETS
Property, Plant & Equipment $627.0K $769.0K
YoY Change -18.47% 65.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $627.0K $1.102M
YoY Change -43.1% 24.38%
TOTAL ASSETS
Total Short-Term Assets $3.072M $2.453M
Total Long-Term Assets $627.0K $1.102M
Total Assets $3.699M $3.555M
YoY Change 4.05% -38.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $561.0K $465.0K
YoY Change 20.65% -39.84%
Accrued Expenses $138.0K $124.0K
YoY Change 11.29% -6.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $239.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $699.0K $828.0K
YoY Change -15.58% -8.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $699.0K $828.0K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $699.0K $828.0K
YoY Change -15.58% -8.61%
SHAREHOLDERS EQUITY
Retained Earnings -$130.0M
YoY Change
Common Stock $1.114M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.000M $2.727M
YoY Change
Total Liabilities & Shareholders Equity $3.699M $3.555M
YoY Change 4.05% -38.35%

Cashflow Statement

Concept 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$993.0K -$796.0K
YoY Change 24.75% 342.22%
Depreciation, Depletion And Amortization $30.00K $58.00K
YoY Change -48.28% 28.89%
Cash From Operating Activities -$902.0K -$576.0K
YoY Change 56.6% 189.45%
INVESTING ACTIVITIES
Capital Expenditures $37.00K -$54.00K
YoY Change -168.52% -68.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$37.00K -$54.00K
YoY Change -31.48% -68.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$902.0K -576.0K
Cash From Investing Activities -$37.00K -54.00K
Cash From Financing Activities
Net Change In Cash -$939.0K -630.0K
YoY Change 49.05% 68.9%
FREE CASH FLOW
Cash From Operating Activities -$902.0K -$576.0K
Capital Expenditures $37.00K -$54.00K
Free Cash Flow -$939.0K -$522.0K
YoY Change 79.89% 1988.0%

Facts In Submission

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<p id="xdx_842_eus-gaap--UseOfEstimates_zKlCYU9oFDi1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_86A_z8slw0kpef7g">Use of Estimates</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements, and the disclosures made in the accompanying notes to the consolidated financial statements. Actual results could differ materially from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts, inventory obsolescence, depreciable lives of property and equipment, analysis of impairments of recorded long-term tangible and intangible assets, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q4 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_z1SDiWecIeO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_865_znAKglSea1of">Concentrations</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross product sales</i>. For the three months ended October 31, 2022, two individual customers accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerOneMember_ztaHwHMo1udd" title="Concentration risk percentage">19</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerTwoMember_zQhd7RDIbz22" title="Concentration risk percentage">10</span>% of our net product sales. No other individual customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerMember_ztn6o2mNAOT4">10</span>% or more of our net product sales. All of our net product sales occurred in the United States. For the three months ended October 31, 2021, three individual customers accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerOneMember_zFV71wJkhVnc" title="Concentration risk percentage">24</span>%, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerTwoMember_zqF19MWDZP8i" title="Concentration risk percentage">13</span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerThreeMember_zzQhV0Cvbtv7" title="Concentration risk percentage">11</span>% of our net product sales, respectively. No other individual customer accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--IndividualCustomerMember_zAAIlBFsxUPf">10</span>% or more of our net product sales. All of our net product sales occurred in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts receivable. </i>As of October 31, 2022, we had accounts receivable from two customers that comprised <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zvSdjbOssYv9">23</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_ziDNZts7ipx3">16</span>% of total accounts receivable, respectively. As of October 31, 2021, we had accounts receivable from three customers that comprised <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zmd6WjWsjE88">22</span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerTwoMember_zBd7wR5nPlp9">16</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--CustomerThreeMember_z6Cku0HwpMo3">12</span>% of total accounts receivable, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purchases. </i>For the three months ended October 31, 2022, one vendor accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__srt--MajorCustomersAxis__custom--OneVendorMember_zd1wwNUKjOR4">23</span>% of our purchases. For the three months ended October 31, 2021, one vendor accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--PurchasesMember__srt--MajorCustomersAxis__custom--OneVendorMember_zOjRiQiU9PQ5">17</span>% of our purchases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounts payable.</i> As of October 31, 2022, two vendors accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--AccountsPayablesMember__srt--MajorCustomersAxis__custom--VendorOneMember_zCjSTNjnTUA5" title="Concentration risk percentage">29</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220801__20221031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--AccountsPayablesMember__srt--MajorCustomersAxis__custom--VendorTwoMember_z7IjOhhzWjBh" title="Concentration risk percentage">11</span>% of the total trade accounts payable. As of October 31, 2021, two vendors accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--AccountsPayablesMember__srt--MajorCustomersAxis__custom--VendorOneMember_z6CgrT0MnKzh" title="Concentration risk percentage">25</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210801__20211031__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--AccountsPayablesMember__srt--MajorCustomersAxis__custom--VendorTwoMember_zDlVXiWFVme7" title="Concentration risk percentage">16</span>% of the total trade accounts payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segments
CY2022Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y1M13D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5694958 shares
CY2022Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.62
CY2022Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P6Y25D
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
263000 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y11M12D
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
63000 usd
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
169000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9190 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8561 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0400 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0084 pure
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y4M2D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M26D
CY2022Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
115250 usd
CY2021Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
136000 usd

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