2022 Q4 Form 10-Q Financial Statement

#000149315222031108 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $164.8K $314.9K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $309.5K $334.0K $306.8K
YoY Change -15.96% 8.88% -11.29%
% of Gross Profit
Research & Development $319.4K $580.4K $606.5K
YoY Change -56.8% -4.3% -8.85%
% of Gross Profit
Depreciation & Amortization $2.040K $2.820K $3.220K
YoY Change -36.65% -12.42% -5.85%
% of Gross Profit
Operating Expenses $630.9K $981.1K $916.5K
YoY Change -43.2% 7.05% -9.67%
Operating Profit -$666.2K -$1.047M
YoY Change -36.39%
Interest Expense -$48.48K -$46.44K -$3.560K
YoY Change 199.63% 1204.49% -99.23%
% of Operating Profit
Other Income/Expense, Net -$670.00 -$47.08K -$510.00
YoY Change 109.38% 9130.98%
Pretax Income -$732.7K -$713.3K -$1.051M
YoY Change -40.86% -32.15% -32.8%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$732.7K -$713.3K -$1.051M
YoY Change -40.86% -32.15% -32.8%
Net Earnings / Revenue -444.46% -226.51%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$1.700K -$2.564K
COMMON SHARES
Basic Shares Outstanding 419.5M shares 419.5M shares 410.0M shares
Diluted Shares Outstanding 419.5M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.61K $67.03K $254.1K
YoY Change -96.84% -73.62% -74.24%
Cash & Equivalents $21.61K $67.03K $254.1K
Short-Term Investments
Other Short-Term Assets $1.877M $1.832M $251.1K
YoY Change -31.83% 629.49% 51.99%
Inventory
Prepaid Expenses $467.1K $187.5K
Receivables $1.350K
Other Receivables $0.00
Total Short-Term Assets $1.899M $1.899M $506.5K
YoY Change -44.82% 274.97% -56.24%
LONG-TERM ASSETS
Property, Plant & Equipment $20.94K $22.98K $93.79K
YoY Change -34.22% -75.5% -49.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $138.1K $151.0K $93.79K
YoY Change 93.37% 61.04% -49.88%
TOTAL ASSETS
Total Short-Term Assets $1.899M $1.899M $506.5K
Total Long-Term Assets $138.1K $151.0K $93.79K
Total Assets $2.037M $2.050M $600.3K
YoY Change -42.01% 241.55% -55.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.094M $1.941M $1.260M
YoY Change 62.67% 54.12% 18.31%
Accrued Expenses $2.520M $2.615M $1.871M
YoY Change 22.06% 39.75% -66.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $710.0K $200.0K
YoY Change -100.0% 255.0% -97.05%
Long-Term Debt Due $2.067M $1.882M $68.39K
YoY Change 37.94% 2652.07% -99.59%
Total Short-Term Liabilities $8.192M $8.824M $3.549M
YoY Change 6.39% 148.63% -88.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $73.38K $85.02K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $73.38K $85.02K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.192M $8.824M $3.549M
Total Long-Term Liabilities $73.38K $85.02K $0.00
Total Liabilities $8.266M $8.909M $3.549M
YoY Change 7.34% 151.03% -88.19%
SHAREHOLDERS EQUITY
Retained Earnings -$249.6M -$248.9M
YoY Change 1.44%
Common Stock $419.5K $419.5K
YoY Change 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.229M -$6.859M -$2.949M
YoY Change
Total Liabilities & Shareholders Equity $2.037M $2.050M $600.3K
YoY Change -42.01% 241.55% -55.36%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$732.7K -$713.3K -$1.051M
YoY Change -40.86% -32.15% -32.8%
Depreciation, Depletion And Amortization $2.040K $2.820K $3.220K
YoY Change -36.65% -12.42% -5.85%
Cash From Operating Activities -$754.8K -$816.6K -$730.3K
YoY Change -146.54% 11.82% -49.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 474.2K 496.9K 937.9K
YoY Change -61.48% -47.03% -1.31%
NET CHANGE
Cash From Operating Activities -754.8K -816.6K -730.3K
Cash From Investing Activities
Cash From Financing Activities 474.2K 496.9K 937.9K
Net Change In Cash -280.6K -319.7K 207.7K
YoY Change -109.84% -253.96% -142.06%
FREE CASH FLOW
Cash From Operating Activities -$754.8K -$816.6K -$730.3K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q3 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stockholders Equity
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CY2021Q1 PVCT Stock Issued During Period Value Issued Upon Exercise Of Warrants
StockIssuedDuringPeriodValueIssuedUponExerciseOfWarrants
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CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 PVCT Stock Issued During Period Value Issued Upon Exercise Of Warrants
StockIssuedDuringPeriodValueIssuedUponExerciseOfWarrants
10660 usd
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2021Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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3541222 usd
CY2021Q2 PVCT Stock Issued During Period Value Conversion Of Convertible Securities One
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesOne
27031858 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 PVCT Stock Issued During Period Value Issued Upon Exercise Of Warrants
StockIssuedDuringPeriodValueIssuedUponExerciseOfWarrants
711713 usd
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2021Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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PVCT Noncash Lease Expense
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PVCT Noncash Lease Expense
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Gains Losses On Extinguishment Of Debt
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63094 usd
us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
302978 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
442355 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
306116 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-47664 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-66246 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
110536 usd
us-gaap Increase Decrease In Interest Payable Net
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942257 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
550000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1700000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
510000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
200000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
166317 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
219172 usd
us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
-150000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
893683 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2793051 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
156852 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3106942 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
97231 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1711351 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
254083 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67030 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
254083 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
1644321 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1711351 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
254083 usd
PVCT Purchase Of Insurance Policies Financed By Shortterm Note Payable
PurchaseOfInsurancePoliciesFinancedByShorttermNotePayable
-57146 usd
PVCT Purchase Of Insurance Policies Financed By Shortterm Note Payable
PurchaseOfInsurancePoliciesFinancedByShorttermNotePayable
-282667 usd
PVCT Deposit Applied To Equity Issuances
DepositAppliedToEquityIssuances
-150000 usd
PVCT Conversion Of Nonamended Notes To Preferred Stock
ConversionOfNonamendedNotesToPreferredStock
3541222 usd
PVCT Conversion Of Amended Notes And Notes To Preferred Stock One
ConversionOfAmendedNotesAndNotesToPreferredStockOne
27031858 usd
PVCT Conversion Of Series D1 Preferred Stock To Common Stock
ConversionOfSeriesD1PreferredStockToCommonStock
222 usd
PVCT Rightofuse Asset For Lease Liability
RightofuseAssetForLeaseLiability
130422 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_809_eus-gaap--NatureOfOperations_z1ZDZUJSUA75" 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>1. <span id="xdx_826_zeqERWhFDeL5">Business Organization, Nature of Operations and Basis of Presentation</span></b></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: 0; text-align: justify">Provectus Biopharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, “Provectus” or “the Company”), is a clinical-stage biotechnology company developing immunotherapy medicines for different diseases that are based on a class of synthetic small molecule immuno-modulators called halogenated xanthenes (“HXs”). Our lead molecule is named rose bengal sodium (“RBS”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s proprietary, patented, pharmaceutical-grade RBS is the active pharmaceutical ingredient in the drug product candidates of our current clinical development programs and the preclinical formulations of our current drug discovery programs. Importantly, our pharmaceutical-grade RBS displays different therapeutic effects at different concentrations and can be formulated for delivery by different routes of administration,</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"/> <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">The Company believes that RBS targets disease in a bifunctional manner. First, direct contact may lead to cell death or repair depending on the disease being treated and the concentration of the RBS utilized in the treatment. Secondly, multivariate immune signaling, activation, and response may follow that may manifest as stimulatory, inhibitory, or both.</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">The Company believes that it is the first entity to advance an RBS formulation into clinical trials for the treatment of a disease, such as those trials reported on the clinical trials registry ClinicalTrials.gov.</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">The Company believes that it is the first and only entity to date to successfully, reproducibly, and consistently make pharmaceutical-grade RBS at a purity of nearly 100%. </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"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <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"/></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"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s small molecule HX medical science platform comprises a number of different drug product candidates and preclinical pharmaceutical-grade RBS formulations using different concentrations and delivered by different routes of administration specific to each disease area and/or indication. The Company’s HX medical science platform includes clinical development programs in oncology, dermatology, and ophthalmology; proof-of-concept <i>in vivo</i> drug discovery programs in oncology, hematology, wound healing, and animal health; and preclinical <i>in vitro</i> drug discovery programs in infectious diseases and tissue regeneration and repair.</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"><i>Risks and Uncertainties</i></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">The Company’s activities are subject to significant risks and uncertainties, including failing to successfully develop and license or commercialize the Company’s prescription drug candidates.</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">Severe acute respiratory syndrome (“SARS”) coronavirus (“CoV”) 2 (“SARS-CoV-2”) was first identified in late-2019 and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the SARS-CoV-2 pandemic, many companies have experienced disruptions of their operations and the markets they serve. The Company has taken several temporary precautionary measures intended to help ensure the well-being of its employees and contractors and to minimize business disruption. The Company considered the impact of SARS-CoV-2 pandemic on its business and operational assumptions and estimates, and determined there were no material adverse impacts on the Company’s results of operations and financial position at September 30, 2022.</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">The full extent of the SARS-CoV-2 pandemic impacts on the Company’s operations and financial condition is uncertain. The Company has experienced slower than normal enrollment and treatment of patients, and a prolonged SARS-CoV-2 pandemic could have a material adverse impact on the Company’s business and financial results, including the timing and ability of the Company to raise capital, initiate and/or complete current and/or future preclinical studies and/or clinical trials, disrupt the Company’s regulatory activities, and/or have other adverse effects on the Company’s clinical development.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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"><i>Basis of Presentation</i></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">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be reviewed in conjunction with the Company’s audited consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2021 filed with the SEC on March 29, 2022. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1711351 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
1644321 usd
CY2022Q3 PVCT Working Capital Deficiency
WorkingCapitalDeficiency
6924589 usd
CY2021Q4 PVCT Working Capital Deficiency
WorkingCapitalDeficiency
4258679 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
42594 usd
CY2021Q4 PVCT Proceeds From Grant Award For Study Of Animal Cancer And Dermatological
ProceedsFromGrantAwardForStudyOfAnimalCancerAndDermatological
2500000 usd
CY2021Q4 PVCT Payment To Vendors For Expense And Deposits
PaymentToVendorsForExpenseAndDeposits
855679 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zfVaAYdqIldk" 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 style="text-decoration: underline"><span id="xdx_862_zUQtU3Z17f1">Cash Concentrations</span></span></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">Cash, cash equivalents, and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_c20220930_zOktQkTWZmfc" title="Insured limits">250,000</span>, although the Company seeks to minimize this through treasury management. The Company has never experienced any losses related to these balances although no assurance can be provided that it will not experience any losses in the future. As of September 30, 2022 and December 31, 2021, the Company had cash, cash equivalents, and restricted cash balances in excess of FDIC insurance limits of $<span id="xdx_90B_eus-gaap--FDICIndemnificationAsset_iI_c20220930_zuRRkBUwbUW" title="Cash in excess FDIC insured amount">1,461,351</span> and $<span id="xdx_90C_eus-gaap--FDICIndemnificationAsset_iI_c20211231_z5RyqiKQdF5h" title="Cash in excess FDIC insured amount">2,856,942</span>, respectively.</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>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q3 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
1461351 usd
CY2021Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
2856942 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zwjTo9wZ9PJj" 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 style="text-decoration: underline"><span id="xdx_861_zKvqQvaaGuve">Reclassifications</span></span></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">Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or loss per share.</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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
118243675 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
108695237 shares
CY2022Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
300691 usd
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
174533 usd
CY2022Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
57088 usd
CY2021Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
42871 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1849339 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1560589 usd
CY2022Q3 PVCT Accrued Other Expenses
AccruedOtherExpenses
237106 usd
CY2021Q4 PVCT Accrued Other Expenses
AccruedOtherExpenses
224493 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2444224 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2002486 usd
CY2022Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
3425000 shares
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y11M15D
CY2022Q3 us-gaap Notes Payable
NotesPayable
72135 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
238452 usd
CY2022Q3 us-gaap Officers Compensation
OfficersCompensation
96250 usd
CY2021Q3 us-gaap Officers Compensation
OfficersCompensation
96250 usd
us-gaap Officers Compensation
OfficersCompensation
288750 usd
us-gaap Officers Compensation
OfficersCompensation
288750 usd
CY2022Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1849339 usd
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1560589 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3625000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
200000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.86
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3425000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.29
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
512500 shares
CY2021Q4 PVCT Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
0.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
25000 shares
PVCT Weighted Average Exercise Price Forfeited
WeightedAverageExercisePriceForfeited
0.29
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
487500 shares
CY2022Q3 PVCT Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
0.95
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
487500 shares
PVCT Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Exercisable Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsExercisableWeightedAverageRemainingContractualTerm2
P1Y6M
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
to effect a reverse stock split of the Company’s common stock, Series D Convertible Preferred Stock, and Series D-1 Convertible Preferred Stock at a ratio of between 1-for-10 and 1-for-50
us-gaap Operating Lease Payments
OperatingLeasePayments
50784 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
64231 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
130422 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9M
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080 pure
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
12159 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
49311 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
50663 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
25669 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
137802 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9406 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
128396 usd
CY2021Q4 PVCT Proceeds From Grant Award For Study Of Animal Cancer And Dermatological
ProceedsFromGrantAwardForStudyOfAnimalCancerAndDermatological
2500000 usd
CY2022Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1675795 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
824205 usd
PVCT License Transaction Description
LicenseTransactionDescription
the Company paid $5,000 for the option that expires on May 31, 2023, and agreed to pay up to $10,000 of new UM patent expenses for this IP during the period of the option and up to $25,000 of past UM patent expenses for this IP. The Company also entered into a sponsored research agreement with UM on September 16, 2022 to study the combination of OBC’s PDAT and TOP PV-305, a formulation of the Company’s pharmaceutical-grade RBS, for the treatment of infectious keratitis. This sponsored research by the Company is not associated with BPEI’s clinical efforts to utilize non-pharmaceutical grade rose bengal.

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