2023 Q2 Form 10-Q Financial Statement
#000149315223016356 Filed on May 11, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $161.8K | $205.0K | $187.6K |
YoY Change | -49.69% | 9.28% | |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $380.1K | $378.0K | $403.6K |
YoY Change | -16.63% | -6.33% | 3.13% |
% of Gross Profit | |||
Research & Development | $434.2K | $548.4K | $669.0K |
YoY Change | -46.83% | -18.02% | 2.45% |
% of Gross Profit | |||
Depreciation & Amortization | $2.230K | $2.230K | $3.220K |
YoY Change | -20.92% | -30.75% | 0.0% |
% of Gross Profit | |||
Operating Expenses | $962.0K | $987.2K | $1.076M |
YoY Change | -31.27% | -8.23% | 2.69% |
Operating Profit | -$800.2K | -$782.2K | -$1.000M |
YoY Change | -25.77% | -21.78% | |
Interest Expense | -$50.82K | -$45.24K | -$30.24K |
YoY Change | 33.39% | 49.6% | -93.83% |
% of Operating Profit | |||
Other Income/Expense, Net | -$34.86K | -$45.24K | -$30.86K |
YoY Change | -25178.42% | 46.58% | |
Pretax Income | -$835.1K | -$827.5K | -$1.031M |
YoY Change | -22.52% | -19.74% | -38.27% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$835.1K | -$827.5K | -$1.031M |
YoY Change | -22.52% | -19.74% | -38.27% |
Net Earnings / Revenue | -515.97% | -403.59% | -549.5% |
Basic Earnings Per Share | $0.00 | $0.00 | $0.00 |
Diluted Earnings Per Share | $0.00 | $0.00 | -$2.458K |
COMMON SHARES | |||
Basic Shares Outstanding | 419.5M shares | 419.5M shares | 419.4M shares |
Diluted Shares Outstanding | 419.5M shares | 419.5M shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $176.0K | $34.15K | $173.6K |
YoY Change | 108.86% | -80.33% | -50.36% |
Cash & Equivalents | $1.359M | $1.321M | $173.6K |
Short-Term Investments | |||
Other Short-Term Assets | $1.398M | $1.561M | $2.535M |
YoY Change | -36.22% | -38.44% | 822.07% |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $1.575M | $1.596M | $2.712M |
YoY Change | -30.87% | -41.17% | 331.07% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $16.48K | $18.71K | $43.80K |
YoY Change | -36.12% | -57.28% | -69.22% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $111.3K | $124.8K | $43.79K |
YoY Change | -32.39% | 184.92% | -69.23% |
TOTAL ASSETS | |||
Total Short-Term Assets | $1.575M | $1.596M | $2.712M |
Total Long-Term Assets | $111.3K | $124.8K | $43.79K |
Total Assets | $1.687M | $1.720M | $2.756M |
YoY Change | -30.97% | -37.57% | 257.23% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.989M | $1.908M | $1.598M |
YoY Change | 5.02% | 19.42% | 68.93% |
Accrued Expenses | $3.049M | $2.914M | $2.250M |
YoY Change | 24.12% | 29.52% | -66.06% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $200.0K |
YoY Change | -100.0% | -100.0% | -97.03% |
Long-Term Debt Due | $2.751M | $2.533M | $1.465M |
YoY Change | 40.87% | 72.88% | -91.88% |
Total Short-Term Liabilities | $8.934M | $8.660M | $7.825M |
YoY Change | 5.17% | 10.68% | -75.82% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $49.98K | $61.75K | |
YoY Change | -48.05% | ||
Total Long-Term Liabilities | $49.98K | $61.75K | $0.00 |
YoY Change | -48.05% | -100.0% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $8.934M | $8.660M | $7.825M |
Total Long-Term Liabilities | $49.98K | $61.75K | $0.00 |
Total Liabilities | $8.983M | $8.722M | $7.825M |
YoY Change | 4.57% | 11.47% | -75.84% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$251.3M | -$250.4M | |
YoY Change | 1.25% | ||
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 | -$7.297M | -$7.002M | -$5.069M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.687M | $1.720M | $2.756M |
YoY Change | -30.97% | -37.57% | 257.23% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$835.1K | -$827.5K | -$1.031M |
YoY Change | -22.52% | -19.74% | -38.27% |
Depreciation, Depletion And Amortization | $2.230K | $2.230K | $3.220K |
YoY Change | -20.92% | -30.75% | 0.0% |
Cash From Operating Activities | -$617.8K | -$624.1K | -$592.2K |
YoY Change | -29.63% | 5.38% | -46.81% |
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 | 656.4K | $515.7K | -33.53K |
YoY Change | 52.54% | -1638.03% | -102.46% |
NET CHANGE | |||
Cash From Operating Activities | -617.8K | -$624.1K | -592.2K |
Cash From Investing Activities | |||
Cash From Financing Activities | 656.4K | $515.7K | -33.53K |
Net Change In Cash | 38.66K | -$110.3K | -625.8K |
YoY Change | -108.64% | -82.38% | -348.36% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$617.8K | -$624.1K | -$592.2K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-4187280 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
150000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1030922 | usd |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-716 | usd |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-716 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-5068918 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-5068918 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-827454 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1030922 | usd |
CY2023Q1 | PVCT |
Noncash Lease Expense
NoncashLeaseExpense
|
11069 | usd |
CY2022Q1 | PVCT |
Noncash Lease Expense
NoncashLeaseExpense
|
24386 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
2230 | usd |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
3218 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
393 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Receivables
IncreaseDecreaseInReceivables
|
-2143 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-195392 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-101964 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-186280 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
309732 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-205025 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-187605 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
354252 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
183001 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-10730 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-27414 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
42829 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
29278 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-624110 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-592219 | usd |
CY2022Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
50000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
600000 | usd |
CY2023Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
84297 | usd |
CY2022Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
83527 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
515703 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-33527 | usd |
CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-1845 | usd |
CY2022Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-187 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-110252 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-625933 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1431707 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
3106942 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1321455 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2481009 | usd |
CY2023Q1 | us-gaap |
Cash
Cash
|
34153 | usd |
CY2022Q1 | us-gaap |
Cash
Cash
|
173614 | usd |
CY2023Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
1287302 | usd |
CY2022Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
2307395 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1321455 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
2481009 | usd |
CY2023Q1 | PVCT |
Conversion Of Notes And Related Accrued Interest
ConversionOfNotesAndRelatedAccruedInterest
|
54010 | usd |
CY2023Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_806_eus-gaap--NatureOfOperations_z1CxWXO8h0hl" 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_82B_zTOdkU945Ejf">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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-catalysts called halogenated xanthenes (“HXs”). Our lead molecule is named rose bengal sodium (“RBS”).</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 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,</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 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"> </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 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.</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"><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"/> <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"><i> </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"><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, 2022 filed with the SEC on March 30, 2023. 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.</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> | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1321455 | usd |
CY2023Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
1287302 | usd |
CY2023Q1 | PVCT |
Working Capital Deficit
WorkingCapitalDeficit
|
7064779 | usd |
CY2022Q4 | PVCT |
Working Capital Deficit
WorkingCapitalDeficit
|
6293198 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84B_eus-gaap--UseOfEstimates_zsag2TXSRblg" 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 style="text-decoration: underline"><span id="xdx_866_zGeOfh3LKxC9">Use of Estimates</span></span></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">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments 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 and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, accrued liabilities and the valuation allowance related to the Company’s deferred tax assets.</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> | |
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
|
1212698 | usd |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zOuSo72B8sak" 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_865_z6mAIU2synDg">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 and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $<span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_c20230331_z18NeCiLhBkh" 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 March 31, 2023 and December 31, 2022, the Company had cash and restricted cash balances in excess of FDIC insurance limits of $<span id="xdx_90A_eus-gaap--FDICIndemnificationAsset_iI_c20230331_zBwu0EaDMQub" title="Cash in excess FDIC insured amount">1,071,455</span> and $<span id="xdx_900_eus-gaap--FDICIndemnificationAsset_iI_c20221231_zW78IjDyCcFk" title="Cash in excess FDIC insured amount">1,181,707</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> <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"/> | |
CY2023Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q1 | us-gaap |
Fdic Indemnification Asset
FDICIndemnificationAsset
|
1071455 | usd |
CY2022Q4 | us-gaap |
Fdic Indemnification Asset
FDICIndemnificationAsset
|
1181707 | usd |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
122621984 | shares |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
114655755 | shares |
CY2023Q1 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
418881 | usd |
CY2022Q4 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
314160 | usd |
CY2023Q1 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
77666 | usd |
CY2022Q4 | us-gaap |
Accrued Vacation Current
AccruedVacationCurrent
|
69077 | usd |
CY2023Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
2041839 | usd |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1945589 | usd |
CY2023Q1 | PVCT |
Accrued Other Expenses
AccruedOtherExpenses
|
219657 | usd |
CY2022Q4 | PVCT |
Accrued Other Expenses
AccruedOtherExpenses
|
75186 | usd |
CY2023Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2758043 | usd |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2404012 | usd |
CY2023Q1 | us-gaap |
Notes Payable
NotesPayable
|
155097 | usd |
CY2022Q4 | us-gaap |
Notes Payable
NotesPayable
|
239394 | usd |
CY2023Q1 | us-gaap |
Officers Compensation
OfficersCompensation
|
96250 | usd |
CY2023Q1 | us-gaap |
Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
|
2041839 | usd |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
|
1945589 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
3425000 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3425000 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P2Y5M19D | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P2Y5M19D | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
97000 | usd |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
97000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
|
475000 | shares |
CY2023Q1 | PVCT |
Share Based Compensation Arrangement By Share Based Payment Award Non Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber
|
475000 | shares |
CY2023Q1 | PVCT |
Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Exercisable Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsExercisableWeightedAverageRemainingContractualTerm2
|
P1Y14D | |
CY2023Q1 | PVCT |
Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P1Y14D | |
CY2023Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
10731 | usd |
CY2022Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
23831 | usd |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3M | |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.08 | pure |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
37152 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
50663 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
25669 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
113484 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
6416 | usd |
CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
107068 | usd |
CY2023Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
45319 | usd |
CY2023Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
61749 | usd |
CY2021Q4 | PVCT |
Proceeds From Grant Award For Study Of Animal Cancer And Dermatological
ProceedsFromGrantAwardForStudyOfAnimalCancerAndDermatological
|
2500000 | usd |
CY2023Q1 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
1305933 | usd |
CY2022Q4 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
1510958 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
205025 | usd |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
187605 | usd |
CY2023Q1 | PVCT |
License Transaction Description
LicenseTransactionDescription
|
The Company completed the arrangements of this collaboration during the third quarter of 2022, whereby the Company (i) paid $5,000 for the option to obtain an exclusive worldwide, royalty-bearing license that expires on May 31, 2023, (ii) agreed to pay up to $10,000 of new UM patent expenses for this IP during the period of the option, (iii) agreed to pay up to $25,000 of past UM patent expenses for this IP, and (iv) 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 |