$QLGN
Qualigen Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000149315224025976 Filed on July 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $1.607M
YoY Change -100.0% -100.0% 122.59%
Cost Of Revenue $1.265M
YoY Change 52.6%
Gross Profit $342.3K
YoY Change -420.48%
Gross Profit Margin 21.3%
Selling, General & Admin $986.5K $1.057M $1.914M
YoY Change -65.2% -44.74% -36.99%
% of Gross Profit 558.96%
Research & Development $754.3K $364.4K $2.122M
YoY Change -43.14% -82.82% 13.77%
% of Gross Profit 619.72%
Depreciation & Amortization $58.67K
YoY Change 97.2%
% of Gross Profit 17.14%
Operating Expenses $1.741M $1.422M $5.300M
YoY Change -66.38% -73.17% 8.12%
Operating Profit -$1.741M -$1.422M -$3.693M
YoY Change -50.98% -61.5% -26.27%
Interest Expense $168.0K $68.00K -$544.2K
YoY Change -144.51% -112.49% -8725.04%
% of Operating Profit
Other Income/Expense, Net $263.0K -$609.2K -$578.3K
YoY Change 4903.82% 5.35% -461.42%
Pretax Income -$1.478M -$2.031M -$4.271M
YoY Change -58.32% -52.45% -1.11%
Income Tax -$1.212K $1.786K -$163.8K
% Of Pretax Income
Net Earnings -$1.577M -$2.033M -$3.846M
YoY Change -54.49% -47.15% -10.96%
Net Earnings / Revenue -239.32%
Basic Earnings Per Share -$0.21 -$0.78
Diluted Earnings Per Share -$0.21 -$0.35 -$0.78
COMMON SHARES
Basic Shares Outstanding 9.614M shares 6.307M shares 4.959M shares
Diluted Shares Outstanding 7.603M shares 5.944M shares 4.959M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.7K $93.22K $4.363M
YoY Change -91.15% -97.86% -67.95%
Cash & Equivalents $118.7K $93.22K $4.368M
Short-Term Investments
Other Short-Term Assets $415.7K $910.0K $12.16K
YoY Change 3472.79% 7382.86% -98.89%
Inventory $1.481M
Prepaid Expenses
Receivables $411.1K
Other Receivables $0.00
Total Short-Term Assets $534.4K $1.003M $7.538M
YoY Change -89.01% -86.69% -54.87%
LONG-TERM ASSETS
Property, Plant & Equipment $522.4K
YoY Change -71.32%
Goodwill $625.6K
YoY Change
Intangibles $5.839M
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.33K
YoY Change 0.02%
Total Long-Term Assets $0.00 $0.00 $8.376M
YoY Change -100.0% -100.0% 317.83%
TOTAL ASSETS
Total Short-Term Assets $534.4K $1.003M $7.538M
Total Long-Term Assets $0.00 $0.00 $8.376M
Total Assets $534.4K $1.003M $15.91M
YoY Change -95.94% -93.7% -14.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.854M $1.801M $899.9K
YoY Change 5.56% 100.16% -9.77%
Accrued Expenses $986.8K $819.0K $1.894M
YoY Change -50.18% -56.75% 33.12%
Deferred Revenue
YoY Change
Short-Term Debt $1.670M $1.023M $959.0K
YoY Change 73.03% 6.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.812M $4.525M $8.244M
YoY Change -43.34% -45.12% 127.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.277M
YoY Change -18.47%
Total Long-Term Liabilities $0.00 $0.00 $1.277M
YoY Change -100.0% -100.0% -18.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.812M $4.525M $8.244M
Total Long-Term Liabilities $0.00 $0.00 $1.277M
Total Liabilities $4.812M $4.525M $9.714M
YoY Change -51.1% -53.42% 87.1%
SHAREHOLDERS EQUITY
Retained Earnings -$120.4M -$118.8M -$107.2M
YoY Change 8.76% 10.82%
Common Stock $47.51K $44.40K $42.95K
YoY Change 10.62% 3.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.278M -$3.522M $4.869M
YoY Change
Total Liabilities & Shareholders Equity $534.4K $1.003M $15.91M
YoY Change -95.94% -93.7% -14.94%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.577M -$2.033M -$3.846M
YoY Change -54.49% -47.15% -10.96%
Depreciation, Depletion And Amortization $58.67K
YoY Change 97.2%
Cash From Operating Activities -$1.475M -$783.6K -$2.600M
YoY Change -49.65% -69.86% -33.02%
INVESTING ACTIVITIES
Capital Expenditures $198.0K
YoY Change -498.97%
Acquisitions
YoY Change
Other Investing Activities $350.0K $0.00
YoY Change
Cash From Investing Activities $350.0K -$198.0K
YoY Change -822.99% 298.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.150M $475.0K
YoY Change
NET CHANGE
Cash From Operating Activities -1.475M -$783.6K -$2.600M
Cash From Investing Activities 350.0K -$198.0K
Cash From Financing Activities 1.150M $475.0K
Net Change In Cash 25.47K -$800.0K -$2.832M
YoY Change -100.86% -71.75% -27.89%
FREE CASH FLOW
Cash From Operating Activities -$1.475M -$783.6K -$2.600M
Capital Expenditures $198.0K
Free Cash Flow -$2.798M
YoY Change -26.98%

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CY2024Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
164497 usd
CY2024Q1 QLGN Fair Value Of Warrant Modification For Professional Services
FairValueOfWarrantModificationForProfessionalServices
9737 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-721451 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-178584 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-421649 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-75944 usd
CY2024Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
303043 usd
CY2023Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
366460 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-783586 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1941785 usd
CY2023Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-692308 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-783586 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2634093 usd
CY2023Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-198009 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-198009 usd
CY2024Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
475000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
475000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
475000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-308586 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2832102 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
160320 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
401803 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3165985 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3874139 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2834965 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93217 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1533377 usd
CY2023Q1 QLGN Transfers Of Inventory From Equipment Held For Lease
TransfersOfInventoryFromEquipmentHeldForLease
35971 usd
CY2024Q1 QLGN Monthly Redemption Of Convertible Debt Into Common Stock
MonthlyRedemptionOfConvertibleDebtIntoCommonStock
546232 usd
CY2023Q1 QLGN Voluntary Conversion Of Convertible Debt Into Common Stock
VoluntaryConversionOfConvertibleDebtIntoCommonStock
1112582 usd
CY2024Q1 QLGN Deemed Dividend Arising From Warrant Downround Provision
DeemedDividendArisingFromWarrantDownroundProvision
-60017 usd
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
These warrants were subsequently exercised on September 13, 2022.
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zbggKEfr6Txa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Accounting Estimates </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management uses estimates and assumptions in preparing its condensed consolidated financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The most significant estimates relate to the estimated fair value of derivative financial instruments, warrant liabilities, and stock-based compensation. Actual results could vary from the estimates that were used.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-10
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2024Q1 us-gaap Cash
Cash
100000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-118800000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-800000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2600000 usd
CY2022Q4 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3000000.0 usd
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
388348 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
566011 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
71646 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
25053 usd
CY2024Q1 us-gaap Escrow Deposit
EscrowDeposit
450000 usd
CY2023Q4 QLGN Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
173900 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
909994 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
764964 usd
CY2023Q4 QLGN Funds Held In Escrow Non Current
FundsHeldInEscrowNonCurrent
450000 usd
CY2023Q4 QLGN Longterm Research And Development Deposits
LongtermResearchAndDevelopmentDeposits
416481 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
866481 usd
CY2023Q1 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
-872188 usd
CY2024Q1 QLGN Accrued Compensation
AccruedCompensation
190749 usd
CY2023Q4 QLGN Accrued Compensation
AccruedCompensation
129499 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
19581 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
10004 usd
CY2024Q1 QLGN Accrued License Fees
AccruedLicenseFees
46063 usd
CY2023Q4 QLGN Accrued License Fees
AccruedLicenseFees
32975 usd
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
206805 usd
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1215 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
163935 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
121775 usd
CY2024Q1 QLGN Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
28604 usd
CY2023Q4 QLGN Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
104402 usd
CY2024Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
159491 usd
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
151286 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3788 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8850 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
819015 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
560006 usd
CY2023Q4 QLGN Fair Value Adjustment Of Warrant
FairValueAdjustmentOfWarrant
54600 usd
CY2024Q1 QLGN Change In Fair Value Of Warrant Liabilities
ChangeInFairValueOfWarrantLiabilities
133300 usd
CY2024Q1 QLGN Fair Value Adjustment Of Warrant
FairValueAdjustmentOfWarrant
187900 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
147000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
68000 usd
CY2024Q1 us-gaap Convertible Debt
ConvertibleDebt
1022869 usd
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
1299216 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10092898 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6465601 shares
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10449689 shares
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10449689 shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
155000000000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y1M28D
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
58651 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
252226 usd
CY2023Q4 QLGN Bid Price
BidPrice
1.00
CY2023Q4 QLGN Minimum Stockholders Equity Requirement Not Comply
MinimumStockholdersEquityRequirementNotComply
2500000 usd

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