2022 Q2 Form 10-Q Financial Statement

#000095017022009040 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.060M $9.110M $8.330M
YoY Change 28.33% 40.37% 66.6%
% of Gross Profit
Research & Development $7.199M $12.76M $15.21M
YoY Change -51.09% -24.17% -4.1%
% of Gross Profit
Depreciation & Amortization $80.00K $40.00K $80.00K
YoY Change 0.0% -55.56% 0.0%
% of Gross Profit
Operating Expenses $16.26M $21.86M $23.54M
YoY Change -25.36% -6.22% 12.9%
Operating Profit -$16.26M -$21.86M
YoY Change -25.36% -6.22%
Interest Expense $150.0K $70.00K $110.0K
YoY Change -6.25% -69.57% -63.33%
% of Operating Profit
Other Income/Expense, Net -$735.0K $150.0K $40.00K
YoY Change 461.07%
Pretax Income -$16.85M -$21.64M -$23.40M
YoY Change -22.53% -6.28% 13.81%
Income Tax -$284.0K $0.00
% Of Pretax Income
Net Earnings -$16.56M -$21.64M -$23.40M
YoY Change -23.86% -6.26% 13.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$0.72
Diluted Earnings Per Share -$0.51 -$0.72 -$0.78
COMMON SHARES
Basic Shares Outstanding 30.15M 30.15M 29.88M
Diluted Shares Outstanding 32.47M 30.13M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.70M $64.12M $66.53M
YoY Change -27.13% -56.39% -50.28%
Cash & Equivalents $46.93M $40.16M $29.45M
Short-Term Investments $54.80M $23.96M $37.08M
Other Short-Term Assets $4.800M $487.0K $367.0K
YoY Change 995.89% -12.57% -47.12%
Inventory
Prepaid Expenses $352.0K $333.0K
Receivables
Other Receivables
Total Short-Term Assets $99.40M $96.35M $111.7M
YoY Change -26.83% -35.72% -19.0%
LONG-TERM ASSETS
Property, Plant & Equipment $700.0K $230.0K $263.0K
YoY Change 79.49% -39.15% -38.41%
Goodwill $825.0K $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $11.00M $19.20M $19.90M
YoY Change -53.19% -18.99% -60.59%
Other Assets $0.00 $29.00K $194.0K
YoY Change -100.0% -25.64% 397.44%
Total Long-Term Assets $18.50M $19.78M $21.56M
YoY Change -27.58% -19.73% -58.23%
TOTAL ASSETS
Total Short-Term Assets $99.40M $96.35M $111.7M
Total Long-Term Assets $18.50M $19.78M $21.56M
Total Assets $117.9M $116.1M $133.2M
YoY Change -26.95% -33.46% -29.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $3.731M $4.911M
YoY Change -73.59% 31.14% 38.14%
Accrued Expenses $4.000M $5.979M $9.311M
YoY Change -64.74% -60.2% -30.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $6.000M $9.710M $14.22M
YoY Change -67.63% -45.65% -16.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $0.00 $400.0K
YoY Change -87.5% -100.0% 100.0%
Total Long-Term Liabilities $100.0K $0.00 $400.0K
YoY Change -87.5% -100.0% 100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.000M $9.710M $14.22M
Total Long-Term Liabilities $100.0K $0.00 $400.0K
Total Liabilities $6.300M $9.750M $14.64M
YoY Change -67.37% -45.83% -14.89%
SHAREHOLDERS EQUITY
Retained Earnings -$258.2M -$236.6M
YoY Change 52.15% 61.33%
Common Stock $365.1M $355.3M
YoY Change 11.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.5M $106.4M $118.6M
YoY Change
Total Liabilities & Shareholders Equity $117.9M $116.1M $133.2M
YoY Change -26.95% -33.45% -29.68%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$16.56M -$21.64M -$23.40M
YoY Change -23.86% -6.26% 13.81%
Depreciation, Depletion And Amortization $80.00K $40.00K $80.00K
YoY Change 0.0% -55.56% 0.0%
Cash From Operating Activities -$15.42M -$16.09M -$14.42M
YoY Change -12.19% 18.23% 8.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.000K $40.00K
YoY Change -100.0% -86.49% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$5.250M $13.42M $20.96M
YoY Change -191.78% -57.64% 32.32%
Cash From Investing Activities -$5.250M $13.41M $20.92M
YoY Change -193.25% -57.61% 32.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $608.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0K 622.0K 990.0K
YoY Change -83.58% 41.04% 1880.0%
NET CHANGE
Cash From Operating Activities -15.42M -16.09M -14.42M
Cash From Investing Activities -5.250M 13.41M 20.92M
Cash From Financing Activities 110.0K 622.0K 990.0K
Net Change In Cash -20.56M -2.160M 7.490M
YoY Change 82.59% -111.69% 188.08%
FREE CASH FLOW
Cash From Operating Activities -$15.42M -$16.09M -$14.42M
Capital Expenditures $0.00 $5.000K $40.00K
Free Cash Flow -$15.42M -$16.10M -$14.46M
YoY Change -12.68% 17.95% 8.8%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, eligibility of expenses for the Australia research and development refundable tax credits; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.</span></p>
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CY2022Q1 us-gaap Severance Costs1
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CY2021 us-gaap Severance Costs1
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CY2021Q1 us-gaap Severance Costs1
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CY2019Q2 us-gaap Operating Lease Payments
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CY2021Q3 us-gaap Operating Lease Payments
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CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
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CY2022Q1 crtx Payments For Security Deposit
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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