2024 Q2 Form 10-Q Financial Statement
#000121390024043557 Filed on May 15, 2024
Income Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
Revenue | $0.00 | ||
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $144.0K | ||
YoY Change | |||
% of Gross Profit | |||
Research & Development | $24.00K | $379.0K | $114.0K |
YoY Change | -91.81% | 232.46% | 32.56% |
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $1.000K | |
YoY Change | -100.0% | ||
% of Gross Profit | |||
Operating Expenses | $24.00K | $379.0K | $114.0K |
YoY Change | -91.81% | 232.46% | 32.56% |
Operating Profit | -$249.0K | -$547.0K | -$258.0K |
YoY Change | -40.57% | 112.02% | 47.43% |
Interest Expense | -$6.000K | ||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $1.000K | -$3.000K | -$6.000K |
YoY Change | -50.0% | -50.0% | -40.0% |
Pretax Income | -$264.0K | ||
YoY Change | |||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$248.0K | -$550.0K | -$264.0K |
YoY Change | -40.53% | 108.33% | 42.7% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.01 | $0.03 | $0.02 |
Diluted Earnings Per Share | $0.01 | $0.03 | $0.02 |
COMMON SHARES | |||
Basic Shares Outstanding | 18.66M shares | 18.66M shares | 16.14M shares |
Diluted Shares Outstanding | 18.68M shares | 18.62M shares | 15.96M shares |
Balance Sheet
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $38.00K | ||
YoY Change | |||
Cash & Equivalents | $120.0K | $287.0K | $38.00K |
Short-Term Investments | |||
Other Short-Term Assets | $6.000K | $63.00K | $111.0K |
YoY Change | -14.29% | -43.24% | |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $126.0K | $350.0K | $149.0K |
YoY Change | 6.78% | 134.9% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.000K | ||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $2.000K | $3.000K | $1.000K |
YoY Change | 100.0% | 200.0% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $126.0K | $350.0K | $149.0K |
Total Long-Term Assets | $2.000K | $3.000K | $1.000K |
Total Assets | $128.0K | $353.0K | $150.0K |
YoY Change | 7.56% | 135.33% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $147.0K | ||
YoY Change | |||
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $12.00K | ||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $418.0K | $456.0K | $159.0K |
YoY Change | 132.22% | 186.79% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | ||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | ||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $418.0K | $456.0K | $159.0K |
Total Long-Term Liabilities | $0.00 | ||
Total Liabilities | $159.0K | ||
YoY Change | |||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$8.108M | -$7.860M | -$6.289M |
YoY Change | 20.89% | 24.98% | |
Common Stock | $7.818M | $7.757M | $160.0K |
YoY Change | 4667.07% | 4748.13% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$290.0K | -$103.0K | -$9.000K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $128.0K | $353.0K | $150.0K |
YoY Change | 7.56% | 135.33% |
Cashflow Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$248.0K | -$550.0K | -$264.0K |
YoY Change | -40.53% | 108.33% | 42.7% |
Depreciation, Depletion And Amortization | $0.00 | $1.000K | |
YoY Change | -100.0% | ||
Cash From Operating Activities | -$172.0K | -$399.0K | |
YoY Change | -56.89% | 386.59% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $1.000K | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$1.000K | ||
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 | $230.0K | $149.0K | |
YoY Change | 54.36% | 1390.0% | |
NET CHANGE | |||
Cash From Operating Activities | -$172.0K | -$399.0K | |
Cash From Investing Activities | -$1.000K | ||
Cash From Financing Activities | $230.0K | $149.0K | |
Net Change In Cash | $57.00K | -$250.0K | |
YoY Change | -122.8% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$172.0K | -$399.0K | |
Capital Expenditures | $1.000K | ||
Free Cash Flow | -$173.0K | -$399.0K | |
YoY Change | -56.64% | 386.59% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
18616551 | shares |
CY2024Q1 | dei |
Document Type
DocumentType
|
10-Q | |
CY2024Q1 | dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | |
CY2024Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-03-31 | |
CY2024Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | |
CY2024Q1 | dei |
Document Transition Report
DocumentTransitionReport
|
false | |
CY2024Q1 | dei |
Entity File Number
EntityFileNumber
|
000-53002 | |
CY2024Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Raphael Pharmaceutical Inc. | |
CY2024Q1 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
NV | |
CY2024Q1 | dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
26-0204284 | |
CY2024Q1 | dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
4 Lui Paster Street | |
CY2024Q1 | dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Tel Aviv-Jaffa | |
CY2024Q1 | dei |
Entity Address Country
EntityAddressCountry
|
IL | |
CY2024Q1 | dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
6803605 | |
CY2024Q1 | dei |
City Area Code
CityAreaCode
|
(+972) | |
CY2024Q1 | dei |
Local Phone Number
LocalPhoneNumber
|
52-775-5072 | |
CY2024Q1 | dei |
Security12b Title
Security12bTitle
|
N/A | |
CY2024Q1 | dei |
No Trading Symbol Flag
NoTradingSymbolFlag
|
true | |
CY2024Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
CY2024Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | |
CY2024Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
CY2024Q1 | dei |
Entity Small Business
EntitySmallBusiness
|
true | |
CY2024Q1 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | |
CY2024Q1 | dei |
Entity Shell Company
EntityShellCompany
|
false | |
CY2024Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
18661418 | shares |
CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
287000 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
230000 | usd |
CY2024Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
63000 | usd |
CY2023Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
107000 | usd |
CY2024Q1 | us-gaap |
Assets Current
AssetsCurrent
|
350000 | usd |
CY2023Q4 | us-gaap |
Assets Current
AssetsCurrent
|
337000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
3000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
2000 | usd |
CY2024Q1 | us-gaap |
Assets
Assets
|
353000 | usd |
CY2023Q4 | us-gaap |
Assets
Assets
|
339000 | usd |
CY2024Q1 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
419000 | usd |
CY2023Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
34000 | usd |
CY2024Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
456000 | usd |
CY2023Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
72000 | usd |
CY2024Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
CY2024Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
21020560 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
21020560 | shares |
CY2024Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
18661418 | shares |
CY2024Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
18661418 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
18502918 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
18502918 | shares |
CY2024Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
187000 | usd |
CY2023Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
185000 | usd |
CY2024Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
7570000 | usd |
CY2023Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
7392000 | usd |
CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-7860000 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-7310000 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-103000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
267000 | usd |
CY2024Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
353000 | usd |
CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
339000 | usd |
CY2024Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
379000 | usd |
CY2023Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
114000 | usd |
CY2024Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
168000 | usd |
CY2023Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
144000 | usd |
CY2024Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-547000 | usd |
CY2023Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-258000 | usd |
CY2024Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-3000 | usd |
CY2023Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-6000 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-550000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-264000 | usd |
CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.03 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.02 | |
CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
18616551 | shares |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
15964489 | shares |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
106000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
149000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-264000 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-9000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
267000 | usd |
CY2024Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
180000 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-550000 | usd |
CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-103000 | usd |
CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-550000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-264000 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
1000 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
6000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
68000 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
384000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-68000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-172000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-399000 | usd |
CY2024Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1000 | usd |
CY2024Q1 | raph |
Issuance Of Common Stock And Warrants
IssuanceOfCommonStockAndWarrants
|
180000 | usd |
CY2023Q1 | raph |
Issuance Of Common Stock And Warrants
IssuanceOfCommonStockAndWarrants
|
149000 | usd |
CY2024Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
50000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
230000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
149000 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
57000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-250000 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
230000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
288000 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
287000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38000 | usd |
CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1:-</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GENERAL</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raphael Pharmaceutical Inc (formerly Easy Energy, Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on May 17, 2007. The Company is headquartered in Tel Aviv-Jaffa, Israel. From April 1, 2011 until December 31, 2019, the Company was not active.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 8, 2020, the Company and its stockholders entered into a Share Exchange Agreement (the “Share Exchange”) with an Israeli pharmaceutical company (“Raphael”), according to which, among other matters, all shareholders of Raphael will sell and convey the entire holdings in Raphael to the Company such that following the Share Exchange, the shareholders of Raphael will hold 90% of the issued and outstanding common stock of the Company, and the existing shareholders of the Company will hold the remaining 10% of the issued and outstanding common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 14, 2021, the Company’s board of directors and stockholders approved a 1-for-100 reverse split of the Company’s common stock, which was implemented and became effective as of May 14, 2021. The reverse split combined each one hundred (100) shares of the Company’s issued and outstanding common stock into one share of common stock. No fractional shares were issued in connection with the reverse split, and any fractional shares resulting from the reverse split were rounded up to the nearest whole share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 14, 2021, Raphael and the Company, completed the Share Exchange pursuant to which 9,459,253 common stock were issued to the shareholders of Raphael so that they became the holders of 90% of the issued and outstanding common stock of the Company immediately after the Share Exchange while the Company’s shareholders hold, following the Share Exchange, 1,051,028 common stock which represents 10% of the Company. On May 19, 2021, as agreed by the parties to the Share Exchange, the Company changed its name to Raphael Pharmaceutical Inc. Following such Share Exchange, Raphael’s activities are the sole activities of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Share Exchange was accounted for as a reverse recapitalization which is outside the scope ASC 805, “Business Combinations” (“ASC 805”), as the Company, the legal acquirer, is considered a non-operating public shell, and is therefore not a business as defined in ASC 805. As the shareholders of Raphael received the largest ownership interest in the Company, Raphael was determined to be the “accounting acquirer” in the Share Exchange. As a result, the historical financial statements of the Company were replaced with the financial statement of Raphael for all periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company’s common stock began public trading on the over-the-counter market in the U.S. in January 2023 under the symbol “RAPH”.</span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going concern and management plans</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has devoted substantially all of its efforts to research and development, clinical trials, and raising capital. The Company is still in its development and pre-clinical stage and has not yet generated revenues. The extent of the Company’s future operating losses and the timing of becoming profitable are uncertain. As of March 31, 2024, the Company’s accumulated deficit was $7,860. The Company has funded its operations to date primarily through equity financing and the issuance of a loan. Additional funding will be required to complete the Company’s research and development and clinical trials, to attain regulatory approvals, to begin the commercialization efforts of the Company’s product and to achieve a level of sales adequate to support the Company’s cost structure.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management’s plans include, but are not limited to, raising capital in the United States. There can be no assurance that it will be able to successfully raise additional financing, including in a public offering, or obtain additional financing on a timely basis or on terms acceptable to the Company, or at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management expects that the Company will continue to generate losses from the development, clinical development and regulatory activities of its product, which will result in negative cash flow from operating activity. This has led management to conclude that substantial doubt about the Company’s ability to continue as a going concern exists in the event that additional funding does not occur. If such sufficient financing is not received timely, the Company will not have sufficient cash flows and liquidity to finance its business operations as currently contemplated and would then need to pursue a plan to license its assets, seek to be acquired by another entity, cease operations and/or seek bankruptcy protection. The Company’s financial statements do not reflect any adjustments that might result from the outcome of this uncertainty.</span></p> | |
CY2020Q4 | raph |
Common Stock Percentage
CommonStockPercentage
|
0.10 | pure |
CY2021Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
100 | shares |
CY2021Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
100 | shares |
CY2021Q2 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
9459253 | shares |
CY2021Q2 | raph |
Percentage Of Share Capital Issued
PercentageOfShareCapitalIssued
|
0.90 | pure |
CY2021Q2 | raph |
Percentage Of Share Capital Outstanding
PercentageOfShareCapitalOutstanding
|
0.90 | pure |
CY2021Q2 | us-gaap |
Shares Issued
SharesIssued
|
1051028 | shares |
CY2021Q2 | raph |
Common Stock Percentage
CommonStockPercentage
|
0.10 | pure |
CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-7860000 | usd |
CY2024Q1 | us-gaap |
Capital Units Total Cost To Investors
CapitalUnitsTotalCostToInvestors
|
100 | usd |
CY2024Q1 | raph |
Shares Issued1
SharesIssued1
|
100000 | shares |
CY2024Q1 | raph |
Warrants Exercise
WarrantsExercise
|
50 | usd |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
15964489 | shares |
CY2024Q1 | us-gaap |
Depreciation
Depreciation
|
usd | |
CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
usd | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
usd | |
CY2023Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
usd | |
CY2024Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2024Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2024Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2024Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001415397 |