$RKDA
Arcadia Biosciences, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023041468 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.597M $1.389M $3.858M
YoY Change -14.96% -64.0% 174.59%
Cost Of Revenue $1.102M $981.0K $3.447M
YoY Change -18.01% -71.54% 117.2%
Gross Profit $495.0K $408.0K $411.0K
YoY Change -7.3% -0.73% -325.82%
Gross Profit Margin 31.0% 29.37% 10.65%
Selling, General & Admin $3.443M $3.815M $4.652M
YoY Change -28.79% -17.99% -26.97%
% of Gross Profit 695.56% 935.05% 1131.87%
Research & Development $305.0K $391.0K $359.0K
YoY Change 19.61% 8.91% -68.26%
% of Gross Profit 61.62% 95.83% 87.35%
Depreciation & Amortization $89.00K $67.00K $141.0K
YoY Change -1.11% -52.48% -48.16%
% of Gross Profit 17.98% 16.42% 34.31%
Operating Expenses $3.748M $4.206M $5.011M
YoY Change -26.37% -16.06% -44.86%
Operating Profit -$3.242M -$3.791M -$3.783M
YoY Change -29.21% 0.21% -50.76%
Interest Expense $740.0K $4.623M $30.00K
YoY Change -62.53% 15310.0% 2900.0%
% of Operating Profit
Other Income/Expense, Net $17.00K -$13.00K -$44.00K
YoY Change -60.47% -70.45% -101.59%
Pretax Income -$2.484M $819.0K -$3.797M
YoY Change -13.63% -121.57% -29.97%
Income Tax $0.00 $1.000K $0.00
% Of Pretax Income 0.12%
Net Earnings -$2.567M $823.0K -$3.777M
YoY Change -10.46% -121.79% -28.21%
Net Earnings / Revenue -160.74% 59.25% -97.9%
Basic Earnings Per Share -$1.89 $0.61 -$0.17
Diluted Earnings Per Share -$1.89 $0.61 -$0.17
COMMON SHARES
Basic Shares Outstanding 1.108M 950.4K 22.19M
Diluted Shares Outstanding 1.360M 1.358M 22.19M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.70M $18.51M $21.23M
YoY Change -30.89% -12.84% -51.72%
Cash & Equivalents $10.60M $13.50M $21.20M
Short-Term Investments $5.090M $5.023M
Other Short-Term Assets $1.340M $1.038M $1.695M
YoY Change 7.72% -38.76% -10.55%
Inventory $2.657M $3.164M $3.275M
Prepaid Expenses
Receivables $300.0K $630.0K $3.854M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.01M $23.34M $30.06M
YoY Change -33.38% -22.35% -40.97%
LONG-TERM ASSETS
Property, Plant & Equipment $468.0K $560.0K $954.0K
YoY Change -44.81% -41.3% -74.49%
Goodwill
YoY Change
Intangibles $40.00K $40.00K $386.0K
YoY Change -89.28% -89.64% -90.51%
Long-Term Investments
YoY Change
Other Assets $181.0K $178.0K $166.0K
YoY Change 9.7% 7.23% -5.68%
Total Long-Term Assets $3.460M $3.459M $4.950M
YoY Change -22.12% -30.12% -75.1%
TOTAL ASSETS
Total Short-Term Assets $20.01M $23.34M $30.06M
Total Long-Term Assets $3.460M $3.459M $4.950M
Total Assets $23.47M $26.80M $35.01M
YoY Change -31.93% -23.45% -50.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.650M $2.816M $83.00K
YoY Change 5538.3% 3292.77% 151.52%
Accrued Expenses $920.0K $993.0K $994.0K
YoY Change -6.69% -0.1% 3.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.885M $4.091M $4.740M
YoY Change -4.1% -13.69% -38.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% -6.54%
Total Long-Term Liabilities $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% -10.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.885M $4.091M $4.740M
Total Long-Term Liabilities $2.000M $2.000M $2.000M
Total Liabilities $8.068M $9.068M $8.240M
YoY Change -14.67% 10.05% -70.7%
SHAREHOLDERS EQUITY
Retained Earnings -$269.0M -$266.4M -$250.7M
YoY Change 6.07% 6.26% 16.6%
Common Stock $284.4M $284.3M $277.6M
YoY Change 2.06% 2.42% 8.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.54M $17.87M $26.81M
YoY Change
Total Liabilities & Shareholders Equity $23.47M $26.80M $35.01M
YoY Change -31.93% -23.45% -50.55%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$2.567M $823.0K -$3.777M
YoY Change -10.46% -121.79% -28.21%
Depreciation, Depletion And Amortization $89.00K $67.00K $141.0K
YoY Change -1.11% -52.48% -48.16%
Cash From Operating Activities -$2.890M -$4.798M -$3.365M
YoY Change -14.27% 42.59% -45.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.000K -$6.000K
YoY Change -183.33% -97.31%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$4.711M $54.00K
YoY Change -97.07% -8824.07% -99.69%
Cash From Investing Activities $0.00 -$4.716M $48.00K
YoY Change -100.0% -9925.0% -99.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -2.890M -4.798M -3.365M
Cash From Investing Activities 0.000 -4.716M 48.00K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -2.890M -9.514M -3.317M
YoY Change -294.61% 186.83% -129.79%
FREE CASH FLOW
Cash From Operating Activities -$2.890M -$4.798M -$3.365M
Capital Expenditures $0.00 $5.000K -$6.000K
Free Cash Flow -$2.890M -$4.803M -$3.359M
YoY Change -14.27% 42.99% -44.08%

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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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21000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
21000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
21000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q2 us-gaap Comprehensive Income Net Of Tax
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2023Q2 us-gaap Profit Loss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Profit Loss
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ProfitLoss
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rkda Change In Fair Value Of Common Stock Warrant And Option Liabilities
ChangeInFairValueOfCommonStockWarrantAndOptionLiabilities
5357000
rkda Change In Fair Value Of Common Stock Warrant And Option Liabilities
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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rkda Issuance And Offering Costs Allocated To Liability Classified Options
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rkda Gain Loss On Private Placement
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rkda Gain Loss On Private Placement
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us-gaap Depreciation
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OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Impairment Of Intangible Assets Finitelived
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us-gaap Gain Loss On Disposition Of Assets
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26000
us-gaap Gain Loss On Disposition Of Assets
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
0
us-gaap Equity Method Investment Realized Gain Loss On Disposal
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us-gaap Inventory Write Down
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us-gaap Inventory Write Down
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Increase Decrease In Due To Related Parties
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12000
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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841000
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
569000
us-gaap Proceeds From Sale Of Equity Method Investments
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0
us-gaap Payments To Acquire Property Plant And Equipment
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5000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
5002000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0
us-gaap Net Cash Provided By Used In Investing Activities
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NetCashProvidedByUsedInInvestingActivities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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rkda Proceeds From Sale Of Property And Equipment In Accounts Receivable And Other Receivables
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rkda Proceeds From Sale Of Property And Equipment In Accounts Receivable And Other Receivables
ProceedsFromSaleOfPropertyAndEquipmentInAccountsReceivableAndOtherReceivables
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rkda Entity Place Of Incorporation
EntityPlaceOfIncorporation
Arizona
rkda Entity Incorporation Year Of Incorporation
EntityIncorporationYearOfIncorporation
2002
rkda Entity Reincorporation State Country Name
EntityReincorporationStateCountryName
Delaware
rkda Entity Reincorporation Date Of Reincorporation
EntityReincorporationDateOfReincorporation
2015-03
us-gaap Stockholders Equity Reverse Stock Split
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In February 2023, the Company’s board of directors approved a reverse split of 40:1 on the Company’s issued and outstanding common stock.
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Inventory Write Down
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us-gaap Inventory Write Down
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InventoryGoodsInProcessCurrentAndNonCurrent
88000
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CY2023Q2 rkda Inventory Finished Goods Current And Non Current
InventoryFinishedGoodsCurrentAndNonCurrent
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2022Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q2 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
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CY2022Q4 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
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CY2023Q2 rkda Debt And Equity Securities Amortized Cost Basis
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CY2023Q2 rkda Debt And Equity Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q2 rkda Debt And Equity Securities
DebtAndEquitySecurities
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CY2022Q4 rkda Debt And Equity Securities Accumulated Gross Unrealized Gain Before Tax
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0
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CY2022Q4 rkda Debt And Equity Securities
DebtAndEquitySecurities
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CY2023Q2 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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rkda Stock Issued During Period Shares Related To Exercise Of Warrants
StockIssuedDuringPeriodSharesRelatedToExerciseOfWarrants
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CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
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rkda Number Of Equity Incentive Plans
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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rkda Operating Lease Term Expiration Month And Year
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2024-05
CY2022Q2 rkda Payments For Termination Fees
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us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some leases (the Dallas and Davis offices, a warehouse, and a copy machine) include one or more options to renew, with renewal terms that can extend the lease term from one to six years.
us-gaap Lessee Operating Lease Existence Of Option To Extend
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true
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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us-gaap Lease Cost
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us-gaap Lease Cost
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P2Y1M6D
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P2Y4M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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rkda Share Based Compensation Arrangement By Share Based Payment Award Grants Outstanding Intrinsic Value
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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210
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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rkda Share Based Compensation Arrangement By Share Based Payment Award Expired Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpiredOutstandingIntrinsicValue
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
84755
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
82.21
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
76998
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
87.98
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
35364
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
155.85
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
969000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M12D
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
199000
us-gaap Share Based Compensation
ShareBasedCompensation
411000
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
323000
us-gaap Share Based Compensation
ShareBasedCompensation
583000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1841664
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1841664
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
340843
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
340843

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