$RSLS
ReShape Lifesciences Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024008304 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.965M $1.944M
YoY Change -12.82% -15.0%
Cost Of Revenue $831.0K $779.0K
YoY Change -21.6% -26.72%
Gross Profit $1.134M $1.165M
YoY Change -5.03% -4.82%
Gross Profit Margin 57.71% 59.93%
Selling, General & Admin $670.0K $1.019M
YoY Change -69.22% -53.3%
% of Gross Profit 59.08% 87.47%
Research & Development $399.0K $484.0K
YoY Change -31.33% 6.84%
% of Gross Profit 35.19% 41.55%
Depreciation & Amortization $6.000K $6.000K
YoY Change -87.76% -83.78%
% of Gross Profit 0.53% 0.52%
Operating Expenses $3.188M $3.375M
YoY Change -38.34% -50.77%
Operating Profit -$2.054M -$2.210M
YoY Change -48.34% -60.75%
Interest Expense $4.000K $9.000K
YoY Change -55.56% -280.0%
% of Operating Profit
Other Income/Expense, Net $59.00K $25.00K
YoY Change 883.33% 1150.0%
Pretax Income -$1.580M -$2.179M
YoY Change -54.71% -17.71%
Income Tax $15.00K $14.00K
% Of Pretax Income
Net Earnings -$1.595M -$2.193M
YoY Change -54.34% -17.62%
Net Earnings / Revenue -81.17% -112.81%
Basic Earnings Per Share -$0.06 -$0.09
Diluted Earnings Per Share -$0.06 -$0.09
COMMON SHARES
Basic Shares Outstanding 23.46M 23.46M
Diluted Shares Outstanding 25.22M 23.46M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.053M $2.379M
YoY Change -76.94% -73.52%
Cash & Equivalents $1.053M $2.379M
Short-Term Investments
Other Short-Term Assets $55.00K $70.00K
YoY Change -50.89% -58.33%
Inventory $3.246M $3.467M
Prepaid Expenses
Receivables $1.400M $1.600M
Other Receivables $15.00K $26.00K
Total Short-Term Assets $6.087M $7.895M
YoY Change -42.27% -48.16%
LONG-TERM ASSETS
Property, Plant & Equipment $48.00K $54.00K
YoY Change -92.72% -91.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $29.00K
YoY Change -49.12% -49.12%
Total Long-Term Assets $306.0K $336.0K
YoY Change -76.61% -70.03%
TOTAL ASSETS
Total Short-Term Assets $6.087M $7.895M
Total Long-Term Assets $306.0K $336.0K
Total Assets $6.393M $8.231M
YoY Change -46.06% -49.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.030M $1.314M
YoY Change -35.67% -34.2%
Accrued Expenses $1.895M $1.930M
YoY Change -25.01% -63.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.201M $3.519M
YoY Change -27.32% -53.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $157.0K $178.0K
YoY Change -77.89% -82.06%
Total Long-Term Liabilities $157.0K $178.0K
YoY Change -77.89% -82.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.201M $3.519M
Total Long-Term Liabilities $157.0K $178.0K
Total Liabilities $3.358M $3.697M
YoY Change -34.34% -56.98%
SHAREHOLDERS EQUITY
Retained Earnings -$639.4M -$637.8M
YoY Change 1.43% 1.74%
Common Stock $29.00K $23.00K
YoY Change 866.67% 666.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.035M $4.534M
YoY Change
Total Liabilities & Shareholders Equity $6.393M $8.231M
YoY Change -46.06% -49.66%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$1.595M -$2.193M
YoY Change -54.34% -17.62%
Depreciation, Depletion And Amortization $6.000K $6.000K
YoY Change -87.76% -83.78%
Cash From Operating Activities -$1.357M -$2.072M
YoY Change -79.63% -59.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.00K 0.000
YoY Change -98.93% -100.0%
NET CHANGE
Cash From Operating Activities -1.357M -2.072M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 24.00K 0.000
Net Change In Cash -1.333M -2.080M
YoY Change -69.81% -140.56%
FREE CASH FLOW
Cash From Operating Activities -$1.357M -$2.072M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.357M -$2.072M
YoY Change -79.74% -59.12%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3955000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2479000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9083000
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:22.5pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates. The Company reviews its estimates on an ongoing basis or as new information becomes available to ensure that these estimates appropriately reflect changes in its business.</p>
CY2024Q1 rsls Working Capital
WorkingCapital
4400000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2500000
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1600000
CY2023Q4 rsls Accrued Legal Liabilities Current
AccruedLegalLiabilitiesCurrent
200000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
643000
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1007000
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1020000
CY2024Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
1271000
CY2023Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
1379000
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1189000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1342000
CY2024Q1 us-gaap Inventory Net
InventoryNet
3467000
CY2023Q4 us-gaap Inventory Net
InventoryNet
3741000
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
191000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
110000
CY2024Q1 rsls Prepaid Professional Services
PrepaidProfessionalServices
65000
CY2024Q1 rsls Prepaid Patent Expense Current
PrepaidPatentExpenseCurrent
10000
CY2023Q4 rsls Prepaid Patent Expense Current
PrepaidPatentExpenseCurrent
13000
CY2024Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
21000
CY2023Q4 us-gaap Prepaid Advertising
PrepaidAdvertising
41000
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
26000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
47000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
70000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
126000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
383000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
337000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
602000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
701000
CY2024Q1 rsls Accrued Legal Liabilities Current
AccruedLegalLiabilitiesCurrent
200000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
639000
CY2024Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
52000
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
61000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
377000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
155000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
58000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1930000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1814000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
226000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
250000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
112000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
111000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
127000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
151000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
239000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
262000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
27000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
87000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
84000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
115000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
59000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
258000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
239000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.069
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10200000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1944000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2287000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
72000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
222000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-008304.txt Edgar Link pending
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