2018 Q1 Form 10-Q Financial Statement

#000114420418008930 Filed on February 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2016 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 $2.390M $2.200M $1.730M
YoY Change 29.19% 27.17% 16.11%
% of Gross Profit
Research & Development $2.496M $3.413M $3.075M
YoY Change -27.42% 10.98% 21.85%
% of Gross Profit
Depreciation & Amortization $266.8K $266.8K $278.1K
YoY Change -5.67% -4.06% 85.11%
% of Gross Profit
Operating Expenses $2.496M $5.751M $4.889M
YoY Change -53.69% 17.62% 20.23%
Operating Profit -$4.953M -$5.751M -$4.889M
YoY Change -8.11% 17.62% 20.23%
Interest Expense $53.36K $147.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$14.35K $32.37K $1.313K
YoY Change -335.39% 2365.42% 141.8%
Pretax Income -$4.970M -$5.720M -$4.890M
YoY Change -7.62% 16.97% 20.15%
Income Tax
% Of Pretax Income
Net Earnings -$4.968M -$5.719M -$4.888M
YoY Change -7.74% 16.99% 20.21%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$4.602M -$5.296M -$5.963M
COMMON SHARES
Basic Shares Outstanding 54.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.00K $870.0K $3.570M
YoY Change -98.2% -75.63% 108.77%
Cash & Equivalents $80.00K $870.0K $3.570M
Short-Term Investments
Other Short-Term Assets $370.0K $295.7K $213.4K
YoY Change -9.76% 38.55% 64.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $450.0K $1.164M $3.787M
YoY Change -90.72% -69.27% 105.79%
LONG-TERM ASSETS
Property, Plant & Equipment $4.530M $4.798M $5.729M
YoY Change -17.03% -16.25% -5.62%
Goodwill
YoY Change
Intangibles $40.68K
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $320.0K $380.0K
YoY Change 105.59% -15.79% -32.14%
Total Long-Term Assets $4.690M $5.158M $6.152M
YoY Change -21.12% -16.16% -8.04%
TOTAL ASSETS
Total Short-Term Assets $450.0K $1.164M $3.787M
Total Long-Term Assets $4.690M $5.158M $6.152M
Total Assets $5.140M $6.321M $9.938M
YoY Change -52.39% -36.39% 16.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.210M $2.120M $1.530M
YoY Change 69.84% 38.56% -31.08%
Accrued Expenses $20.00K $0.00 $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $920.0K $10.00K $10.00K
YoY Change 9100.0% 0.0% -83.33%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.370M $2.251M $1.670M
YoY Change 116.32% 34.79% -32.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $240.0K $243.7K $340.0K
YoY Change -23.73% -28.33% -26.09%
Total Long-Term Liabilities $240.0K $268.7K $340.0K
YoY Change -23.73% -20.96% -26.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.370M $2.251M $1.670M
Total Long-Term Liabilities $240.0K $268.7K $340.0K
Total Liabilities $4.610M $2.520M $2.010M
YoY Change 97.44% 25.36% -31.93%
SHAREHOLDERS EQUITY
Retained Earnings -$76.73M -$52.75M
YoY Change 45.45% 44.66%
Common Stock $40.95K
YoY Change 68.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $532.9K $3.802M $7.933M
YoY Change
Total Liabilities & Shareholders Equity $5.140M $6.320M $9.938M
YoY Change -52.39% -36.41% 16.45%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$4.968M -$5.719M -$4.888M
YoY Change -7.74% 16.99% 20.21%
Depreciation, Depletion And Amortization $266.8K $266.8K $278.1K
YoY Change -5.67% -4.06% 85.11%
Cash From Operating Activities -$2.180M -$3.140M -$3.090M
YoY Change -39.61% 1.62% 34.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$140.0K
YoY Change -100.0% -100.0% -79.41%
Acquisitions
YoY Change
Other Investing Activities $190.0K $0.00 $120.0K
YoY Change -100.0% -73.33%
Cash From Investing Activities $190.0K $0.00 -$30.00K
YoY Change -1050.0% -100.0% -86.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.200M 0.000 3.330M
YoY Change -73.33% -100.0% 78.07%
NET CHANGE
Cash From Operating Activities -2.180M -3.140M -3.090M
Cash From Investing Activities 190.0K 0.000 -30.00K
Cash From Financing Activities 1.200M 0.000 3.330M
Net Change In Cash -790.0K -3.140M 210.0K
YoY Change -190.8% -1595.24% -132.31%
FREE CASH FLOW
Cash From Operating Activities -$2.180M -$3.140M -$3.090M
Capital Expenditures $0.00 $0.00 -$140.0K
Free Cash Flow -$2.180M -$3.140M -$2.950M
YoY Change -39.11% 6.44% 83.23%

Facts In Submission

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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
288814 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
590766 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
540341 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
338392 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
347836 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
569364 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10.5pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><b><u> Note 1 Nature of Operations</u></b></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><b> &#160;</b></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10.5pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif">These financial statements represent the consolidated financial statements of Rezolute, Inc. (&#8220;Rezolute&#8221;), and its wholly owned operating subsidiary AntriaBio Delaware, Inc. (&#8220;Antria Delaware&#8221;). Rezolute and Antria Delaware are collectively referred to herein as the &#8220;Company&#8221;. The Company is a clinical stage biopharmaceutical Company.</font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7311528 USD
CY2017Q4 us-gaap Depreciation
Depreciation
266781 USD
CY2016Q4 us-gaap Depreciation
Depreciation
278074 USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q4 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
344669 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10.5pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> <strong>Use of Estimates</strong></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"> <strong>&#160;</strong></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10.5pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives and impairment of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2017Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
54073309 shares
CY2017Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
49228640 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
54073309 shares
CY2017Q2 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
588 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7317343 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.84 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3413088 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3075379 USD
CY2017Q4 rzlt Operating Leases Future Minimum Payments Due Gross
OperatingLeasesFutureMinimumPaymentsDueGross
3058117 USD
CY2017Q4 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions
FutureMinimumSubleaseRentalsSaleLeasebackTransactions
382604 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2675513 USD
rzlt Compensation And Benefits For Research And Development
CompensationAndBenefitsForResearchAndDevelopment
2983810 USD
rzlt Compensation And Benefits For Research And Development
CompensationAndBenefitsForResearchAndDevelopment
3213358 USD
rzlt Consultants And Outside Costs
ConsultantsAndOutsideCosts
364159 USD
rzlt Consultants And Outside Costs
ConsultantsAndOutsideCosts
466258 USD
us-gaap Manufacturing Costs
ManufacturingCosts
653691 USD
us-gaap Manufacturing Costs
ManufacturingCosts
1079137 USD
us-gaap Health Care Organization Medical Supplies And Drugs Expense
HealthCareOrganizationMedicalSuppliesAndDrugsExpense
1561754 USD
us-gaap Health Care Organization Medical Supplies And Drugs Expense
HealthCareOrganizationMedicalSuppliesAndDrugsExpense
0 USD
us-gaap License Costs
LicenseCosts
1178505 USD
us-gaap License Costs
LicenseCosts
0 USD
rzlt Facilities And Other Costs
FacilitiesAndOtherCosts
981807 USD
rzlt Facilities And Other Costs
FacilitiesAndOtherCosts
802555 USD
rzlt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Warrants Issued For Consulting Services
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWarrantsIssuedForConsultingServices
650000 shares
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7723726 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5561308 USD
rzlt Compensation And Benefits For General And Administrative
CompensationAndBenefitsForGeneralAndAdministrative
3467921 USD
rzlt Compensation And Benefits For General And Administrative
CompensationAndBenefitsForGeneralAndAdministrative
2151953 USD
us-gaap Professional Fees
ProfessionalFees
436993 USD
rzlt Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercise Price Warrants Issued For Consulting Services
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisePriceWarrantsIssuedForConsultingServices
1.03
rzlt Investor Relations
InvestorRelations
193576 USD
rzlt Investor Relations
InvestorRelations
155535 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
645872 USD
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
558115 USD
CY2017Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2337870 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4744362 USD
us-gaap Operating Expenses
OperatingExpenses
12468088 USD
us-gaap Operating Expenses
OperatingExpenses
8712927 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-12468088 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-8712927 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
861 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
63676 USD
us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
0 USD
us-gaap Interest Expense
InterestExpense
147 USD
us-gaap Interest Expense
InterestExpense
1595 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
498 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
10725 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
64888 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
9130 USD
rzlt Conversionofconvertiblenotespayabletocommonstock
Conversionofconvertiblenotespayabletocommonstock
0 USD
rzlt Conversionofconvertiblenotespayabletocommonstock
Conversionofconvertiblenotespayabletocommonstock
50000 USD
us-gaap Net Income Loss
NetIncomeLoss
-12403200 USD
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53327558 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38091406 shares
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
0 USD
rzlt Warrant Value Recorded As Issuance Cost
WarrantValueRecordedAsIssuanceCost
0 USD
rzlt Warrant Value Recorded As Issuance Cost
WarrantValueRecordedAsIssuanceCost
516550 USD
rzlt Warrantvaluerecordedasdebtdiscount
Warrantvaluerecordedasdebtdiscount
0 USD
rzlt Warrantvaluerecordedasdebtdiscount
Warrantvaluerecordedasdebtdiscount
9517 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
469177 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
12097 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-2800 USD
CY2016Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1813865 USD
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
317674 USD
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure

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