$RZLT
Rezolute, Inc.

2019 Q1 Form 10-Q Financial Statement

#000114420419007974 Filed on February 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.930M $1.820M $1.610M
YoY Change -19.25% -17.27% -31.49%
% of Gross Profit
Research & Development $15.12M $1.309M $929.9K
YoY Change 505.79% -61.64% -78.43%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $25.37K
YoY Change -100.0% -96.25% -90.49%
% of Gross Profit
Operating Expenses $15.12M $1.309M $2.562M
YoY Change 505.79% -77.24% -61.86%
Operating Profit -$17.04M -$3.161M -$2.562M
YoY Change 243.93% -45.04% -61.86%
Interest Expense $42.84K $1.287M $911.6K
YoY Change -19.72% 875349.66%
% of Operating Profit
Other Income/Expense, Net -$2.736M -$1.000M -$803.2K
YoY Change 18961.95% -3190.68% -2570.1%
Pretax Income -$19.77M -$4.160M -$3.370M
YoY Change 297.79% -27.27% -49.55%
Income Tax
% Of Pretax Income
Net Earnings -$19.77M -$4.161M -$3.365M
YoY Change 298.02% -27.23% -49.66%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$15.94M -$3.328M -$2.718M
COMMON SHARES
Basic Shares Outstanding 61.87M 62.17M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.34M $260.0K $400.0K
YoY Change 19075.0% -70.11% -90.05%
Cash & Equivalents $15.34M $260.0K $400.0K
Short-Term Investments
Other Short-Term Assets $13.99K $91.55K $372.1K
YoY Change -96.22% -69.04% 6.32%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.36M $422.3K $773.0K
YoY Change 3312.89% -63.72% -82.27%
LONG-TERM ASSETS
Property, Plant & Equipment $40.11K $0.00 $178.7K
YoY Change -99.11% -100.0% -96.47%
Goodwill
YoY Change
Intangibles $31.56K $33.38K $35.21K
YoY Change -17.93%
Long-Term Investments
YoY Change
Other Assets $30.00K $0.00 $80.00K
YoY Change -76.92% -100.0% -75.0%
Total Long-Term Assets $106.4K $33.38K $296.2K
YoY Change -97.73% -99.35% -94.56%
TOTAL ASSETS
Total Short-Term Assets $15.36M $422.3K $773.0K
Total Long-Term Assets $106.4K $33.38K $296.2K
Total Assets $15.46M $455.7K $1.069M
YoY Change 200.86% -92.79% -89.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.500M $2.090M $1.790M
YoY Change 40.19% -1.42% 14.01%
Accrued Expenses $1.160M $880.0K $1.230M
YoY Change 5700.0%
Deferred Revenue
YoY Change
Short-Term Debt $10.00K $10.00K $4.140M
YoY Change -98.91% 0.0% 41300.0%
Long-Term Debt Due $10.00K
YoY Change
Total Short-Term Liabilities $6.624M $2.976M $7.339M
YoY Change 51.57% 32.22% 334.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $5.006M $0.00
YoY Change
Other Long-Term Liabilities $28.50K $0.00 $148.2K
YoY Change -88.13% -100.0% -50.59%
Total Long-Term Liabilities $28.50K $5.006M $173.3K
YoY Change -88.13% 1762.74% -42.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.624M $2.976M $7.339M
Total Long-Term Liabilities $28.50K $5.006M $173.3K
Total Liabilities $10.81M $10.24M $7.512M
YoY Change 134.59% 306.54% 277.51%
SHAREHOLDERS EQUITY
Retained Earnings -$123.8M -$101.7M -$97.55M
YoY Change 32.56%
Common Stock $61.87K $61.87K $62.17K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.650M -$9.788M -$6.443M
YoY Change
Total Liabilities & Shareholders Equity $15.46M $455.7K $1.069M
YoY Change 200.86% -92.79% -89.09%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$19.77M -$4.161M -$3.365M
YoY Change 298.02% -27.23% -49.66%
Depreciation, Depletion And Amortization $0.00 $10.00K $25.37K
YoY Change -100.0% -96.25% -90.49%
Cash From Operating Activities -$8.460M -$1.650M -$1.432M
YoY Change 288.07% -47.45% -70.8%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $80.00K $10.00K $190.0K
YoY Change -57.89%
Cash From Investing Activities $40.00K $10.00K $187.1K
YoY Change -78.95% -3317.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.50M 1.500M $0.00
YoY Change 1858.33% -100.0%
NET CHANGE
Cash From Operating Activities -8.460M -1.650M -$1.432M
Cash From Investing Activities 40.00K 10.00K $187.1K
Cash From Financing Activities 23.50M 1.500M $0.00
Net Change In Cash 15.08M -140.0K -$1.245M
YoY Change -2008.86% -95.54% 164.43%
FREE CASH FLOW
Cash From Operating Activities -$8.460M -$1.650M -$1.432M
Capital Expenditures -$40.00K $0.00 $0.00
Free Cash Flow -$8.420M -$1.650M -$1.432M
YoY Change 286.24% -47.45% -70.74%

Facts In Submission

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<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. The Company&#8217;s significant accounting estimates include, but are not necessarily limited to, estimated useful lives and impairment of fixed assets, fair value of share-based payments and warrants, fair value of derivative instruments, management&#8217;s assessment of going concern, 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. </div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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dei Document Type
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dei Document Period End Date
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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Q2
dei Entity Registrant Name
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Rezolute, Inc.
us-gaap Common Stock Call Or Exercise Features
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The Company currently expects to request additional funding from the New Investors during the second half of calendar 2019. However, there are no assurances that the New Investors will elect to exercise their rights to invest up to an additional $20.0 million
rzlt Proceeds From Series Aa Financing Exclusivity Payment
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dei Entity Central Index Key
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dei Entity Filer Category
EntityFilerCategory
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dei Trading Symbol
TradingSymbol
RZLT
CY2019Q1 dei Entity Common Stock Shares Outstanding
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61866319
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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dei Entity Small Business
EntitySmallBusiness
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rzlt Coversion Feature Option By Conditions Description
CoversionFeatureOptionByConditionsDescription
Each of the Fiscal 2018 Notes discussed above contained a mandatory conversion feature that was triggered if the Company completed an equity financing for between $10 million and $20 million
rzlt Proceeds From Series Aa Financing Exclusivity Payment
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us-gaap Operating Income Loss
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