$SILO
Silo Pharma, Inc.

2023 Q4 Form 10-Q Financial Statement

#000121390023086214 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $18.03K $18.03K
YoY Change 0.0% -0.03%
Cost Of Revenue $1.460K $1.459K
YoY Change 0.0% 0.0%
Gross Profit $16.57K $16.57K
YoY Change 0.0% 0.0%
Gross Profit Margin 91.9% 91.91%
Selling, General & Admin $843.3K $620.0K
YoY Change -18.82% 927.49%
% of Gross Profit 5089.5% 3742.61%
Research & Development $337.0K $174.5K
YoY Change -46.91% -53.57%
% of Gross Profit 2033.61% 1053.33%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.180M $790.0K
YoY Change -29.47% -18.2%
Operating Profit -$1.164M -$773.4K
YoY Change -29.77% -18.52%
Interest Expense $112.2K $1.078K
YoY Change -1920.62% -103.16%
% of Operating Profit
Other Income/Expense, Net $0.00 $113.2K
YoY Change -100.0% -432.15%
Pretax Income -$1.052M -$660.2K
YoY Change -36.76% -32.86%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.121M -$660.2K
YoY Change -32.57% -32.86%
Net Earnings / Revenue -6218.41% -3662.47%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.38 -$0.21
COMMON SHARES
Basic Shares Outstanding 3.109M shares 3.109M shares
Diluted Shares Outstanding 3.109M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.665M $8.770M
YoY Change -32.58% -28.88%
Cash & Equivalents $3.524M $199.8K
Short-Term Investments $4.141M $8.570M
Other Short-Term Assets $15.97K $80.00K
YoY Change -88.25% -86.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.681M $8.921M
YoY Change -33.62% -30.91%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.98K $70.00K
YoY Change -8.25% 8.02%
Total Long-Term Assets $64.98K $66.44K
YoY Change -8.24% -51.53%
TOTAL ASSETS
Total Short-Term Assets $7.681M $8.921M
Total Long-Term Assets $64.98K $66.44K
Total Assets $7.746M $8.987M
YoY Change -33.47% -31.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $703.5K $143.6K
YoY Change 93.15% -35.79%
Accrued Expenses
YoY Change
Deferred Revenue $72.10K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $775.6K $678.8K
YoY Change 77.76% 117.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $793.7K $810.0K
YoY Change -8.33% -8.35%
Total Long-Term Liabilities $793.7K $811.7K
YoY Change -8.33% -8.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $775.6K $678.8K
Total Long-Term Liabilities $793.7K $811.7K
Total Liabilities $1.569M $1.490M
YoY Change 20.52% 24.62%
SHAREHOLDERS EQUITY
Retained Earnings -$10.87M -$9.751M
YoY Change 51.61% 77.02%
Common Stock $316.00 $311.00
YoY Change 0.0% -0.96%
Preferred Stock $17.53M
YoY Change 0.08%
Treasury Stock (at cost) $471.1K $161.9K
YoY Change
Treasury Stock Shares
Shareholders Equity $6.177M $7.497M
YoY Change
Total Liabilities & Shareholders Equity $7.746M $8.987M
YoY Change -33.47% -31.13%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.121M -$660.2K
YoY Change -32.57% -32.86%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$914.5K -$1.070M
YoY Change 3.22% -24.77%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.433M $1.250M
YoY Change
Cash From Investing Activities $4.433M $1.250M
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 -191.1K -150.0K
YoY Change -103.04%
NET CHANGE
Cash From Operating Activities -914.5K -1.070M
Cash From Investing Activities 4.433M 1.250M
Cash From Financing Activities -191.1K -150.0K
Net Change In Cash 3.327M 30.00K
YoY Change -475.54% -99.15%
FREE CASH FLOW
Cash From Operating Activities -$914.5K -$1.070M
Capital Expenditures
Free Cash Flow
YoY Change

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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
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SILO PHARMA, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Security12b Title
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">N<b>OTE 1 – <span style="text-decoration:underline">ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Silo Pharma, Inc. (formerly Uppercut Brands, Inc.) (the “Company”) was incorporated in the State of New York on July 13, 2010, under the name Gold Swap, Inc. On January 24, 2013, the Company changed its state of incorporation from New York to Delaware.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company is a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research. The Company seeks to acquire and/or develop intellectual property or technology rights from leading universities and researchers to treat rare diseases, including the use of psychedelic drugs, such as psilocybin, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders. The Company is focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, post-traumatic stress disorder (“PTSD”), Alzheimer’s, Parkinson’s, and other rare neurological disorders. The Company’s mission is to identify assets to license and fund the research which the Company believes will be transformative to the well-being of patients and the health care industry. The Company was engaged in the development of a streetwear apparel brand, NFID (see below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On May 21, 2019, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Point Capital, Inc. to Uppercut Brands, Inc. Thereafter, on September 24, 2020, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Uppercut Brands, Inc. to Silo Pharma, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On April 8, 2020, the Company incorporated a new wholly-owned subsidiary, Silo Pharma Inc., in the State of Florida. The Company has also secured the domain name www.silopharma.com. The Company has been exploring opportunities to expand the Company’s business by seeking to acquire and/or develop intellectual property or technology rights from leading universities and researchers to treat rare diseases, including the use of psychedelic drugs, such as psilocybin, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders. In July 2020, through the Company’s newly formed subsidiary, the Company entered into a commercial evaluation license and option agreement with University of Maryland, Baltimore (“UMB”) (see Note 8) pursuant to which, among other things, UMB granted the Company an exclusive, option to negotiate and obtain an exclusive, sublicensable, royalty-bearing license to certain technology. The option was extended and exercised on January 13, 2021. On February 12, 2021, the Company entered into a Master License Agreement with UMB (see Note 8). The Company plans to actively pursue the acquisition and/or development of intellectual property or technology rights to treat rare diseases, and to ultimately expand the Company’s business to focus on this new line of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On September 30, 2021, the Company entered into and closed on an Asset Purchase Agreement (the “Asset Purchase Agreement) with NFID, LLC, a Florida limited liability company (the “Buyer”), whereby the Buyer purchased from the Company certain assets, properties, and rights in connection with the Company’s NFID trademark name, logos, domain, and apparel clothing and accessories for a purchase price of $60,000 in the form of a promissory note amounting to $60,000. The promissory note bore 8% interest per annum and matured on October 1, 2023. On November 8, 2023 and effective on October 1, 2023, the Company and the Buyer entered into a First Amendment Promissory Note which increased the interest rate to 9% per annum and extended the maturity date to December 30, 2023 for no consideration. Accordingly, the results of operations of this component, for all periods presented, are separately reported as “discontinued operations” on the accompanying unaudited consolidated statements of operations and comprehensive loss (see Note 4).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On September 14, 2022, the Company filed a Certificate of Amendment to the Amended and Restated Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-50 reverse stock split (the “Reverse Stock Split”) with respect to the outstanding shares of the Company’s common stock. The Certificate of Amendment became effective on September 14, 2022. The Reverse Stock Split was previously approved by the sole director and the majority of stockholders of the Company. The Reverse Stock Split was deemed effective at the open of business on September 15, 2022. All share and per share data in the consolidated financial statements have been retroactively adjusted to reflect the effect of the reverse stock split.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from estimates. Significant estimates during the nine months ended September 30, 2023 and 2022 include the collectability of notes receivable, the percentage of completion of research and development projects, valuation of equity investments, valuation allowances for deferred tax assets, the fair value of warrants issued with debt and for services, and the fair value of shares and stock options issued for services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
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CY2023Q3 silo Cash Spic Insured Amount
CashSPICInsuredAmount
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CY2022Q3 us-gaap Research And Development Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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On January 27, 2022, pursuant to an Employment Agreement (see Note 8), an aggregate of 16,000 incentive stock options were issued under the 2020 Plan, to Dr. Kou, exercisable at $10.00 per share and expires on January 31, 2032. The stock options vest as follows: (i) 6,000 stock options upon issuance; (ii) 5,000 vests on October 31, 2022 and; (iii) 5,000 vests on October 31, 2023
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silo Sublicense Income Receivable Percentage
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silo Sales Of Licensed Products Percentage
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CY2023Q3 us-gaap Cash
Cash
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CY2023Q3 us-gaap Cash
Cash
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silo Research Project Estimate Percentage
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silo Payment Of University
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3108797 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 silo Stock Issued During Period Value Cancellation Of Treasury Stock
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silo Cancellation Of Treasury Stock
CancellationOfTreasuryStock
usd
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
usd
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
usd
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
usd
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
usd
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001514183

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FilingSummary.xml Edgar Link unprocessable
silo-20230930_cal.xml Edgar Link unprocessable
0001213900-23-086214-index-headers.html Edgar Link pending
0001213900-23-086214-index.html Edgar Link pending
0001213900-23-086214.txt Edgar Link pending
0001213900-23-086214-xbrl.zip Edgar Link pending
f10q0923ex31-1_silopharma.htm Edgar Link pending
f10q0923ex31-2_silopharma.htm Edgar Link pending
f10q0923ex32-1_silopharma.htm Edgar Link pending
f10q0923ex32-2_silopharma.htm Edgar Link pending
f10q0923_silopharma.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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f10q0923_silopharma_htm.xml Edgar Link completed
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
silo-20230930.xsd Edgar Link pending
silo-20230930_def.xml Edgar Link unprocessable
silo-20230930_lab.xml Edgar Link unprocessable
silo-20230930_pre.xml Edgar Link unprocessable