$SMTK
SmartKem, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023005133 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $16.00K $40.00K $40.00K
YoY Change -46.67% 122.22%
Cost Of Revenue $16.00K $33.00K $33.00K
YoY Change -30.43% 312.5%
Gross Profit $0.00 $7.000K $7.000K
YoY Change -100.0% -30.0%
Gross Profit Margin 0.0% 17.5% 17.5%
Selling, General & Admin $1.433M $5.071M $5.071M
YoY Change 15.56% -37.15%
% of Gross Profit 72442.86% 72442.86%
Research & Development $1.279M $5.802M $5.802M
YoY Change -12.34% -29.24%
% of Gross Profit 82885.71% 82885.71%
Depreciation & Amortization $42.00K $47.00K $198.0K
YoY Change -22.22% -5.26%
% of Gross Profit 671.43% 2828.57%
Operating Expenses $2.823M $9.701M $10.87M
YoY Change 4.59% -38.21%
Operating Profit -$2.554M -$9.694M -$9.694M
YoY Change 6.06% -40.53%
Interest Expense $395.0K -$1.777M -$1.777M
YoY Change -9452.63%
% of Operating Profit
Other Income/Expense, Net $506.0K -$1.777M
YoY Change -242.94% 115.66%
Pretax Income -$2.048M -$11.47M -$11.47M
YoY Change -25.85% -33.02%
Income Tax $0.00 $24.00K $24.00K
% Of Pretax Income
Net Earnings -$2.000M -$11.50M -$11.50M
YoY Change -27.59% -32.75%
Net Earnings / Revenue -12500.0% -28737.5% -28750.0%
Basic Earnings Per Share -$0.07 -$0.40
Diluted Earnings Per Share -$0.07 -$0.40 -$0.40
COMMON SHARES
Basic Shares Outstanding 27.03M 26.95M 28.86M
Diluted Shares Outstanding 29.25M 28.86M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.700M $4.235M $4.235M
YoY Change -65.36%
Cash & Equivalents $1.700M $4.200M $4.235M
Short-Term Investments
Other Short-Term Assets $1.120M $825.0K $825.0K
YoY Change 9.71%
Inventory
Prepaid Expenses
Receivables $1.000K $30.00K $30.00K
Other Receivables $1.457M $1.352M $1.352M
Total Short-Term Assets $4.278M $6.442M $6.442M
YoY Change -67.75% -54.31% -54.31%
LONG-TERM ASSETS
Property, Plant & Equipment $576.0K $602.0K $1.077M
YoY Change -25.19% -24.94% 12.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K $6.000K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.013M $1.083M $1.083M
YoY Change 16.97% 12.58% 12.58%
TOTAL ASSETS
Total Short-Term Assets $4.278M $6.442M $6.442M
Total Long-Term Assets $1.013M $1.083M $1.083M
Total Assets $5.291M $7.525M $7.525M
YoY Change -62.56% -50.03% -50.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $456.0K $230.0K $230.0K
YoY Change 19.69% -54.9% -54.9%
Accrued Expenses $817.0K $887.0K $887.0K
YoY Change -10.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.376M $1.403M $1.403M
YoY Change 13.16% -7.09% -7.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $188.0K $239.0K $239.0K
YoY Change 753.57%
Total Long-Term Liabilities $188.0K $239.0K $239.0K
YoY Change 753.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.376M $1.403M $1.403M
Total Long-Term Liabilities $188.0K $239.0K $239.0K
Total Liabilities $1.564M $1.642M $1.642M
YoY Change 26.64% 6.76% 6.76%
SHAREHOLDERS EQUITY
Retained Earnings -$88.60M -$86.60M
YoY Change 13.88% 15.36%
Common Stock $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.727M $5.883M $5.883M
YoY Change
Total Liabilities & Shareholders Equity $5.291M $7.525M $7.525M
YoY Change -62.56% -50.03% -50.03%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.000M -$11.50M -$11.50M
YoY Change -27.59% -32.75%
Depreciation, Depletion And Amortization $42.00K $47.00K $198.0K
YoY Change -22.22% -5.26%
Cash From Operating Activities -$2.433M -$2.214M -$9.049M
YoY Change -31.83% -14.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $12.00K $79.00K
YoY Change -100.0% -76.83%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$12.00K -$79.00K
YoY Change -100.0% -76.83%
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 1.830M
YoY Change -100.0% -91.76%
NET CHANGE
Cash From Operating Activities -2.433M -2.214M -9.049M
Cash From Investing Activities 0.000 -12.00K -79.00K
Cash From Financing Activities 0.000 0.000 1.830M
Net Change In Cash -2.535M -2.226M -7.991M
YoY Change 60.54% -170.55%
FREE CASH FLOW
Cash From Operating Activities -$2.433M -$2.214M -$9.049M
Capital Expenditures $0.00 $12.00K $79.00K
Free Cash Flow -$2.433M -$2.226M -$9.128M
YoY Change -32.6% -16.08%

Facts In Submission

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738000
CY2021 smtk Proceeds From Issuance Of Common Stock And Warrants In Private Placement
ProceedsFromIssuanceOfCommonStockAndWarrantsInPrivatePlacement
24638000
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2000000
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
170000
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2454000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
20000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1830000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22204000
CY2022 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-693000
CY2021 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-673000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7991000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11462000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12226000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
764000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4235000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12226000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
19000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
583000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
136000
CY2022 us-gaap Stock Issued1
StockIssued1
633000
CY2021 us-gaap Stock Issued1
StockIssued1
256000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-11500000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-17100000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-86600000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4200000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">Management’s Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s consolidated financial statements relates to the valuation of common share, fair value of share options, fair value of embedded conversion features in the convertible notes, and the valuation allowance of deferred tax assets. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates. </p>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
0
CY2022Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Periodically, the Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality and the Company has not experienced any losses in these deposits.</p>
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P4Y
CY2022 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">Derivative Asset for Embedded Conversion Features</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">The Company evaluates convertible notes to determine if those contracts or embedded components of those contracts qualify as derivatives to be accounted for separately. In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. The result of this accounting treatment is that the fair value of the embedded derivative is recorded as a liability and marked-to-market each balance sheet date, with the change in fair value recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:17.85pt;margin:0pt 0pt 12pt 0pt;">The fair value of the embedded conversion features is estimated using a Monte Carlo simulation model, in which possible outcomes and their values are simulated repeatedly and randomly. Under the Monte Carlo method the Company estimated the fair value of the convertible notes conversion feature at the time of issuance and subsequent remeasurement dates, utilizing the with-and without method, where the value of the derivative feature is the difference in values between a note simulated with the embedded conversion feature and the value of the same note simulated without the embedded conversion feature. Estimating fair values of embedded conversion features requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors.</p>
CY2022 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1172000
CY2021 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1285000
CY2022Q4 smtk Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
1121000
CY2021Q4 smtk Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
1070000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6200000
CY2022 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
170000
CY2021 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2454000
CY2021 smtk Transaction Expenses
TransactionExpenses
1300000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3815289
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2939415
CY2022Q4 smtk Prepaid Service Charges And Property Taxes
PrepaidServiceChargesAndPropertyTaxes
55000
CY2021Q4 smtk Prepaid Service Charges And Property Taxes
PrepaidServiceChargesAndPropertyTaxes
58000
CY2022Q4 smtk Prepaid Utilities
PrepaidUtilities
51000
CY2021Q4 smtk Prepaid Utilities
PrepaidUtilities
51000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
358000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
412000
CY2022Q4 smtk Prepaid Administrative Expenses
PrepaidAdministrativeExpenses
35000
CY2021Q4 smtk Prepaid Administrative Expenses
PrepaidAdministrativeExpenses
63000
CY2022Q4 smtk Prepaid Technical Fees
PrepaidTechnicalFees
22000
CY2021Q4 smtk Prepaid Technical Fees
PrepaidTechnicalFees
141000
CY2022Q4 smtk Prepaid Consulting Fees
PrepaidConsultingFees
304000
CY2021Q4 smtk Prepaid Consulting Fees
PrepaidConsultingFees
27000
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
195000
CY2021Q4 us-gaap Prepaid Taxes
PrepaidTaxes
50000
CY2022Q4 smtk Other Receivable And Other Prepaid Expenses
OtherReceivableAndOtherPrepaidExpenses
36000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1056000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
802000
CY2022Q4 smtk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
169000
CY2021Q4 smtk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
217000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1720000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1904000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1118000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1102000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
602000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
802000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
230000
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
510000
CY2022Q4 smtk Accrued Liabilities Current Lab Refurbishment
AccruedLiabilitiesCurrentLabRefurbishment
117000
CY2021Q4 smtk Accrued Liabilities Current Lab Refurbishment
AccruedLiabilitiesCurrentLabRefurbishment
131000
CY2022Q4 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
130000
CY2021Q4 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
66000
CY2022Q4 smtk Accrued Rent And Utilities Current
AccruedRentAndUtilitiesCurrent
15000
CY2021Q4 smtk Accrued Rent And Utilities Current
AccruedRentAndUtilitiesCurrent
20000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
128000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
191000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
80000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
112000
CY2022Q4 smtk Accrued Credit Card Liabilities Current
AccruedCreditCardLiabilitiesCurrent
20000
CY2021Q4 smtk Accrued Credit Card Liabilities Current
AccruedCreditCardLiabilitiesCurrent
10000
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
211000
CY2021Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
383000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
931000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1423000
CY2021 us-gaap Sublease Income
SubleaseIncome
0
CY2022 us-gaap Sublease Income
SubleaseIncome
0
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
262000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
225000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
32000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
186000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
140000
CY2022 us-gaap Lease Cost
LeaseCost
458000
CY2021 us-gaap Lease Cost
LeaseCost
397000
CY2022 us-gaap Lease Cost
LeaseCost
458000
CY2021 us-gaap Lease Cost
LeaseCost
397000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
475000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
154000
CY2022Q4 smtk Operating Lease Assets Including Lease Assets Held For Sale
OperatingLeaseAssetsIncludingLeaseAssetsHeldForSale
475000
CY2021Q4 smtk Operating Lease Assets Including Lease Assets Held For Sale
OperatingLeaseAssetsIncludingLeaseAssetsHeldForSale
154000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
206000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
87000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
239000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
445000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
115000
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
265000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
276000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
583000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
136000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M8D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0773
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0607
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
234000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
234000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
19000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
487000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
42000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
445000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
681000
CY2022 smtk Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
10000000
CY2021Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
50000
CY2021Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
25000
CY2021Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
12500
CY2021Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
60000
CY2022Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
12500
CY2022Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
22473
CY2022Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
35714
CY2022Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
360000
CY2022Q2 smtk Term Of Internet Advertising Agreement
TermOfInternetAdvertisingAgreement
P1Y
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1810749
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1424622
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.031
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.036
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.003
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.012
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1810749
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.06143
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M12D
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.46867
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1424622
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.01447
CY2021 smtk Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Options Cancelled Number Of Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedOptionsCancelledNumberOfShares
405936
CY2021 smtk Share Based Compensation Arrangements By Share Based Payment Award Options Cancellation In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsCancellationInPeriodWeightedAverageExercisePrice
0.06452
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
136221
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00100
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2109912
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.68113
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1953882
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.72323
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M21D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.12355
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
42126
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.00000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
918000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00000
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2829756
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.80889
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M7D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.98273
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
986636
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.45189
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y3M3D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
162000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2829756
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.80889
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M7D
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2400000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
690000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6600000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.68
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.14
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
488000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6196000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1400000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
584000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-5039000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-12055000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-12087000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11471000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17126000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.029
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.063
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.073
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.179
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.224
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.096
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.002
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2000
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
22000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9151000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7506000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
150000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
190000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
68000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
229000
CY2022Q4 smtk Deferred Tax Assets And Liabilities Gross
DeferredTaxAssetsAndLiabilitiesGross
9069000
CY2021Q4 smtk Deferred Tax Assets And Liabilities Gross
DeferredTaxAssetsAndLiabilitiesGross
7545000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9069000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7545000
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
39500000
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
30700000
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
160000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
140000
CY2022Q4 smtk Defined Contribution Plan Due To Pension Fund
DefinedContributionPlanDueToPensionFund
1000
CY2021Q4 smtk Defined Contribution Plan Due To Pension Fund
DefinedContributionPlanDueToPensionFund
0

Files In Submission

Name View Source Status
smtk-20221231_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001558370-23-005133-index-headers.html Edgar Link pending
0001558370-23-005133-index.html Edgar Link pending
0001558370-23-005133.txt Edgar Link pending
0001558370-23-005133-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
smtk-20221231.xsd Edgar Link pending
smtk-20221231x10k.htm Edgar Link pending
smtk-20221231xex10d25.htm Edgar Link pending
smtk-20221231xex21d1.htm Edgar Link pending
smtk-20221231xex23d1.htm Edgar Link pending
smtk-20221231xex31d1.htm Edgar Link pending
smtk-20221231xex31d2.htm Edgar Link pending
smtk-20221231xex32d1.htm Edgar Link pending
smtk-20221231xex32d2.htm Edgar Link pending
smtk-20221231_def.xml Edgar Link unprocessable
smtk-20221231_lab.xml Edgar Link unprocessable
smtk-20221231_pre.xml Edgar Link unprocessable
smtk-20221231x10k_htm.xml Edgar Link completed