$SMTK
SmartKem, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009853 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $8.000K $16.00K
YoY Change 100.0% -46.67%
Cost Of Revenue $6.000K $16.00K
YoY Change 200.0% -30.43%
Gross Profit $2.000K $0.00
YoY Change 0.0% -100.0%
Gross Profit Margin 25.0% 0.0%
Selling, General & Admin $1.324M $1.433M
YoY Change -3.36% 15.56%
% of Gross Profit 66200.0%
Research & Development $1.257M $1.279M
YoY Change -6.47% -12.34%
% of Gross Profit 62850.0%
Depreciation & Amortization $39.00K $42.00K
YoY Change -62.86% -22.22%
% of Gross Profit 1950.0%
Operating Expenses $2.538M $2.823M
YoY Change -6.48% 4.59%
Operating Profit -$2.367M -$2.554M
YoY Change -2.11% 6.06%
Interest Expense $578.0K $395.0K
YoY Change -145.05%
% of Operating Profit
Other Income/Expense, Net $340.0K $506.0K
YoY Change -126.5% -242.94%
Pretax Income -$2.027M -$2.048M
YoY Change -45.23% -25.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.027M -$2.000M
YoY Change -45.22% -27.59%
Net Earnings / Revenue -25337.5% -12500.0%
Basic Earnings Per Share -$0.05 -$0.07
Diluted Earnings Per Share -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 27.09M 27.03M
Diluted Shares Outstanding 38.92M 29.25M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.77M $1.700M
YoY Change 77.57%
Cash & Equivalents $13.80M $1.700M
Short-Term Investments
Other Short-Term Assets $797.0K $1.120M
YoY Change -51.49%
Inventory
Prepaid Expenses
Receivables $1.000K $1.000K
Other Receivables $499.0K $1.457M
Total Short-Term Assets $15.07M $4.278M
YoY Change 36.01% -67.75%
LONG-TERM ASSETS
Property, Plant & Equipment $558.0K $576.0K
YoY Change -17.58% -25.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K
YoY Change 0.0% 0.0%
Total Long-Term Assets $979.0K $1.013M
YoY Change -20.54% 16.97%
TOTAL ASSETS
Total Short-Term Assets $15.07M $4.278M
Total Long-Term Assets $979.0K $1.013M
Total Assets $16.05M $5.291M
YoY Change 30.35% -62.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $680.0K $456.0K
YoY Change 48.8% 19.69%
Accrued Expenses $1.059M $817.0K
YoY Change 16.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.752M $1.376M
YoY Change 25.32% 13.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.969M $188.0K
YoY Change 515.31%
Total Long-Term Liabilities $1.969M $188.0K
YoY Change 515.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.752M $1.376M
Total Long-Term Liabilities $1.969M $188.0K
Total Liabilities $3.721M $1.564M
YoY Change 116.59% 26.64%
SHAREHOLDERS EQUITY
Retained Earnings -$90.64M -$88.60M
YoY Change 11.22% 13.88%
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 $12.33M $3.727M
YoY Change
Total Liabilities & Shareholders Equity $16.05M $5.291M
YoY Change 30.35% -62.56%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.027M -$2.000M
YoY Change -45.22% -27.59%
Depreciation, Depletion And Amortization $39.00K $42.00K
YoY Change -62.86% -22.22%
Cash From Operating Activities -$637.0K -$2.433M
YoY Change -88.73% -31.83%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $0.00
YoY Change -89.66% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.000K $0.00
YoY Change -89.66% -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 12.67M 0.000
YoY Change 592.13% -100.0%
NET CHANGE
Cash From Operating Activities -637.0K -2.433M
Cash From Investing Activities -6.000K 0.000
Cash From Financing Activities 12.67M 0.000
Net Change In Cash 12.02M -2.535M
YoY Change -409.95% 60.54%
FREE CASH FLOW
Cash From Operating Activities -$637.0K -$2.433M
Capital Expenditures $6.000K $0.00
Free Cash Flow -$643.0K -$2.433M
YoY Change -88.74% -32.6%

Facts In Submission

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CY2022Q1 us-gaap Stock Issued1
StockIssued1
43000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-2000000.0
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-88600000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1700000
CY2023Q1 smtk Prepaid Service Charges And Property Taxes
PrepaidServiceChargesAndPropertyTaxes
108000
CY2022Q4 smtk Prepaid Service Charges And Property Taxes
PrepaidServiceChargesAndPropertyTaxes
55000
CY2023Q1 smtk Prepaid Utilities
PrepaidUtilities
96000
CY2022Q4 smtk Prepaid Utilities
PrepaidUtilities
51000
CY2022Q4 smtk Prepaid Technical Fees
PrepaidTechnicalFees
22000
CY2023Q1 smtk Prepaid Research Grant Receivable
PrepaidResearchGrantReceivable
61000
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
41000
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
195000
CY2023Q1 smtk Other Receivable And Other Prepaid Expenses
OtherReceivableAndOtherPrepaidExpenses
50000
CY2022Q4 smtk Other Receivable And Other Prepaid Expenses
OtherReceivableAndOtherPrepaidExpenses
36000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1211000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1056000
CY2023Q1 smtk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
160000
CY2022Q4 smtk Prepaid Insurance Noncurrent
PrepaidInsuranceNoncurrent
169000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1767000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1720000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1191000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1118000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
576000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
602000
CY2023Q1 smtk Operating Lease Assets Including Lease Assets Held For Sale
OperatingLeaseAssetsIncludingLeaseAssetsHeldForSale
431000
CY2022Q1 smtk Operating Lease Assets Including Lease Assets Held For Sale
OperatingLeaseAssetsIncludingLeaseAssetsHeldForSale
475000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
225000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
206000
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
456000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
250000
CY2023Q1 smtk Accrued Liabilities Current Lab Refurbishment
AccruedLiabilitiesCurrentLabRefurbishment
120000
CY2022Q4 smtk Accrued Liabilities Current Lab Refurbishment
AccruedLiabilitiesCurrentLabRefurbishment
117000
CY2023Q1 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
84000
CY2022Q4 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
130000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
156000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
128000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
40000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
95000
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
192000
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
211000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1048000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
931000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
0
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
0
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
64000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
63000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
45000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
54000
CY2023Q1 us-gaap Lease Cost
LeaseCost
113000
CY2022Q1 us-gaap Lease Cost
LeaseCost
119000
CY2023Q1 us-gaap Lease Cost
LeaseCost
113000
CY2022Q1 us-gaap Lease Cost
LeaseCost
119000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
431000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
475000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
188000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
239000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
413000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
445000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
43000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
40000
CY2023Q1 smtk Operating Lease Payments Total
OperatingLeasePaymentsTotal
43000
CY2022Q1 smtk Operating Lease Payments Total
OperatingLeasePaymentsTotal
40000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y5M1D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0777
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0603
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
188000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
234000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
241000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
234000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
18000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
19000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
447000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
487000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
42000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
413000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
445000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
540000
CY2023Q1 smtk Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2023Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
50000
CY2023Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
52777
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
10000000
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
1.81
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
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
28036
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.12
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2801720
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.83
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.97345
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1252870
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.61
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y14D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
63000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
293000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
98000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1100000
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
40000
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
41000
CY2023Q1 smtk Defined Contribution Plan Due To Pension Fund
DefinedContributionPlanDueToPensionFund
7000
CY2022Q4 smtk Defined Contribution Plan Due To Pension Fund
DefinedContributionPlanDueToPensionFund
0

Files In Submission

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smtk-20230331_cal.xml Edgar Link unprocessable
smtk-20230331_pre.xml Edgar Link unprocessable
0001558370-23-009853-index-headers.html Edgar Link pending
0001558370-23-009853-index.html Edgar Link pending
0001558370-23-009853.txt Edgar Link pending
0001558370-23-009853-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
smtk-20230331.xsd Edgar Link pending
smtk-20230331x10q.htm Edgar Link pending
smtk-20230331xex31d1.htm Edgar Link pending
smtk-20230331xex31d2.htm Edgar Link pending
smtk-20230331xex32d1.htm Edgar Link pending
smtk-20230331xex32d2.htm Edgar Link pending
smtk-20230331_def.xml Edgar Link unprocessable
smtk-20230331_lab.xml Edgar Link unprocessable
smtk-20230331x10q_htm.xml Edgar Link completed