$SMTK
SmartKem, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014894 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.000K $8.000K
YoY Change -88.46% 100.0%
Cost Of Revenue $1.000K $6.000K
YoY Change -96.15% 200.0%
Gross Profit $2.000K $2.000K
YoY Change 0.0%
Gross Profit Margin 66.67% 25.0%
Selling, General & Admin $1.268M $1.324M
YoY Change -8.91% -3.36%
% of Gross Profit 63400.0% 66200.0%
Research & Development $1.568M $1.257M
YoY Change 16.49% -6.47%
% of Gross Profit 78400.0% 62850.0%
Depreciation & Amortization $41.00K $39.00K
YoY Change -10.87% -62.86%
% of Gross Profit 2050.0% 1950.0%
Operating Expenses $2.954M $2.538M
YoY Change 7.89% -6.48%
Operating Profit -$2.695M -$2.367M
YoY Change 9.51% -2.11%
Interest Expense -$903.0K $578.0K
YoY Change -39.48% -145.05%
% of Operating Profit
Other Income/Expense, Net -$327.0K $340.0K
YoY Change -78.08% -126.5%
Pretax Income -$3.022M -$2.027M
YoY Change -23.55% -45.23%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.022M -$2.027M
YoY Change -24.45% -45.22%
Net Earnings / Revenue -100733.33% -25337.5%
Basic Earnings Per Share -$1.78 -$0.05
Diluted Earnings Per Share -$1.78 -$0.05
COMMON SHARES
Basic Shares Outstanding 30.39M 27.09M
Diluted Shares Outstanding 1.701M 38.92M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.21M $13.77M
YoY Change 77.82% 77.57%
Cash & Equivalents $11.20M $13.80M
Short-Term Investments
Other Short-Term Assets $838.0K $797.0K
YoY Change -35.79% -51.49%
Inventory
Prepaid Expenses
Receivables $54.00K $1.000K
Other Receivables $632.0K $499.0K
Total Short-Term Assets $12.73M $15.07M
YoY Change 50.06% 36.01%
LONG-TERM ASSETS
Property, Plant & Equipment $503.0K $558.0K
YoY Change -13.87% -17.58%
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 $846.0K $979.0K
YoY Change -22.03% -20.54%
TOTAL ASSETS
Total Short-Term Assets $12.73M $15.07M
Total Long-Term Assets $846.0K $979.0K
Total Assets $13.58M $16.05M
YoY Change 41.89% 30.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $385.0K $680.0K
YoY Change -5.64% 48.8%
Accrued Expenses $1.279M $1.059M
YoY Change 30.91% 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 $1.828M $1.752M
YoY Change 29.28% 25.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.451M $1.969M
YoY Change 427.64% 515.31%
Total Long-Term Liabilities $1.451M $1.969M
YoY Change 427.64% 515.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.828M $1.752M
Total Long-Term Liabilities $1.451M $1.969M
Total Liabilities $3.279M $3.721M
YoY Change 94.14% 116.59%
SHAREHOLDERS EQUITY
Retained Earnings -$93.66M -$90.64M
YoY Change 9.55% 11.22%
Common Stock $0.00 $3.000K
YoY Change -100.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.30M $12.33M
YoY Change
Total Liabilities & Shareholders Equity $13.58M $16.05M
YoY Change 41.89% 30.35%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.022M -$2.027M
YoY Change -24.45% -45.22%
Depreciation, Depletion And Amortization $41.00K $39.00K
YoY Change -10.87% -62.86%
Cash From Operating Activities -$2.550M -$637.0K
YoY Change 115.37% -88.73%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $6.000K
YoY Change -33.33% -89.66%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.000K -$6.000K
YoY Change -33.33% -89.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.00K 12.67M
YoY Change 592.13%
NET CHANGE
Cash From Operating Activities -2.550M -637.0K
Cash From Investing Activities -6.000K -6.000K
Cash From Financing Activities 25.00K 12.67M
Net Change In Cash -2.531M 12.02M
YoY Change 112.15% -409.95%
FREE CASH FLOW
Cash From Operating Activities -$2.550M -$637.0K
Capital Expenditures $6.000K $6.000K
Free Cash Flow -$2.556M -$643.0K
YoY Change 114.25% -88.74%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 0pt 17.85pt;"><span style="font-style:italic;font-weight:bold;">Management’s Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 0pt 17.85pt;"><span style="font-style:italic;font-weight:bold;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 0pt 17.85pt;">The preparation of consolidated financial statements in conformity with accounting standards generally accepted in the United States of America ("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 and fair value of warrant liabilities. 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 17.85pt;">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>
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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WarrantsAndRightsOutstanding
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CY2023Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1834000

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smtk-20230630xex31d1.htm Edgar Link pending
smtk-20230630xex31d2.htm Edgar Link pending
smtk-20230630xex32d1.htm Edgar Link pending
smtk-20230630xex32d2.htm Edgar Link pending
smtk-20230630_cal.xml Edgar Link unprocessable
smtk-20230630_def.xml Edgar Link unprocessable
smtk-20230630_lab.xml Edgar Link unprocessable
smtk-20230630_pre.xml Edgar Link unprocessable
smtk-20230630x10q_htm.xml Edgar Link completed