$SMTK
SmartKem, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018823 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $3.000K
YoY Change -100.0% -88.46%
Cost Of Revenue $0.00 $1.000K
YoY Change -100.0% -96.15%
Gross Profit $0.00 $2.000K
YoY Change -100.0%
Gross Profit Margin 66.67%
Selling, General & Admin $1.163M $1.268M
YoY Change -77.07% -8.91%
% of Gross Profit 63400.0%
Research & Development $1.452M $1.568M
YoY Change -74.97% 16.49%
% of Gross Profit 78400.0%
Depreciation & Amortization $23.00K $41.00K
YoY Change -51.06% -10.87%
% of Gross Profit 2050.0%
Operating Expenses $2.474M $2.954M
YoY Change -74.5% 7.89%
Operating Profit -$2.474M -$2.695M
YoY Change -74.48% 9.51%
Interest Expense $1.068M -$903.0K
YoY Change -160.1% -39.48%
% of Operating Profit
Other Income/Expense, Net $4.000K -$327.0K
YoY Change -78.08%
Pretax Income -$1.402M -$3.022M
YoY Change -87.78% -23.55%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.402M -$3.022M
YoY Change -87.8% -24.45%
Net Earnings / Revenue -100733.33%
Basic Earnings Per Share -$1.78
Diluted Earnings Per Share -$0.81 -$1.78
COMMON SHARES
Basic Shares Outstanding 883.6K 30.39M
Diluted Shares Outstanding 1.701M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.836M $11.21M
YoY Change 108.64% 77.82%
Cash & Equivalents $8.836M $11.20M
Short-Term Investments
Other Short-Term Assets $627.0K $838.0K
YoY Change -24.0% -35.79%
Inventory
Prepaid Expenses
Receivables $268.0K $54.00K
Other Receivables $794.0K $632.0K
Total Short-Term Assets $10.53M $12.73M
YoY Change 63.38% 50.06%
LONG-TERM ASSETS
Property, Plant & Equipment $740.0K $503.0K
YoY Change 22.92% -13.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.000K $6.000K
YoY Change 16.67% 0.0%
Total Long-Term Assets $747.0K $846.0K
YoY Change -31.02% -22.03%
TOTAL ASSETS
Total Short-Term Assets $10.53M $12.73M
Total Long-Term Assets $747.0K $846.0K
Total Assets $11.27M $13.58M
YoY Change 49.79% 41.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $355.0K $385.0K
YoY Change 54.35% -5.64%
Accrued Expenses $1.053M $1.279M
YoY Change 18.71% 30.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.768M $1.828M
YoY Change 26.02% 29.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.391M $1.451M
YoY Change 482.01% 427.64%
Total Long-Term Liabilities $1.391M $1.451M
YoY Change 482.01% 427.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.768M $1.828M
Total Long-Term Liabilities $1.391M $1.451M
Total Liabilities $3.159M $3.279M
YoY Change 92.39% 94.14%
SHAREHOLDERS EQUITY
Retained Earnings -$95.07M -$93.66M
YoY Change 9.78% 9.55%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.113M $10.30M
YoY Change
Total Liabilities & Shareholders Equity $11.27M $13.58M
YoY Change 49.79% 41.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.402M -$3.022M
YoY Change -87.8% -24.45%
Depreciation, Depletion And Amortization $23.00K $41.00K
YoY Change -51.06% -10.87%
Cash From Operating Activities -$2.417M -$2.550M
YoY Change 9.17% 115.37%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $6.000K
YoY Change -50.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.000K -$6.000K
YoY Change -50.0% -33.33%
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 25.00K
YoY Change
NET CHANGE
Cash From Operating Activities -2.417M -2.550M
Cash From Investing Activities -6.000K -6.000K
Cash From Financing Activities 0.000 25.00K
Net Change In Cash -2.423M -2.531M
YoY Change 8.85% 112.15%
FREE CASH FLOW
Cash From Operating Activities -$2.417M -$2.550M
Capital Expenditures $6.000K $6.000K
Free Cash Flow -$2.423M -$2.556M
YoY Change 8.85% 114.25%

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 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 17.85pt;">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>
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smtk Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Options Expired Number Of Shares
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q3 smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
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CY2022Q3 smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
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smtk Weighted Average Pre Funded And Penny Warrants
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smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Defined Contribution Plan Cost Recognized
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41000
CY2022Q3 us-gaap Defined Contribution Plan Cost Recognized
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38000
us-gaap Defined Contribution Plan Cost Recognized
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us-gaap Defined Contribution Plan Cost Recognized
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118000
CY2023Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1376000
CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1376000

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