$SMTK
SmartKem, Inc.

2024 Q3 Form 10-Q Financial Statement

#000155837024011895 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $40.00K
YoY Change -100.0% 400.0%
Cost Of Revenue $0.00 $32.00K
YoY Change -100.0% 433.33%
Gross Profit $0.00 $8.000K
YoY Change -100.0% 300.0%
Gross Profit Margin 20.0%
Selling, General & Admin $1.578M $1.844M
YoY Change 24.45% 39.27%
% of Gross Profit 23050.0%
Research & Development $1.504M $1.158M
YoY Change -4.08% -7.88%
% of Gross Profit 14475.0%
Depreciation & Amortization $69.00K $62.00K
YoY Change 68.29% 58.97%
% of Gross Profit 775.0%
Operating Expenses $3.125M $3.021M
YoY Change 5.79% 19.03%
Operating Profit -$2.838M -$2.777M
YoY Change 5.31% 17.32%
Interest Expense -$4.000K -$259.0K
YoY Change -99.56% -144.81%
% of Operating Profit
Other Income/Expense, Net -$4.000K -$321.0K
YoY Change -98.78% -194.41%
Pretax Income -$2.842M -$3.098M
YoY Change -5.96% 52.84%
Income Tax $0.00 $1.000K
% Of Pretax Income
Net Earnings -$2.842M -$3.099M
YoY Change -5.96% 52.89%
Net Earnings / Revenue -7747.5%
Basic Earnings Per Share -$0.86 -$0.98
Diluted Earnings Per Share -$0.86 -$0.98
COMMON SHARES
Basic Shares Outstanding 1.750M 1.438M
Diluted Shares Outstanding 3.309M 3.157M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.783M $4.351M
YoY Change -84.09% -68.41%
Cash & Equivalents $1.800M $4.400M
Short-Term Investments
Other Short-Term Assets $804.0K $910.0K
YoY Change -4.06% 14.18%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $1.243M
Total Short-Term Assets $3.750M $6.504M
YoY Change -70.55% -56.84%
LONG-TERM ASSETS
Property, Plant & Equipment $353.0K $327.0K
YoY Change -29.82% -41.4%
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 $556.0K $559.0K
YoY Change -34.28% -42.9%
TOTAL ASSETS
Total Short-Term Assets $3.750M $6.504M
Total Long-Term Assets $556.0K $559.0K
Total Assets $4.306M $7.063M
YoY Change -68.29% -55.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $747.0K $1.121M
YoY Change 94.03% 64.85%
Accrued Expenses $165.0K $991.0K
YoY Change -87.1% -6.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.995M $2.459M
YoY Change 9.14% 40.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.00K $16.00K
YoY Change -97.86% -99.19%
Total Long-Term Liabilities $31.00K $16.00K
YoY Change -97.86% -99.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.995M $2.459M
Total Long-Term Liabilities $31.00K $16.00K
Total Liabilities $2.026M $2.475M
YoY Change -38.21% -33.49%
SHAREHOLDERS EQUITY
Retained Earnings -$109.8M -$107.0M
YoY Change 17.22% 18.0%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.280M $4.588M
YoY Change
Total Liabilities & Shareholders Equity $4.306M $7.063M
YoY Change -68.29% -55.99%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.842M -$3.099M
YoY Change -5.96% 52.89%
Depreciation, Depletion And Amortization $69.00K $62.00K
YoY Change 68.29% 58.97%
Cash From Operating Activities -$2.607M -$2.831M
YoY Change 2.24% 344.43%
INVESTING ACTIVITIES
Capital Expenditures $75.00K
YoY Change 1150.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$75.00K
YoY Change 1150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 3.000K
YoY Change -100.0% -99.98%
NET CHANGE
Cash From Operating Activities -2.607M -2.831M
Cash From Investing Activities -75.00K
Cash From Financing Activities 0.000 3.000K
Net Change In Cash -2.682M -2.828M
YoY Change 5.97% -123.52%
FREE CASH FLOW
Cash From Operating Activities -$2.607M -$2.831M
Capital Expenditures $75.00K
Free Cash Flow -$2.682M
YoY Change 4.93%

Facts In Submission

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CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-3099000
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
4588000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
5883000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
293000
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
55000
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-456000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-2048000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
3727000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
119000
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11027000
CY2023Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-517000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2027000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
12329000
us-gaap Profit Loss
ProfitLoss
-4795000
us-gaap Profit Loss
ProfitLoss
-4075000
us-gaap Depreciation
Depreciation
125000
us-gaap Depreciation
Depreciation
81000
us-gaap Share Based Compensation
ShareBasedCompensation
336000
us-gaap Share Based Compensation
ShareBasedCompensation
412000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
101000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
55000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
125000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
134000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-279000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
962000
smtk Transaction Cost Allocable To Warrants
TransactionCostAllocableToWarrants
198000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-672000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-255000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-30000
smtk Increase Decrease In Research And Development Tax Credit Receivable
IncreaseDecreaseInResearchAndDevelopmentTaxCreditReceivable
361000
smtk Increase Decrease In Research And Development Tax Credit Receivable
IncreaseDecreaseInResearchAndDevelopmentTaxCreditReceivable
-804000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
368000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
64000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
682000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
718000
smtk Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-90000
smtk Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-137000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-23000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-20000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-238000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4402000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3070000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
12386000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1763000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1483000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12666000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-86000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-51000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4485000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9539000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8836000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4235000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4351000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13774000
us-gaap Stock Issued1
StockIssued1
53000
us-gaap Stock Issued1
StockIssued1
55000
smtk Initial Classification Of Fair Value Of Warrants
InitialClassificationOfFairValueOfWarrants
1837000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
55000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000
us-gaap Net Income Loss
NetIncomeLoss
-4800000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4400000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4400000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4400000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 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;">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 relate to the valuation of common stock, fair value of stock 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 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>
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
344000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
274000
CY2024Q2 smtk Prepaid Research Grant Receivable
PrepaidResearchGrantReceivable
234000
CY2023Q4 smtk Prepaid Research Grant Receivable
PrepaidResearchGrantReceivable
160000
CY2024Q2 smtk Prepaid Facility Costs
PrepaidFacilityCosts
242000
CY2023Q4 smtk Prepaid Facility Costs
PrepaidFacilityCosts
101000
CY2024Q2 us-gaap Prepaid Taxes
PrepaidTaxes
271000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
104000
CY2024Q2 smtk Prepaid Software Licenses
PrepaidSoftwareLicenses
62000
CY2023Q4 smtk Prepaid Software Licenses
PrepaidSoftwareLicenses
24000
CY2024Q2 smtk Prepaid Stock Exchange Fees
PrepaidStockExchangeFees
28000
CY2023Q4 smtk Prepaid Professional Service Fees
PrepaidProfessionalServiceFees
68000
CY2024Q2 smtk Other Receivable And Other Prepaid Expenses
OtherReceivableAndOtherPrepaidExpenses
5000
CY2023Q4 smtk Other Receivable And Other Prepaid Expenses
OtherReceivableAndOtherPrepaidExpenses
80000
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1186000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
811000
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1702000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1716000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1375000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1261000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
327000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
455000
CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1121000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
355000
CY2024Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
283000
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
375000
CY2024Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
41000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
182000
CY2024Q2 smtk Accrued Legal Fees Current
AccruedLegalFeesCurrent
113000
CY2024Q2 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
165000
CY2023Q4 smtk Accrued Technical Costs Current
AccruedTechnicalCostsCurrent
91000
CY2024Q2 smtk Accrued Other Professional Service Fees Current
AccruedOtherProfessionalServiceFeesCurrent
53000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
175000
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1903000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1178000
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
70000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
75000
us-gaap Operating Lease Cost
OperatingLeaseCost
135000
us-gaap Operating Lease Cost
OperatingLeaseCost
139000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
6000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
7000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
20000
us-gaap Variable Lease Cost
VariableLeaseCost
65000
CY2024Q2 us-gaap Lease Cost
LeaseCost
70000
CY2023Q2 us-gaap Lease Cost
LeaseCost
98000
us-gaap Lease Cost
LeaseCost
141000
us-gaap Lease Cost
LeaseCost
211000
CY2024Q2 us-gaap Lease Cost
LeaseCost
70000
CY2023Q2 us-gaap Lease Cost
LeaseCost
98000
us-gaap Lease Cost
LeaseCost
141000
us-gaap Lease Cost
LeaseCost
211000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
226000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
285000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
226000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
285000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
209000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
230000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
225000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
249000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
0
us-gaap Operating Lease Payments
OperatingLeasePayments
90000
us-gaap Operating Lease Payments
OperatingLeasePayments
137000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
55000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M18D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0879
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
182000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
41000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
235000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
225000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12700000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1800000
smtk Warrants Issuance Costs Expensed
WarrantsIssuanceCostsExpensed
200000
CY2023Q2 smtk Warrants Issuance Costs Expensed
WarrantsIssuanceCostsExpensed
200000
CY2023Q2 smtk Term Of Restriction For Usage Of Cash From Operating Activities
TermOfRestrictionForUsageOfCashFromOperatingActivities
P3M
CY2023Q2 smtk Percentage Of Securities Sold In Subsequent Financing
PercentageOfSecuritiesSoldInSubsequentFinancing
0.40
smtk Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2024Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
50000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
568000
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.50
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
70411
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
63.07
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M10D
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
33.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
5476
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
70.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
568000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.50
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
632935
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.24
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M4D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.50
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
203846
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.63
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y25D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
39760
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
207000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
119000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
314000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
412000
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2300000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-3099000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2027000
us-gaap Net Income Loss
NetIncomeLoss
-4795000
us-gaap Net Income Loss
NetIncomeLoss
-4075000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7094000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3099000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2027000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11889000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4075000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3157334
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1111954
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2946354
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
974599
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3157334
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1111954
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2946354
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
974599
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.63
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.18
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.82
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.18
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
2.41
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2532201
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3468435
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
61587
CY2024Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
1602526
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
773991
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
1410125
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
773883
CY2024Q2 smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
1554808
CY2023Q2 smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
337963
smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
1536229
smtk Weighted Average Pre Funded And Penny Warrants
WeightedAveragePreFundedAndPennyWarrants
200716
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3157334
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1111954
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2946354
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
974599
CY2024Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
40000
CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
37000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
77000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
77000
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1372000
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1372000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
smtk Rule10b51 Arr Modified Flag
Rule10b51ArrModifiedFlag
false
smtk Non Rule10b51 Arr Modified Flag
NonRule10b51ArrModifiedFlag
false

Files In Submission

Name View Source Status
0001558370-24-011895-index-headers.html Edgar Link pending
0001558370-24-011895-index.html Edgar Link pending
0001558370-24-011895.txt Edgar Link pending
0001558370-24-011895-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
smtk-20240630.xsd Edgar Link pending
smtk-20240630x10q.htm Edgar Link pending
smtk-20240630xex31d1.htm Edgar Link pending
smtk-20240630xex31d2.htm Edgar Link pending
smtk-20240630xex32d1.htm Edgar Link pending
smtk-20240630xex32d2.htm Edgar Link pending
smtk-20240630xex3d1.htm Edgar Link pending
smtk-20240630_def.xml Edgar Link unprocessable
smtk-20240630_lab.xml Edgar Link unprocessable
smtk-20240630_pre.xml Edgar Link unprocessable
smtk-20240630x10q_htm.xml Edgar Link completed
smtk-20240630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable