2022 Q3 Form 10-Q Financial Statement

#000149315222022897 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.339M $2.231M $830.9K
YoY Change 35.93% 331.67% 85.65%
% of Gross Profit
Research & Development $457.6K $556.9K $506.4K
YoY Change 28.59% 48.3% 8.3%
% of Gross Profit
Depreciation & Amortization $127.1K $83.05K $73.05K
YoY Change 4695.85% 2272.86%
% of Gross Profit
Operating Expenses $1.797M $2.788M $1.337M
YoY Change 33.98% 243.78% 46.13%
Operating Profit -$1.797M -$2.788M -$1.337M
YoY Change 33.98% 243.78%
Interest Expense $19.34K -$1.101M -$245.4K
YoY Change 64366.67% -458645.83% -54642.22%
% of Operating Profit
Other Income/Expense, Net -$601.0K $3.265M -$287.0K
YoY Change -1821457.58% 1360492.92%
Pretax Income -$2.398M $477.8K -$1.870M
YoY Change 78.8% -158.93% 104.41%
Income Tax
% Of Pretax Income
Net Earnings -$2.398M $477.8K -$1.870M
YoY Change 78.8% -158.93% 104.41%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26 $0.06 -$0.36
Diluted Earnings Per Share -$260.5K $55.11K -$203.8K
COMMON SHARES
Basic Shares Outstanding 9.207M shares 8.669M shares 5.187M shares
Diluted Shares Outstanding 9.207M shares 8.669M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.390M $7.808M $255.6K
YoY Change 2458.9% 1528.88%
Cash & Equivalents $6.390M $7.808M $255.6K
Short-Term Investments
Other Short-Term Assets $76.44K $35.54K $7.000K
YoY Change -35.21% -28.92%
Inventory $233.7K $127.4K $122.0K
Prepaid Expenses $35.54K
Receivables
Other Receivables
Total Short-Term Assets $6.700M $7.971M $384.6K
YoY Change 1722.14% 1405.81%
LONG-TERM ASSETS
Property, Plant & Equipment $6.644M $4.181M $3.940M
YoY Change 474.16% 23428.98%
Goodwill
YoY Change
Intangibles $55.43K
YoY Change
Long-Term Investments
YoY Change
Other Assets $188.7K $2.874M $610.8K
YoY Change -91.35% 18.31%
Total Long-Term Assets $6.833M $7.055M $4.551M
YoY Change 104.65% 188.32%
TOTAL ASSETS
Total Short-Term Assets $6.700M $7.971M $384.6K
Total Long-Term Assets $6.833M $7.055M $4.551M
Total Assets $13.53M $15.03M $4.935M
YoY Change 265.1% 404.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $712.3K $558.3K $852.4K
YoY Change 121.21% 378.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $906.4K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.813M $3.024M $3.308M
YoY Change 1084.31% 2490.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.813M $3.024M $3.308M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.813M $3.024M $3.308M
YoY Change 1084.31% 2490.25%
SHAREHOLDERS EQUITY
Retained Earnings -$14.46M -$12.06M
YoY Change
Common Stock $922.00 $922.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.720M $12.00M $1.627M
YoY Change
Total Liabilities & Shareholders Equity $13.53M $15.03M $4.935M
YoY Change 265.1% 404.87%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.398M $477.8K -$1.870M
YoY Change 78.8% -158.93% 104.41%
Depreciation, Depletion And Amortization $127.1K $83.05K $73.05K
YoY Change 4695.85% 2272.86%
Cash From Operating Activities -$1.298M -$1.877M -$1.216M
YoY Change 139.19% 169.59% 69.82%
INVESTING ACTIVITIES
Capital Expenditures -$116.3K -$463.4K
YoY Change -73.16% -25.65%
Acquisitions
YoY Change
Other Investing Activities -$15.58K -$2.310M -$40.00K
YoY Change 22414.62% -46.67%
Cash From Investing Activities -$131.9K -$2.773M -$40.00K
YoY Change -69.57% 337.78% -95.68%
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 12.20M 32.50K
YoY Change -100.0% 3386.57% -97.52%
NET CHANGE
Cash From Operating Activities -1.298M -1.877M -1.216M
Cash From Investing Activities -131.9K -2.773M -40.00K
Cash From Financing Activities 0.000 12.20M 32.50K
Net Change In Cash -1.430M 7.553M -1.224M
YoY Change 522.6% -870.85% 269.57%
FREE CASH FLOW
Cash From Operating Activities -$1.298M -$1.877M -$1.216M
Capital Expenditures -$116.3K -$463.4K
Free Cash Flow -$1.182M -$1.414M -$1.216M
YoY Change 982.44% 1836.31% -1007.97%

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VestedStockOptionsAndCommonStockForFixedAssetsAcquired
500000 usd
STSS Vested Stock Options Issued As Consideration For Acquisition
VestedStockOptionsIssuedAsConsiderationForAcquisition
40901 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zKApCJLe0Rzb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zRRrgDfkSiv3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The accounting estimates and assumptions that require management’s most significant, difficult, and subjective judgment include the valuation and recognition of stock-based compensation expense, contingent stock liability, contingent warrant liability, inventory obsolescence provision, depreciation of fixed assets and deferred tax asset valuation. Actual results experienced by the Company may differ from management’s estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0277 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4369233 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3795366 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
188134 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32034 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4181099 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3763332 usd
us-gaap Depreciation
Depreciation
156100 usd
us-gaap Depreciation
Depreciation
3500 usd
STSS Remaining Payments Due On Machinery
RemainingPaymentsDueOnMachinery
100000 usd
CY2022Q2 STSS Other Asset Acquisition
OtherAssetAcquisition
2873494 usd
CY2021Q4 STSS Other Asset Acquisition
OtherAssetAcquisition
472701 usd
CY2022Q2 STSS Other Non Current
OtherNonCurrent
370 usd
CY2021Q4 STSS Other Non Current
OtherNonCurrent
57162 usd
CY2022Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2873864 usd
CY2021Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
529863 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2350000 usd
CY2022Q2 us-gaap Escrow Deposit
EscrowDeposit
2500000 usd
CY2022Q2 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2000000 usd
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
20000000 shares
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000 shares
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Pursuant to the merger agreement, (i) the Company merged with and into Sharps Nevada, (ii) each 3.5 shares of common stock of the Company were converted into one share of common stock of Sharps Nevada and (iii) the articles of incorporation and bylaws of Sharps Nevada, became the articles of incorporation and bylaws of the surviving corporation
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
35000 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
60551 usd
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
2401338 usd
CY2022Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.32
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
228655 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.9347 pure
CY2022Q2 STSS Warrant Liability
WarrantLiability
2465820 usd
CY2022Q2 STSS Fair Market Value Of Note Warrants
FairMarketValueOfNoteWarrants
157647 usd
CY2022Q2 STSS Fair Market Value Of Trading And Overall Warrants
FairMarketValueOfTradingAndOverallWarrants
5778750 usd
CY2022Q2 STSS Fair Market Value Of Change In Fair Value Of Warrant Liability
FairMarketValueOfChangeInFairValueOfWarrantLiability
-3470577 usd
CY2022Q2 STSS Warrant Liability
WarrantLiability
2465820 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1137479 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
267500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.21
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1404979 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.42
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1070910 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.55
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
267500 shares
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
781386 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P29M
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
365606 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
104766 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
589553 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
293983 usd
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0 pure
us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0 pure
us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0 pure
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
7808181 usd
CY2022Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
7808181 usd
CY2022Q2 STSS Warrant Liability
WarrantLiability
2465820 usd
CY2022Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
2465820 usd

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