2021 Form 10-K Financial Statement

#000155837022004825 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $567.0K $70.00K $3.069M
YoY Change -81.52% 133.33% 9800.0%
Cost Of Revenue $954.0K $180.0K $182.0K
YoY Change 424.18%
Gross Profit -$387.0K -$110.0K $2.887M
YoY Change -113.4%
Gross Profit Margin -68.25% -157.14% 94.07%
Selling, General & Admin $38.11M $8.230M $19.25M
YoY Change 97.98% 126.1% 45.72%
% of Gross Profit 666.78%
Research & Development $13.43M $3.670M $13.12M
YoY Change 2.3% 28.32% -1.26%
% of Gross Profit 454.59%
Depreciation & Amortization $400.0K $110.0K $500.0K
YoY Change -20.0% -15.38% -16.67%
% of Gross Profit 17.32%
Operating Expenses $13.43M $11.90M $13.12M
YoY Change 2.3% 83.08% -1.26%
Operating Profit -$51.93M -$12.01M -$29.49M
YoY Change 76.11% 10.93%
Interest Expense $1.000K $90.00K $29.00K
YoY Change -96.55% -228.57% -96.89%
% of Operating Profit
Other Income/Expense, Net $337.0K $50.00K $416.0K
YoY Change -18.99% -50.0% -75.66%
Pretax Income -$51.59M -$11.87M -$29.07M
YoY Change 77.47% 84.03% 16.88%
Income Tax $0.00 $0.00 $300.0K
% Of Pretax Income
Net Earnings -$51.59M -$11.87M -$29.37M
YoY Change 75.65% 84.03% 18.09%
Net Earnings / Revenue -9098.41% -16957.14% -956.96%
Basic Earnings Per Share -$0.32 -$0.23
Diluted Earnings Per Share -$0.32 -$93.01K -$0.23
COMMON SHARES
Basic Shares Outstanding 163.3M 157.0M 127.6M
Diluted Shares Outstanding 163.3M 127.6M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.92M $109.4M $109.4M
YoY Change -38.83% 205.54% 205.59%
Cash & Equivalents $66.92M $109.4M $109.4M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $1.448M $600.0K $600.0K
YoY Change 141.33% -64.71% -64.71%
Inventory $2.352M
Prepaid Expenses
Receivables $0.00 $71.00K $100.0K
Other Receivables $0.00 $9.000M $9.000M
Total Short-Term Assets $70.72M $119.0M $119.0M
YoY Change -40.57% 217.55% 217.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.547M $2.253M $7.400M
YoY Change -11.53% -16.71% -9.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.854M $13.00K $1.300M
YoY Change 119.54% -35.0% 0.0%
Total Long-Term Assets $9.401M $8.695M $8.700M
YoY Change 8.06% -8.53% -8.42%
TOTAL ASSETS
Total Short-Term Assets $70.72M $119.0M $119.0M
Total Long-Term Assets $9.401M $8.695M $8.700M
Total Assets $80.12M $127.7M $127.7M
YoY Change -37.26% 171.82% 171.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.547M $1.693M $1.700M
YoY Change 167.47% 61.7% 70.0%
Accrued Expenses $3.767M $5.900M $4.500M
YoY Change -16.29% 96.67% 50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000K $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $9.186M $16.56M $16.60M
YoY Change -44.66% 81.88% 82.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.309M $7.100M $7.100M
YoY Change -11.14% -8.97% -8.97%
Total Long-Term Liabilities $6.309M $7.100M $7.100M
YoY Change -11.14% -8.97% -8.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.186M $16.56M $16.60M
Total Long-Term Liabilities $6.309M $7.100M $7.100M
Total Liabilities $15.50M $23.67M $23.70M
YoY Change -34.62% 39.93% 40.24%
SHAREHOLDERS EQUITY
Retained Earnings -$442.5M
YoY Change 7.11%
Common Stock $546.6M
YoY Change 23.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.63M $104.1M $104.1M
YoY Change
Total Liabilities & Shareholders Equity $80.12M $127.7M $127.7M
YoY Change -37.26% 171.82% 171.7%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$51.59M -$11.87M -$29.37M
YoY Change 75.65% 84.03% 18.09%
Depreciation, Depletion And Amortization $400.0K $110.0K $500.0K
YoY Change -20.0% -15.38% -16.67%
Cash From Operating Activities -$50.20M -$7.130M -$21.39M
YoY Change 134.63% 4.7% -9.6%
INVESTING ACTIVITIES
Capital Expenditures $16.00K -$30.00K $27.00K
YoY Change -40.74%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $3.500M
YoY Change -100.0% -100.0% -86.32%
Cash From Investing Activities -$16.00K -$30.00K $3.473M
YoY Change -100.46% -100.25% -86.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.948M $101.0M
YoY Change -92.13% 879.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.734M 3.880M 95.02M
YoY Change -91.86% -281.31% -3905.37%
NET CHANGE
Cash From Operating Activities -50.20M -7.130M -21.39M
Cash From Investing Activities -16.00K -30.00K 3.473M
Cash From Financing Activities 7.734M 3.880M 95.02M
Net Change In Cash -42.48M -3.280M 77.10M
YoY Change -155.1% -207.89% -13370.05%
FREE CASH FLOW
Cash From Operating Activities -$50.20M -$7.130M -$21.39M
Capital Expenditures $16.00K -$30.00K $27.00K
Free Cash Flow -$50.21M -$7.100M -$21.42M
YoY Change 134.41% 4.26% -9.49%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">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. Management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">fair value of stock-based awards, the fair value of common stock warrants, the accounting for research and development costs, accrued expenses and the recoverability of the Company’s net deferred tax assets and related valuation allowance. The financial data and other information disclosed in these notes are not necessarily indicative of the results to be expected for any future year or period. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those results.</p>
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CY2021 trvn Effective Income Tax Rate Reconciliation Withholding Tax Percent
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CY2021 trvn Defined Contribution Plan Employer Matching Contribution Percent Of Match For First Eligible Contributions
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1
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CY2021 trvn Defined Contribution Plan Employer Matching Contribution Percent Of Match For Second Eligible Contributions
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300000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
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300000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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200000
CY2021 dei Auditor Firm
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42

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