$VERU
VERU INC.

2018 Q4 Form 10-K Financial Statement

#000086389418000011 Filed on December 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q3
Revenue $6.372M $15.86M $3.690M
YoY Change 146.34% 16.18% 3.65%
Cost Of Revenue $1.728M $7.092M $1.900M
YoY Change 35.72% 6.87% 12.43%
Gross Profit $4.644M $8.783M $1.790M
YoY Change 253.53% 25.12% -4.28%
Gross Profit Margin 72.88% 55.36% 48.51%
Selling, General & Admin $3.294M $14.81M $2.160M
YoY Change 8.79% 28.74% -75.31%
% of Gross Profit 70.93% 168.6% 120.67%
Research & Development $2.362M $10.85M $1.470M
YoY Change 20.6% 252.72% 1370.0%
% of Gross Profit 50.86% 123.55% 82.12%
Depreciation & Amortization $42.55K $176.8K $100.0K
YoY Change -3.79% -47.07% 11.11%
% of Gross Profit 0.92% 2.01% 5.59%
Operating Expenses $5.656M $29.64M $3.630M
YoY Change -35.36% 91.09% 67.28%
Operating Profit -$1.012M -$20.87M -$1.840M
YoY Change -86.4% 145.73% 513.33%
Interest Expense $1.278M $2.951M -$30.00K
YoY Change -1926.32% -2782.27% 50.0%
% of Operating Profit
Other Income/Expense, Net -$1.045M -$2.200M -$10.00K
YoY Change 1467.86% 1929.82%
Pretax Income -$2.056M -$23.07M -$2.810M
YoY Change -72.59% 168.2% 806.45%
Income Tax $92.50K $866.1K -$130.0K
% Of Pretax Income
Net Earnings -$2.149M -$23.94M -$2.680M
YoY Change -49.52% 262.04% 53.14%
Net Earnings / Revenue -33.72% -150.89% -72.63%
Basic Earnings Per Share
Diluted Earnings Per Share -$34.37K -$444.5K -$58.76K
COMMON SHARES
Basic Shares Outstanding 62.62M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M $3.760M $3.300M
YoY Change 150.0% 14.63% 43.48%
Cash & Equivalents $8.979M $3.278M
Short-Term Investments
Other Short-Term Assets $1.200M $1.150M $700.0K
YoY Change 100.0% 64.29% 0.0%
Inventory $2.698M $2.300M $2.768M
Prepaid Expenses
Receivables $2.500M $3.970M $3.419M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.40M $11.18M $10.30M
YoY Change 49.51% 8.54% -36.82%
LONG-TERM ASSETS
Property, Plant & Equipment $362.0K $400.0K $555.5K
YoY Change -27.6% -28.57% -30.56%
Goodwill $6.879M $6.879M
YoY Change
Intangibles $20.40M $20.75M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.300M $9.510M $186.4K
YoY Change -26.77% 5.9% -98.64%
Total Long-Term Assets $36.90M $37.27M $45.04M
YoY Change -9.34% -17.2% 101.97%
TOTAL ASSETS
Total Short-Term Assets $15.40M $11.18M $10.30M
Total Long-Term Assets $36.90M $37.27M $45.04M
Total Assets $52.30M $48.45M $55.34M
YoY Change 2.55% -12.4% 43.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $3.230M $2.686M
YoY Change -16.0% 20.07% 283.67%
Accrued Expenses $2.600M $3.430M $1.800M
YoY Change -3.7% 91.62% -30.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.900M $6.690M
YoY Change
Total Short-Term Liabilities $9.742M $13.55M $5.488M
YoY Change 57.13% 146.81% 66.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.703M $4.460M $0.00
YoY Change
Other Long-Term Liabilities $30.00K $120.0K $1.400M
YoY Change -70.0% -91.24% 16.67%
Total Long-Term Liabilities $1.733M $4.580M $1.400M
YoY Change 1632.58% 234.31% 16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.742M $13.55M $5.488M
Total Long-Term Liabilities $1.733M $4.580M $1.400M
Total Liabilities $15.45M $18.97M $6.883M
YoY Change 145.29% 176.93% 46.45%
SHAREHOLDERS EQUITY
Retained Earnings -$34.26M
YoY Change
Common Stock $553.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M
YoY Change
Treasury Stock Shares $2.184M $2.184M
Shareholders Equity $36.88M $29.48M $48.45M
YoY Change
Total Liabilities & Shareholders Equity $52.33M $48.45M $55.34M
YoY Change 2.62% -12.4% 43.36%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.149M -$23.94M -$2.680M
YoY Change -49.52% 262.04% 53.14%
Depreciation, Depletion And Amortization $42.55K $176.8K $100.0K
YoY Change -3.79% -47.07% 11.11%
Cash From Operating Activities -$1.506M -$11.55M $570.0K
YoY Change -607.81% -1274.72% -169.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $50.65K -$10.00K
YoY Change -100.0% -62.05% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $40.00K
YoY Change -100.0%
Cash From Investing Activities $0.00 -$50.65K $30.00K
YoY Change -100.0% -43.95% -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.285M $3.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.726M 12.08M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.506M -11.55M 570.0K
Cash From Investing Activities 0.000 -50.65K 30.00K
Cash From Financing Activities 6.726M 12.08M 0.000
Net Change In Cash 5.220M 481.9K 600.0K
YoY Change 1670.89% -46.01% -172.29%
FREE CASH FLOW
Cash From Operating Activities -$1.506M -$11.55M $570.0K
Capital Expenditures $0.00 $50.65K -$10.00K
Free Cash Flow -$1.506M -$11.60M $580.0K
YoY Change -611.11% -1465.3% -171.6%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Reclassifications: </font><font style="display: inline;">Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform with the current period presentation. </font><font style="display: inline;">These reclassifications had no effect on </font><font style="display: inline;color:#000000;">the results of operations or financial position for any period presented.</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Unearned revenue</font><font style="display: inline;">:&nbsp;&nbsp;FC2 is distributed in the U.S. prescription channel principally through large pharmaceutical distributors. These distributors then sell principally to retail pharmacies.&nbsp;&nbsp;Unearned revenue as of September 30, 2018 and September&nbsp;30, 2017 was approximately </font><font style="display: inline;">$202,000</font><font style="display: inline;"> and </font><font style="display: inline;">$1.0</font><font style="display: inline;"> million</font><font style="display: inline;color:#000000;">, respectively, </font><font style="display: inline;">and was comprised mainly of sales made to a large distributor who has the right to return product sold under certain conditions. We lack the experiential data which would allow us to estimate returns for product sold to this distributor. Therefore, as of September 30, 2018 and September&nbsp;30, 2017, we determined that we do not yet meet the criteria for the recognition of revenue at the time of shipment to this distributor as returns cannot be reasonably estimated. Accordingly, the Company deferred recognition of revenue on prescription product sold to this particular distributor until the right of return no longer exists, which occurs at the earlier of the time the prescription products were dispensed through patient prescriptions or expiration of the right of return. Subsequent to September 30, 2018, the distributor returned approximately </font><font style="display: inline;">$340,000</font><font style="display: inline;"> of product. The amount of unearned revenue at September 30, 2018 has been reduced to reflect this return, with a corresponding increase in accrued expenses and other current liabilities.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2017 veru Allowance For Doubtful Accounts Receivable Net Write Offs And Recoveries
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CY2017Q3 veru Deferred Tax Liabilities In Process R And D
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CY2018 veru Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Transition Tax On Accumulated Foreign Earnings Amount
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CY2017 veru Provision Charges To Expenses
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190000
CY2017 veru Issuance Of Series4 Preferred Stock In Connection With App Merger
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17981883
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2
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16058
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1990771
CY2017 veru Reduction Of Accured Expense Upon Issuance Of Shares
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22176
CY2018 veru Schedule Of Property Plant And Equipment Estimated Useful Lives Table Text Blcok
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:72.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:27.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:72.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.50pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.50pt;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:27.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.50pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;height:1.50pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="middle" style="width:72.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:12.75pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">Manufacturing equipment</font></p> </td> <td valign="middle" style="width:27.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">5</font><font style="display: inline;"> &#x2013; </font><font style="display: inline;">10</font><font style="display: inline;"> years</font></p> </td> </tr> <tr> <td valign="middle" style="width:72.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.75pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">Office equipment</font></p> </td> <td valign="middle" style="width:27.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">3</font><font style="display: inline;"> &#x2013; </font><font style="display: inline;">5</font><font style="display: inline;"> years</font></p> </td> </tr> <tr> <td valign="middle" style="width:72.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:12.75pt;padding:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">Furniture and fixtures</font></p> </td> <td valign="middle" style="width:27.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:12.75pt;padding:0pt;"> <p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">7</font><font style="display: inline;"> &#x2013; </font><font style="display: inline;">10</font><font style="display: inline;"> years</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018 veru Shares Issued In Connection With Common Stock Purchase
SharesIssuedInConnectionWithCommonStockPurchase
347081
CY2018 veru Stock Issuance Costs Incurred
StockIssuanceCostsIncurred
190000
CY2017Q3 veru Trade Receivables
TradeReceivables
11294341
CY2018Q3 veru Trade Receivables
TradeReceivables
4008833

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