$VTAK
Catheter Precision, Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022029521 Filed on August 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $5.000K $9.000K
YoY Change -100.0% -99.5% -99.19%
Cost Of Revenue $0.00 $66.00K $95.00K
YoY Change -100.0% -95.56% -93.08%
Gross Profit $0.00 -$61.00K -$86.00K
YoY Change -100.0% -88.06% -66.27%
Gross Profit Margin -1220.0% -955.56%
Selling, General & Admin $3.514M $2.476M $2.302M
YoY Change -16.55% -27.13% -44.04%
% of Gross Profit
Research & Development $727.0K $2.396M $3.115M
YoY Change -75.29% -15.31% 10.62%
% of Gross Profit
Depreciation & Amortization $74.00K $100.0K $100.0K
YoY Change -63.0% -66.67% -75.0%
% of Gross Profit
Operating Expenses $4.783M $8.399M $5.417M
YoY Change -33.13% 34.88% -21.83%
Operating Profit -$4.783M -$8.460M -$5.503M
YoY Change -35.31% 25.56% -23.41%
Interest Expense $24.00K $16.00K
YoY Change -11.11%
% of Operating Profit
Other Income/Expense, Net $20.00K $12.00K $8.000K
YoY Change 25.0% -99.41% -115.69%
Pretax Income -$4.763M -$8.448M -$5.495M
YoY Change -35.44% 79.02% -20.1%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.763M -$8.448M -$5.495M
YoY Change 10.82% 60.94% -24.06%
Net Earnings / Revenue -168960.0% -61055.56%
Basic Earnings Per Share -$4.36 -$0.26
Diluted Earnings Per Share -$4.36 -$0.26 -$274.2K
COMMON SHARES
Basic Shares Outstanding 54.51M 32.16K
Diluted Shares Outstanding 1.092K 32.16K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.66M $11.13M $17.65M
YoY Change -33.76% -44.97% 10.64%
Cash & Equivalents $13.70M $11.10M $17.70M
Short-Term Investments
Other Short-Term Assets $1.885M $1.144M $1.277M
YoY Change 61.25% -12.4% -17.88%
Inventory $0.00 $43.00K $1.059M
Prepaid Expenses
Receivables $0.00 $17.00K $26.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.54M $12.33M $20.01M
YoY Change -31.83% -48.78% 0.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.893M $38.00K $1.658M
YoY Change -6.75% -98.57% -68.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.00K $36.00K $36.00K
YoY Change -20.0% -70.25% -72.52%
Total Long-Term Assets $1.929M $2.041M $3.733M
YoY Change -54.93% -59.84% -30.15%
TOTAL ASSETS
Total Short-Term Assets $15.54M $12.33M $20.01M
Total Long-Term Assets $1.929M $2.041M $3.733M
Total Assets $17.47M $14.37M $23.75M
YoY Change -35.48% -50.71% -6.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $460.0K $487.0K $1.171M
YoY Change -15.29% -54.78% 19.86%
Accrued Expenses $2.447M $1.970M $2.273M
YoY Change -7.03% -2.52% -10.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.215M $2.754M $3.735M
YoY Change -7.51% -47.09% -37.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.746M $1.828M $1.904M
YoY Change -15.0% -32.07% -32.29%
Total Long-Term Liabilities $1.746M $1.828M $1.904M
YoY Change -15.0% -32.07% -53.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.215M $2.754M $3.735M
Total Long-Term Liabilities $1.746M $1.828M $1.904M
Total Liabilities $4.961M $4.582M $5.639M
YoY Change -10.29% -41.97% -44.26%
SHAREHOLDERS EQUITY
Retained Earnings -$197.0M -$192.2M -$183.8M
YoY Change 15.88% 15.99% 14.56%
Common Stock $209.5M $202.0M $201.9M
YoY Change 14.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.51M $9.791M $18.11M
YoY Change
Total Liabilities & Shareholders Equity $17.47M $14.37M $23.75M
YoY Change -35.48% -50.71% -6.0%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.763M -$8.448M -$5.495M
YoY Change 10.82% 60.94% -24.06%
Depreciation, Depletion And Amortization $74.00K $100.0K $100.0K
YoY Change -63.0% -66.67% -75.0%
Cash From Operating Activities -$4.966M -$6.008M -$8.600M
YoY Change -31.17% -9.26% 6.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.495M -516.0K 11.18M
YoY Change 75.69% -104.81% -6956.44%
NET CHANGE
Cash From Operating Activities -4.966M -6.008M -8.600M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 7.495M -516.0K 11.18M
Net Change In Cash 2.529M -6.524M 2.607M
YoY Change 538.64% -252.93% -132.78%
FREE CASH FLOW
Cash From Operating Activities -$4.966M -$6.008M -$8.600M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$4.966M -$6.008M -$8.600M
YoY Change -29.73% -8.48% 6.2%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of interim unaudited condensed <span style="color:#000000;">financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”)</span> requires management to make estimates and assumptions that affect the amounts reported in the interim unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, management evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.</p>
us-gaap Depreciation
Depreciation
200000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2579000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
454000
CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
996000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
2109000
CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
967000
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
1894000
CY2021Q2 rmed Gros Income Loss From Discontinued Operations
GrosIncomeLossFromDiscontinuedOperations
29000
rmed Gros Income Loss From Discontinued Operations
GrosIncomeLossFromDiscontinuedOperations
215000
CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
532000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1034000
CY2021Q2 rmed Disposal Group Including Discontinued Operation Operating Income Loss Gross
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossGross
-503000
rmed Disposal Group Including Discontinued Operation Operating Income Loss Gross
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLossGross
-819000
CY2021Q2 rmed Disposal Group Including Discontinued Operation Other Income Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpenseNet
-27000
rmed Disposal Group Including Discontinued Operation Other Income Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpenseNet
-70000
CY2021Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-530000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-889000
us-gaap Depreciation
Depreciation
700000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2125000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
911000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
70000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
43000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5000
CY2022Q2 us-gaap Inventory Net
InventoryNet
43000
CY2021Q4 us-gaap Inventory Net
InventoryNet
986000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1500000
CY2022Q2 rmed Accrued Offering Costs Current
AccruedOfferingCostsCurrent
890000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
318000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2004000
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
192000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
195000
CY2022Q2 rmed Accrued Restructuring Charges Current
AccruedRestructuringChargesCurrent
117000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
110000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1345000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
343000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
575000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1970000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4119000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
us-gaap Operating Lease Payments
OperatingLeasePayments
200000
us-gaap Operating Lease Payments
OperatingLeasePayments
300000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
200000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
216000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
445000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
459000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
472000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
486000
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1548000
CY2022Q2 us-gaap Inventory Write Down
InventoryWriteDown
1000000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
56329950
rmed Common Stock Capital Shares Weighted Average Exercise Price
CommonStockCapitalSharesWeightedAverageExercisePrice
0.89
rmed Percentage Of Cash Compensation For Gross Proceeds Raised
PercentageOfCashCompensationForGrossProceedsRaised
0.075
rmed Percentage Of Number Of Common Shares Sold To Issue Warrants
PercentageOfNumberOfCommonSharesSoldToIssueWarrants
0.07
CY2022Q2 rmed Placement Agent Warrants Issued
PlacementAgentWarrantsIssued
1700000
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.625
rmed Percentage Of Warrants Exercise Price In The Offering
PercentageOfWarrantsExercisePriceInTheOffering
1.25
rmed Warrants Expire Period
WarrantsExpirePeriod
P5Y
CY2022Q1 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
400000
CY2022Q1 rmed Fair Value Assumption Expected Volatility Rate
FairValueAssumptionExpectedVolatilityRate
0.9325
CY2022Q1 rmed Fair Value Assumption Risk Free Interest Rate
FairValueAssumptionRiskFreeInterestRate
0.0181
CY2022Q1 rmed Fair Value Assumption Expected Dividend Rate
FairValueAssumptionExpectedDividendRate
0
CY2022Q1 rmed Fair Value Assumption Expected Term
FairValueAssumptionExpectedTerm
P5Y
CY2022Q2 us-gaap Severance Costs1
SeveranceCosts1
584000
CY2022Q2 rmed Prepaid Expenses Related To Restructuring
PrepaidExpensesRelatedToRestructuring
395000
CY2022Q2 rmed Restructuring And Impairment
RestructuringAndImpairment
3527000
CY2022Q2 us-gaap Severance Costs1
SeveranceCosts1
600000
rmed Impairment And Inventory Obsolescence Charges And Write Off Of Research And Development Supplies
ImpairmentAndInventoryObsolescenceChargesAndWriteOffOfResearchAndDevelopmentSupplies
2900000
CY2022Q2 rmed Severance Expense
SeveranceExpense
100000
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
3500000

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