$VTAK
Catheter Precision, Inc.

2022 Q4 Form 10-Q Financial Statement

#000156459022037665 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $5.000K
YoY Change -100.0% -100.0% -99.45%
Cost Of Revenue $0.00 $0.00 $246.0K
YoY Change -100.0% -100.0% -82.65%
Gross Profit $0.00 $0.00 -$241.0K
YoY Change -100.0% -100.0% -51.8%
Gross Profit Margin -4820.0%
Selling, General & Admin $7.958M $3.514M $4.211M
YoY Change 89.93% -16.55% -10.31%
% of Gross Profit
Research & Development $154.0K $727.0K $2.942M
YoY Change -95.87% -75.29% 27.25%
% of Gross Profit
Depreciation & Amortization $25.00K $74.00K $200.0K
YoY Change -92.06% -63.0% -50.0%
% of Gross Profit
Operating Expenses $8.112M $4.783M $7.153M
YoY Change 2.4% -33.13% 2.08%
Operating Profit -$8.112M -$4.783M -$7.394M
YoY Change -1.84% -35.31% -1.51%
Interest Expense $24.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $59.00K $20.00K $16.00K
YoY Change -410.53% 25.0% -260.0%
Pretax Income -$8.156M -$4.763M -$7.378M
YoY Change -1.53% -35.44% -5.15%
Income Tax $3.000K $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.159M -$4.763M -$4.298M
YoY Change -1.54% 10.82% -44.75%
Net Earnings / Revenue -85960.0%
Basic Earnings Per Share -$4.36 -$33.58
Diluted Earnings Per Share -$3.83 -$4.36 -$670.0K
COMMON SHARES
Basic Shares Outstanding 2.161M 54.51M 128.0
Diluted Shares Outstanding 1.092K 128.0

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.86M $13.66M $20.62M
YoY Change 5.41% -33.76% -38.73%
Cash & Equivalents $15.90M $13.70M $20.60M
Short-Term Investments
Other Short-Term Assets $977.0K $1.885M $1.169M
YoY Change -5.79% 61.25% 150.86%
Inventory $0.00 $0.00 $997.0K
Prepaid Expenses
Receivables $0.00 $0.00 $17.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.84M $15.54M $22.80M
YoY Change -1.48% -31.83% -38.68%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.893M $2.030M
YoY Change -100.0% -6.75% -67.02%
Goodwill $0.00
YoY Change
Intangibles $1.700M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $36.00K $45.00K
YoY Change -100.0% -20.0% -62.5%
Total Long-Term Assets $0.00 $1.929M $4.280M
YoY Change -100.0% -54.93% -31.79%
TOTAL ASSETS
Total Short-Term Assets $16.84M $15.54M $22.80M
Total Long-Term Assets $0.00 $1.929M $4.280M
Total Assets $16.84M $17.47M $27.08M
YoY Change -20.0% -35.48% -37.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.00K $460.0K $543.0K
YoY Change -90.69% -15.29% -39.6%
Accrued Expenses $7.484M $2.447M $2.632M
YoY Change 81.69% -7.03% -46.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $301.0K
YoY Change -36.5%
Total Short-Term Liabilities $7.576M $3.215M $3.476M
YoY Change 40.56% -7.51% -56.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $1.746M $2.054M
YoY Change -100.0% -15.0% -31.78%
Total Long-Term Liabilities $0.00 $1.746M $2.054M
YoY Change -100.0% -15.0% -57.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.576M $3.215M $3.476M
Total Long-Term Liabilities $0.00 $1.746M $2.054M
Total Liabilities $7.576M $4.961M $5.530M
YoY Change 2.78% -10.29% -57.18%
SHAREHOLDERS EQUITY
Retained Earnings -$205.1M -$197.0M -$170.0M
YoY Change 15.05% 15.88%
Common Stock $214.4M $209.5M
YoY Change 11.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.260M $12.51M $21.55M
YoY Change
Total Liabilities & Shareholders Equity $16.84M $17.47M $27.08M
YoY Change -20.0% -35.48% -37.68%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$8.159M -$4.763M -$4.298M
YoY Change -1.54% 10.82% -44.75%
Depreciation, Depletion And Amortization $25.00K $74.00K $200.0K
YoY Change -92.06% -63.0% -50.0%
Cash From Operating Activities -$3.025M -$4.966M -$7.215M
YoY Change -47.03% -31.17% 19.32%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $0.00 -$148.0K
YoY Change -141.46% -100.0% 543.48%
Acquisitions
YoY Change
Other Investing Activities $38.00K $0.00 $3.493M
YoY Change -5.0% -100.0%
Cash From Investing Activities $21.00K $0.00 $3.345M
YoY Change -2200.0% -100.0% -14643.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.206M 7.495M 4.266M
YoY Change 3592.2% 75.69% -58.73%
NET CHANGE
Cash From Operating Activities -3.025M -4.966M -7.215M
Cash From Investing Activities 21.00K 0.000 3.345M
Cash From Financing Activities 5.206M 7.495M 4.266M
Net Change In Cash 2.202M 2.529M 396.0K
YoY Change -139.53% 538.64% -90.72%
FREE CASH FLOW
Cash From Operating Activities -$3.025M -$4.966M -$7.215M
Capital Expenditures $17.00K $0.00 -$148.0K
Free Cash Flow -$3.042M -$4.966M -$7.067M
YoY Change -46.35% -29.73% 17.31%

Facts In Submission

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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13657000
CY2022Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
1356000
rmed Proceeds Receivable From Sales Of Common Stock
ProceedsReceivableFromSalesOfCommonStock
379000
rmed Proceeds Receivable From Sales Of Property And Equipment
ProceedsReceivableFromSalesOfPropertyAndEquipment
38000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
13673000
CY2022Q1 rmed Common Stock And Warrants Issued During Period Value
CommonStockAndWarrantsIssuedDuringPeriodValue
9740000
CY2022Q1 rmed Exercise Of Warrants
ExerciseOfWarrants
25000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
18108000
CY2022Q2 rmed Common Stock Issued Pursuant To The Vesting Of Restricted Stock Units And Employee Stock Purchase Plan
CommonStockIssuedPursuantToTheVestingOfRestrictedStockUnitsAndEmployeeStockPurchasePlan
5000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
126000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-8448000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
9791000
CY2022Q3 rmed Exercise Of Warrants
ExerciseOfWarrants
6236000
CY2022Q3 rmed Common Stock And Warrants Issued During Period Value
CommonStockAndWarrantsIssuedDuringPeriodValue
1172000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
74000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-4763000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
12510000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
21147000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1169000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-7236000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
15145000
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10645000
CY2021Q2 rmed Common Stock Issued Pursuant To The Vesting Of Restricted Stock Units And Employee Stock Purchase Plan
CommonStockIssuedPursuantToTheVestingOfRestrictedStockUnitsAndEmployeeStockPurchasePlan
26000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
696000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-5249000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
21263000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
102000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4298000
CY2022Q3 rmed Net Cash Requirement For Merger And Listing
NetCashRequirementForMergerAndListing
8000000.0
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
21549000
CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On September 20, 2022, the Company’s board of directors approved a reverse stock split ratio of 1-for-50 (the “Reverse Stock Split”).
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
68200000
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
68200000
CY2022Q2 us-gaap Severance Costs1
SeveranceCosts1
600000
CY2022Q3 us-gaap Severance Costs1
SeveranceCosts1
300000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-197000000.0
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19500000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
13700000
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 Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
489000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
2600000
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
396000
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
2290000
CY2021Q3 rmed Gros Income Loss From Discontinued Operations
GrosIncomeLossFromDiscontinuedOperations
93000
rmed Gros Income Loss From Discontinued Operations
GrosIncomeLossFromDiscontinuedOperations
310000
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
464000
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1498000
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
-371000
us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
-1188000
CY2021Q3 rmed Disposal Group Including Discontinued Operation Other Income Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpenseNet
-22000
rmed Disposal Group Including Discontinued Operation Other Income Expense Net
DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpenseNet
-94000
CY2021Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
3473000
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
3473000
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
3080000
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
2191000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
911000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
70000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5000
CY2021Q4 us-gaap Inventory Net
InventoryNet
986000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4658000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2849000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1809000
CY2021Q3 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
700000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1500000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
590000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1345000
CY2022Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
192000
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
195000
CY2022Q3 rmed Accrued Offering Costs Current
AccruedOfferingCostsCurrent
1356000
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
148000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2004000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
161000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
575000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2447000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4119000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M
CY2022Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.07
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
us-gaap Operating Lease Payments
OperatingLeasePayments
200000
us-gaap Operating Lease Payments
OperatingLeasePayments
400000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
CY2021Q3 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
300000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
108000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
445000
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1150686
rmed Common Stock Capital Shares Weighted Average Exercise Price
CommonStockCapitalSharesWeightedAverageExercisePrice
33.67
CY2022Q3 rmed Contract Termination Fees Related To Restructuring
ContractTerminationFeesRelatedToRestructuring
216000
rmed Contract Termination Fees Related To Restructuring
ContractTerminationFeesRelatedToRestructuring
216000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
459000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
472000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
486000
CY2022Q3 rmed Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
501000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2471000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
417000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2054000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1548000
us-gaap Inventory Write Down
InventoryWriteDown
1000000
CY2022Q3 us-gaap Severance Costs1
SeveranceCosts1
326000
us-gaap Severance Costs1
SeveranceCosts1
910000
rmed Prepaid Expenses Related To Restructuring
PrepaidExpensesRelatedToRestructuring
395000
CY2022Q3 rmed Restructuring And Impairment
RestructuringAndImpairment
542000
rmed Restructuring And Impairment
RestructuringAndImpairment
4069000
us-gaap Severance Costs1
SeveranceCosts1
900000
rmed Impairment And Inventory Obsolescence Charges And Write Off Of Prepaid Research And Development Supplies
ImpairmentAndInventoryObsolescenceChargesAndWriteOffOfPrepaidResearchAndDevelopmentSupplies
2900000
CY2022Q3 rmed Severance Expense
SeveranceExpense
28000

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