2022 Q1 Form 10-Q Financial Statement
#000156459022019652 Filed on May 12, 2022
Income Statement
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| Revenue | $2.000M | $990.0K |
| YoY Change | 102.02% | 12275.0% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $5.348M | $2.160M |
| YoY Change | 147.59% | -11.84% |
| % of Gross Profit | ||
| Research & Development | $3.133M | $3.103M |
| YoY Change | 0.97% | -26.12% |
| % of Gross Profit | ||
| Depreciation & Amortization | $23.00K | $23.00K |
| YoY Change | 0.0% | -14.81% |
| % of Gross Profit | ||
| Operating Expenses | $8.481M | $5.267M |
| YoY Change | 61.02% | -20.84% |
| Operating Profit | -$6.481M | -$4.280M |
| YoY Change | 51.43% | -35.6% |
| Interest Expense | -$1.000K | $0.00 |
| YoY Change | -100.0% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$2.742M | -$1.650M |
| YoY Change | 66.18% | 358.33% |
| Pretax Income | -$9.224M | -$5.927M |
| YoY Change | 55.63% | -17.28% |
| Income Tax | $200.0K | $15.00K |
| % Of Pretax Income | ||
| Net Earnings | -$7.007M | -$4.241M |
| YoY Change | 65.22% | -10.22% |
| Net Earnings / Revenue | -350.35% | -428.38% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$104.7K | -$75.08K |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $12.14M | $8.400M |
| YoY Change | 44.5% | 2000.0% |
| Cash & Equivalents | $12.10M | $8.449M |
| Short-Term Investments | ||
| Other Short-Term Assets | $1.417M | $800.0K |
| YoY Change | 77.13% | -74.19% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $57.00K | $2.000K |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $13.61M | $9.200M |
| YoY Change | 47.96% | 162.86% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $634.0K | $344.0K |
| YoY Change | 84.3% | -65.6% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $5.939M | $6.700M |
| YoY Change | -11.36% | 168.0% |
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $6.573M | $7.554M |
| YoY Change | -12.99% | 93.69% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $13.61M | $9.200M |
| Total Long-Term Assets | $6.573M | $7.554M |
| Total Assets | $20.19M | $16.75M |
| YoY Change | 20.48% | 126.41% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $12.47M | $5.000M |
| YoY Change | 149.48% | -32.43% |
| Accrued Expenses | $191.0K | $200.0K |
| YoY Change | -4.5% | 100.0% |
| Deferred Revenue | $35.00K | $35.00K |
| YoY Change | 0.0% | |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| Total Short-Term Liabilities | $12.70M | $5.162M |
| YoY Change | 146.03% | -56.98% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $1.211M | $50.00K |
| YoY Change | 2322.0% | -99.0% |
| Total Long-Term Liabilities | $1.211M | $50.00K |
| YoY Change | 2322.0% | -99.0% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $12.70M | $5.162M |
| Total Long-Term Liabilities | $1.211M | $50.00K |
| Total Liabilities | $28.28M | $10.38M |
| YoY Change | 172.38% | -85.0% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$247.7M | -$274.7M |
| YoY Change | -9.84% | |
| Common Stock | $217.6M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$8.093M | -$56.28M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $20.19M | $16.75M |
| YoY Change | 20.48% | 126.41% |
Cashflow Statement
| Concept | 2022 Q1 | 2021 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$7.007M | -$4.241M |
| YoY Change | 65.22% | -10.22% |
| Depreciation, Depletion And Amortization | $23.00K | $23.00K |
| YoY Change | 0.0% | -14.81% |
| Cash From Operating Activities | -$1.021M | -$5.299M |
| YoY Change | -80.73% | -4.69% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $8.038M | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -256.0K | 8.001M |
| YoY Change | -103.2% | 91.0% |
| NET CHANGE | ||
| Cash From Operating Activities | -1.021M | -5.299M |
| Cash From Investing Activities | ||
| Cash From Financing Activities | -256.0K | 8.001M |
| Net Change In Cash | -1.021M | 2.702M |
| YoY Change | -137.79% | -297.08% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$1.021M | -$5.299M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
|
P3Y | |
| CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-80102000 | |
| CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-56275000 | |
| CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-9740000 | |
| CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-8093000 | |
| CY2022Q1 | dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
Suite 310 | |
| CY2022Q1 | dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
High Point | |
| CY2022Q1 | dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NC | |
| CY2022Q1 | dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
27265 | |
| CY2022Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2022Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | |
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Entity Small Business
EntitySmallBusiness
|
true | |
| CY2022Q1 | dei |
Entity Shell Company
EntityShellCompany
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false | |
| CY2022Q1 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
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false | |
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Profit Loss
ProfitLoss
|
-9424000 | |
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Profit Loss
ProfitLoss
|
-5942000 | |
| CY2022Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-2417000 | |
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Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-1701000 | |
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Assets
Assets
|
25474000 | |
| CY2021Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
8023000 | |
| CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
184000 | |
| CY2022Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3133000 | |
| CY2021Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
3103000 | |
| CY2022Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5348000 | |
| CY2021Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2164000 | |
| CY2022Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
8481000 | |
| CY2021Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
5267000 | |
| CY2021Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4280000 | |
| CY2021Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4241000 | |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7007000 | |
| CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-5927000 | |
| CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
15000 | |
| CY2022Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-7007000 | |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
0 | |
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Net Income Loss
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-4241000 | |
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0 | |
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Stock Issued During Period Value Stock Options Exercised
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0 | |
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Issuance Of Class A Common Stock Under Lpc Agreement
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0 | |
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Minority Interest Change In Redemption Value
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19547000 | |
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Profit Loss
ProfitLoss
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-9424000 | |
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Profit Loss
ProfitLoss
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-5942000 | |
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Depreciation
Depreciation
|
23000 | |
| CY2021Q1 | us-gaap |
Depreciation
Depreciation
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23000 | |
| CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
476000 | |
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Share Based Compensation
ShareBasedCompensation
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436000 | |
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Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
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Change In Fair Value Of Warrants Related Party
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Increase Decrease In Accounts Receivable
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-156000 | |
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Contract With Customer Liability
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-987000 | |
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Net Cash Provided By Used In Operating Activities
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-1021000 | |
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Net Cash Provided By Used In Operating Activities
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-5299000 | |
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Proceeds From Stock Options Exercised
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Retained Earnings Accumulated Deficit
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Cash And Cash Equivalents At Carrying Value
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Use Of Estimates
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On an ongoing basis, the Company evaluates its estimates, including those related to the grant date fair value of equity awards, the fair value of warrants to purchase shares of its Class A Common Stock, the fair value of the Class B Common Stock, the useful lives of property and equipment, the fair value of derivative liabilities, and the fair value of the Company’s debt, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</p> | |
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Concentration Risk Credit Risk
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with one financial institution. The balances of these cash accounts frequently exceed insured limits.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">One customer represented 100% of the revenue earned during the three months ended March 31, 2022 and 2021, respectively. </p> | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1200000 | |
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Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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35000 | |
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Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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35000 | |
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Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
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P10Y | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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|
3.19 | |
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Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0.76 | |
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Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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|
2.39 | |
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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|
5722342 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.03 | |
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2506916 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
5.23 | |
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Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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|
5060013 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
3.27 | |
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Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
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Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
476000 | |
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Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
436000 | |
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Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
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5939000 | |
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Equity Securities Without Readily Determinable Fair Value Amount
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9173000 | |
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Operating Lease Weighted Average Discount Rate Percent
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0.131 | |
| CY2021Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
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| CY2022Q1 | vtvt |
Net Income Loss Available To Common Stockholders Basic And Diluted
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|
-7007000 | |
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Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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196000 | |
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Lessee Operating Lease Liability Payments Due Next Twelve Months
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268000 | |
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Lessee Operating Lease Liability Payments Due Year Two
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275000 | |
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Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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23000 | |
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Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
|
25000000.0 | |
| CY2022Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-7007000 | |
| CY2021Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-4241000 | |
| CY2022Q1 | vtvt |
Consolidation Changes Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationChangesWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
|
2432000 | |
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Consolidation Changes Wholly Owned Subsidiary Parent Ownership Interest Changes Purchase Of Interest By Parent
ConsolidationChangesWhollyOwnedSubsidiaryParentOwnershipInterestChangesPurchaseOfInterestByParent
|
-2410000 | |
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Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
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-4575000 | |
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Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
|
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Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
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250000000 | |
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Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
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350000000 | |
| CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
200000 | |
| CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| CY2022Q1 | us-gaap |
Fair Value Equity Level1 To Level2 Transfers Amount
FairValueEquityLevel1ToLevel2TransfersAmount
|
0 | |
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Fair Value Equity Level1 To Level2 Transfers Amount
FairValueEquityLevel1ToLevel2TransfersAmount
|
0 | |
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Net Income Loss Available To Common Stockholders Basic And Diluted
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|
-4241000 | |
| CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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| CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
29512766 | |
| CY2022Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | |
| CY2021Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 |
