$XXII
22nd Century Group, Inc.

2016 Q3 Form 10-Q Financial Statement

#000114420417057726 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2016 Q3
Revenue $3.098M
YoY Change 16.13%
Cost Of Revenue $3.280M
YoY Change 11.23%
Gross Profit -$184.6K
YoY Change -34.4%
Gross Profit Margin -5.96%
Selling, General & Admin $1.510M
YoY Change -14.38%
% of Gross Profit
Research & Development $690.0K
YoY Change 30.29%
% of Gross Profit
Depreciation & Amortization $210.0K
YoY Change 157.04%
% of Gross Profit
Operating Expenses $2.411M
YoY Change -2.62%
Operating Profit -$2.596M
YoY Change -5.52%
Interest Expense -$80.00K
YoY Change -1019.33%
% of Operating Profit
Other Income/Expense, Net -$84.18K
YoY Change 1958.6%
Pretax Income -$2.680M
YoY Change -2.9%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.680M
YoY Change -2.96%
Net Earnings / Revenue -86.52%
Basic Earnings Per Share
Diluted Earnings Per Share -$33.34K
COMMON SHARES
Basic Shares Outstanding 80.39M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.190M
YoY Change -23.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $410.0K
YoY Change -14.58%
Inventory $3.050M
Prepaid Expenses
Receivables $20.00K
Other Receivables $0.00
Total Short-Term Assets $8.670M
YoY Change -12.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.450M
YoY Change -7.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.050M
YoY Change -11.76%
Other Assets
YoY Change
Total Long-Term Assets $10.90M
YoY Change -2.21%
TOTAL ASSETS
Total Short-Term Assets $8.670M
Total Long-Term Assets $10.90M
Total Assets $19.57M
YoY Change -6.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.380M
YoY Change 11.4%
Accrued Expenses $1.280M
YoY Change 27.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $330.0K
YoY Change 0.0%
Total Short-Term Liabilities $2.990M
YoY Change -3.14%
LONG-TERM LIABILITIES
Long-Term Debt $310.0K
YoY Change -50.0%
Other Long-Term Liabilities $100.0K
YoY Change -96.77%
Total Long-Term Liabilities $410.0K
YoY Change -88.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.990M
Total Long-Term Liabilities $410.0K
Total Liabilities $3.400M
YoY Change -50.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.17M
YoY Change
Total Liabilities & Shareholders Equity $19.57M
YoY Change -6.88%

Cashflow Statement

Concept 2016 Q3
OPERATING ACTIVITIES
Net Income -$2.680M
YoY Change -2.96%
Depreciation, Depletion And Amortization $210.0K
YoY Change 157.04%
Cash From Operating Activities -$2.090M
YoY Change 65.87%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K
YoY Change -30.0%
Acquisitions
YoY Change
Other Investing Activities -$110.0K
YoY Change
Cash From Investing Activities -$240.0K
YoY Change 20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.680M
YoY Change
NET CHANGE
Cash From Operating Activities -2.090M
Cash From Investing Activities -240.0K
Cash From Financing Activities 4.680M
Net Change In Cash 2.350M
YoY Change -260.96%
FREE CASH FLOW
Cash From Operating Activities -$2.090M
Capital Expenditures -$140.0K
Free Cash Flow -$1.950M
YoY Change 83.96%

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 30.6pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 30.6pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <strong><i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Use of Estimates</font></i></strong> <strong><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> -</font></strong> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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xxii June Two Thousand Seventeen Warrant Exercise Agreements Disclosure
JuneTwoThousandSeventeenWarrantExerciseAgreementsDisclosure
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">NOTE 2. &#150; JUNE 2017 WARRANT EXERCISE AGREEMENTS</font></b></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <b><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></b></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 30.6pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">On June 19, 2017, the Company entered into Warrant Exercise Agreements (the &#8220;Agreements&#8221;) with all of the holders (the &#8220;Holders&#8221;) of outstanding warrants to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,043,211</font> shares of common stock of the Company at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share and warrants to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4,250,000</font> shares of common stock of the Company at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.45</font> per share (collectively, the &#8220;Warrants&#8221;). These Warrants to purchase shares of the Company&#8217;s common stock were acquired by the Holders in registered direct offerings in October of 2016 and in July of 2016, respectively, as more fully described in Notes 3 and 4 below. The Company and the Holders agreed that the Holders would, subject to beneficial ownership limitations on exercise contained in the Warrants, exercise all the Warrants for cash. In June 2017, the Holders exercised <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,229,711</font> Warrants at $1.00 per share and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 2,354,948</font> Warrants at $1.45 per share, resulting in net proceeds to the Company in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,169,212</font>, after deducting expenses associated with the transaction. In July and August of 2017, the Holders exercised <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 3,813,500</font> Warrants at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,895,052</font> Warrants at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.45</font> per share, resulting in net proceeds to the Company in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6,167,646</font>, after deducting expenses associated with the transaction.</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 30.6pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 30.6pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">In consideration for the Holders exercising their Warrants for cash, the Company issued to each Holder a new warrant (the &#8220;New Warrants&#8221;) to purchase shares of common stock of the Company equal to the number of shares of common stock received by each Holder upon the cash exercise of the Holder&#8217;s Warrants. The terms of the New Warrants are substantially similar to the terms of the Warrants exercised, except the New Warrants (i) have an exercise price equal to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.15</font> per&#160;share and (ii) are exercisable six months from the date of issuance of the New Warrants for a period of five (5) years. Accordingly, the Company issued an aggregate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 11,293,211</font> New Warrants to the Holders, upon exercise of the Holder&#8217;s Warrants as described above. The New Warrants had a fair value of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">16,049,031</font> at issuance and have been recorded as an adjustment to capital in excess of par.</font><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
2933712 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
2411194 USD
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-42553 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-84176 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
10659588 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8944362 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
11438909 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
9146247 USD
us-gaap Gross Profit
GrossProfit
-779321 USD
us-gaap Gross Profit
GrossProfit
-201885 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2148725 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1799289 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5060823 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4799349 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
842558 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1230816 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
429832 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
380689 USD
us-gaap Operating Expenses
OperatingExpenses
8747234 USD
us-gaap Operating Expenses
OperatingExpenses
8453161 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-9526555 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-8655046 USD
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
48197 USD
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
6729 USD
us-gaap Interest Expense
InterestExpense
22544 USD
us-gaap Interest Expense
InterestExpense
29011 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
233020 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-179748 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-9293535 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8834794 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
xxii Machinery And Equipment Additions Included In Accounts Payable
MachineryAndEquipmentAdditionsIncludedInAccountsPayable
38061 USD
xxii Machinery And Equipment Additions Included In Accounts Payable
MachineryAndEquipmentAdditionsIncludedInAccountsPayable
9749 USD
xxii Proceeds From Issuance Registered Direct Offering Four
ProceedsFromIssuanceRegisteredDirectOfferingFour
0 USD
xxii Proceeds From Issuance Registered Direct Offering Four
ProceedsFromIssuanceRegisteredDirectOfferingFour
4682764 USD
CY2017Q3 xxii Inventorytobacco Leaf Net
InventorytobaccoLeafNet
4384787 USD
CY2016Q4 xxii Inventorytobacco Leaf Net
InventorytobaccoLeafNet
3348309 USD
CY2017Q2 xxii Sales Revenue Expects To Be Generated In Fourth Quarter
SalesRevenueExpectsToBeGeneratedInFourthQuarter
325000 USD
CY2017Q3 xxii Number Of Warrants Exercised
NumberOfWarrantsExercised
6167646 shares
CY2017Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.190 pure
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P5Y1M20D
CY2016Q1 xxii Warrants Expiration Period
WarrantsExpirationPeriod
P66M
xxii Warrants Expiration Period
WarrantsExpirationPeriod
P66M
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4246848 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3316601 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
41000 USD
CY2017Q3 xxii Minimum Annua Lroyalties In Year Two
MinimumAnnuaLroyaltiesInYearTwo
15000 USD
CY2017Q3 xxii Minimum Annual Royalties In Year Three
MinimumAnnualRoyaltiesInYearThree
25000 USD
CY2017Q3 xxii Minimum Annual Royalties In Year Four
MinimumAnnualRoyaltiesInYearFour
25000 USD
CY2017Q3 xxii Minimum Annual Royalties In Year One
MinimumAnnualRoyaltiesInYearOne
10000 USD
CY2017Q3 xxii Warrants Outstanding
WarrantsOutstanding
12204580 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
525118 shares
xxii Number Of Warrants Exercised
NumberOfWarrantsExercised
5657157 shares
CY2017Q2 xxii Warrants Expired And Unexercised
WarrantsExpiredAndUnexercised
45834 shares
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
158478 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0 USD
CY2016 xxii Reclassification Of Warrant Liability To Capital In Excess Of Par Value
ReclassificationOfWarrantLiabilityToCapitalInExcessOfParValue
2810000 USD
CY2016 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
29615 USD
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
138813 USD
CY2017Q2 xxii Fair Value Of Warrants
FairValueOfWarrants
6913031 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19061271 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15182600 shares

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