$XXII
22nd Century Group, Inc.

2018 Q2 Form 10-Q Financial Statement

#000114420418042435 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $6.915M $3.897M
YoY Change 77.43% 37.82%
Cost Of Revenue $6.753M $4.062M
YoY Change 66.24% 36.84%
Gross Profit $161.7K -$165.1K
YoY Change -197.98% 17.13%
Gross Profit Margin 2.34% -4.24%
Selling, General & Admin $2.119M $2.073M
YoY Change 2.21% 5.06%
% of Gross Profit 1310.09%
Research & Development $4.781M $813.3K
YoY Change 487.91% 59.49%
% of Gross Profit 2956.71%
Depreciation & Amortization $131.3K $88.46K
YoY Change 48.42% 9.12%
% of Gross Profit 81.19%
Operating Expenses $7.202M $3.117M
YoY Change 131.03% 15.89%
Operating Profit -$7.041M -$3.283M
YoY Change 114.48% 15.96%
Interest Expense $0.00 $7.641K
YoY Change -100.0% -18.03%
% of Operating Profit
Other Income/Expense, Net $301.9K -$73.10K
YoY Change -512.95% 2.2%
Pretax Income -$6.739M -$3.356M
YoY Change 100.82% 15.62%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.739M -$3.356M
YoY Change 100.82% 15.62%
Net Earnings / Revenue -97.45% -86.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.05 -$36.69K
COMMON SHARES
Basic Shares Outstanding 124.3M shares 91.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.45M $12.48M
YoY Change 328.29% 339.44%
Cash & Equivalents $3.373M $12.48M
Short-Term Investments $50.08M
Other Short-Term Assets $1.320M $550.0K
YoY Change 140.0% -23.61%
Inventory $2.943M $4.290M
Prepaid Expenses
Receivables $1.283M $720.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $59.00M $18.04M
YoY Change 227.06% 164.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.417M $2.272M
YoY Change 50.42% -5.92%
Goodwill
YoY Change
Intangibles $8.640M $7.444M
YoY Change 16.07% 0.79%
Long-Term Investments $7.510M $1.366M
YoY Change 449.58% 26.46%
Other Assets
YoY Change
Total Long-Term Assets $19.57M $11.08M
YoY Change 76.61% 1.85%
TOTAL ASSETS
Total Short-Term Assets $59.00M $18.04M
Total Long-Term Assets $19.57M $11.08M
Total Assets $78.57M $29.12M
YoY Change 169.81% 64.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.050M $2.269M
YoY Change 34.43% 44.74%
Accrued Expenses $1.921M $1.500M
YoY Change 28.05% 25.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $390.0K $320.0K
YoY Change 21.88% 0.0%
Total Short-Term Liabilities $5.778M $4.087M
YoY Change 41.39% 23.67%
LONG-TERM LIABILITIES
Long-Term Debt $290.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $140.0K
YoY Change 16.67%
Total Long-Term Liabilities $290.0K $140.0K
YoY Change 107.14% -67.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.778M $4.087M
Total Long-Term Liabilities $290.0K $140.0K
Total Liabilities $6.064M $4.229M
YoY Change 43.4% 13.39%
SHAREHOLDERS EQUITY
Retained Earnings -$96.52M -$84.12M
YoY Change 14.75% 15.68%
Common Stock $1.243K $970.00
YoY Change 28.14% 27.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.51M $24.89M
YoY Change
Total Liabilities & Shareholders Equity $78.57M $29.12M
YoY Change 169.81% 64.61%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$6.739M -$3.356M
YoY Change 100.82% 15.62%
Depreciation, Depletion And Amortization $131.3K $88.46K
YoY Change 48.42% 9.12%
Cash From Operating Activities -$5.250M -$4.350M
YoY Change 20.69% 40.78%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$100.0K
YoY Change 10.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $3.680M $0.00
YoY Change -100.0%
Cash From Investing Activities $3.580M -$110.0K
YoY Change -3354.55% -8.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K 6.210M
YoY Change -108.05%
NET CHANGE
Cash From Operating Activities -5.250M -4.350M
Cash From Investing Activities 3.580M -110.0K
Cash From Financing Activities -500.0K 6.210M
Net Change In Cash -2.170M 1.750M
YoY Change -224.0% -154.52%
FREE CASH FLOW
Cash From Operating Activities -$5.250M -$4.350M
Capital Expenditures -$110.0K -$100.0K
Free Cash Flow -$5.140M -$4.250M
YoY Change 20.94% 42.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
xxii June Two Thousand Seventeen Warrant Exercise Agreements Disclosure
JuneTwoThousandSeventeenWarrantExerciseAgreementsDisclosure
<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 3. – JUNE 2017 WARRANT EXERCISE AGREEMENTS</div></div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.43in; margin-right: 0px; background: none;"><div style="white-space: pre-wrap; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On June 19, 2017, the Company entered into Warrant Exercise Agreements (the “Agreements”) with all of the holders (the “Holders”) of outstanding warrants to purchase up to 7,043,211 shares of common stock of the Company at $1.00 per share and warrants to purchase up to 4,250,000 shares of common stock of the Company at $1.45 per share (collectively, the “Warrants”). These Warrants to purchase shares of the Company’s common stock were acquired by the Holders in registered direct offerings in October of 2016 and in July of 2016, respectively. 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 3,229,711 Warrants at $1.00 per share and 2,354,948 Warrants at $1.45 per share, resulting in net proceeds to the Company in the amount of $6,169,212, after deducting expenses associated with the transaction. In July and August of 2017, the Holders exercised 3,813,500 Warrants at $1.00 per share and 1,895,052 Warrants at $1.45 per share, resulting in net proceeds to the Company in the amount of $6,167,646, after deducting expenses associated with the transaction.</div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px; background: none;"><div style="white-space: pre-wrap; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In consideration for the Holders exercising their Warrants for cash, the Company issued to each Holder a new warrant (the “New Warrants”) 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’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 $2.15 per 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 11,293,211 New Warrants to the Holders, upon exercise of the Holder’s Warrants as described above. The New Warrants had a fair value of $16,049,031 at issuance and have been recorded as an adjustment to capital in excess of par value.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px;"><div style="white-space: pre-wrap; font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk </div></div><div style="font-weight:bold;display:inline;">-</div> Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in financial institutions. Although the cash accounts exceed the federally insured deposit amount, management does not anticipate nonperformance by the financial institutions. Management reviews the financial viability of these institutions on a periodic basis.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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LeasePayments
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199 USD
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CY2018Q2 xxii Minimum Annual Royalties In Year Four
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25000 USD
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CY2016Q2 xxii Litigation Settlement Shares To Be Issued
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CY2018Q2 xxii Milestone Payable Upon Execution Of Second Amendment
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500000 USD
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
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P5Y1M17D
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us-gaap Conversion Of Stock Shares Issued1
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12249327 shares

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