$XXII
22nd Century Group, Inc.

2019 Q2 Form 10-Q Financial Statement

#000114420419024238 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $5.815M $6.294M $7.135M
YoY Change -15.91% 2.9% 20.1%
Cost Of Revenue $5.901M $6.397M $6.620M
YoY Change -12.62% 5.83% 12.79%
Gross Profit -$86.30K -$102.9K $514.7K
YoY Change -153.37% -243.77% 620.84%
Gross Profit Margin -1.48% -1.64% 7.21%
Selling, General & Admin $2.586M $2.474M $2.237M
YoY Change 22.06% 10.88% -5.99%
% of Gross Profit 434.67%
Research & Development $1.987M $2.451M $3.682M
YoY Change -58.45% -2.6% 201.78%
% of Gross Profit 715.26%
Depreciation & Amortization $147.0K $291.1K $396.0K
YoY Change 11.96% 8.78% 52.31%
% of Gross Profit 76.93%
Operating Expenses $4.943M $5.276M $6.315M
YoY Change -31.37% 4.68% 64.46%
Operating Profit -$5.029M -$5.379M -$5.801M
YoY Change -28.57% 8.26% 53.72%
Interest Expense $13.00K $10.66K -$3.119M
YoY Change -7897.23%
% of Operating Profit
Other Income/Expense, Net -$3.013M $3.306M -$9.790M
YoY Change -1098.14% -47.97%
Pretax Income -$8.042M -$2.073M -$8.919M
YoY Change 19.34% -249.49% 138.49%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.042M -$2.073M -$8.919M
YoY Change 19.34% -249.51% 138.77%
Net Earnings / Revenue -138.3% -32.94% -125.01%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$64.51K -$0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 124.7M 124.6M 124.4M shares
Diluted Shares Outstanding 124.6M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.97M $51.85M $56.35M
YoY Change -12.12% -12.72% -10.04%
Cash & Equivalents $875.0K $589.0K $604.9K
Short-Term Investments $46.10M $51.26M $55.75M
Other Short-Term Assets $1.274M $885.8K $928.4K
YoY Change -3.51% -15.64% 23.79%
Inventory $2.932M $3.334M $3.044M
Prepaid Expenses
Receivables $910.7K $1.475M $871.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $52.09M $57.55M $61.20M
YoY Change -11.72% -10.5% -9.5%
LONG-TERM ASSETS
Property, Plant & Equipment $4.063M $4.093M $3.261M
YoY Change 18.91% 19.06% -1.67%
Goodwill
YoY Change
Intangibles $9.723M $9.752M
YoY Change 30.04% 31.15%
Long-Term Investments $4.642M $6.066M $3.092M
YoY Change -38.19% -19.23% 125.72%
Other Assets
YoY Change
Total Long-Term Assets $18.46M $19.88M $16.10M
YoY Change -5.68% 7.89% 32.9%
TOTAL ASSETS
Total Short-Term Assets $52.09M $57.55M $61.20M
Total Long-Term Assets $18.46M $19.88M $16.10M
Total Assets $70.55M $77.43M $77.30M
YoY Change -10.22% -6.41% -3.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.221M $3.330M $2.575M
YoY Change -27.18% 0.31% 23.75%
Accrued Expenses $4.272M $1.698M $1.826M
YoY Change 122.4% 2.91% -8.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $598.4K $698.1K $689.2K
YoY Change 53.44%
Total Short-Term Liabilities $7.181M $6.212M $5.174M
YoY Change 24.28% 20.85% 19.95%
LONG-TERM LIABILITIES
Long-Term Debt $559.5K $850.0K $848.2K
YoY Change 92.93%
Other Long-Term Liabilities $493.5K $548.1K $0.00
YoY Change
Total Long-Term Liabilities $1.053M $1.398M $848.2K
YoY Change 263.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.181M $6.212M $5.174M
Total Long-Term Liabilities $1.053M $1.398M $848.2K
Total Liabilities $8.234M $7.610M $6.022M
YoY Change 35.8% 48.05% 39.61%
SHAREHOLDERS EQUITY
Retained Earnings -$101.2M -$99.13M
YoY Change 12.73% 8.74%
Common Stock $1.247K $1.246K
YoY Change 0.32% 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.31M $69.82M $71.28M
YoY Change
Total Liabilities & Shareholders Equity $70.55M $77.43M $77.30M
YoY Change -10.22% -6.41% -3.06%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$8.042M -$2.073M -$8.919M
YoY Change 19.34% -249.51% 138.77%
Depreciation, Depletion And Amortization $147.0K $291.1K $396.0K
YoY Change 11.96% 8.78% 52.31%
Cash From Operating Activities -$4.063M -$4.682M -$5.283M
YoY Change -22.61% 48.92% 115.62%
INVESTING ACTIVITIES
Capital Expenditures -$236.6K -$7.040K -$338.2K
YoY Change 115.1% -76.53% 141.59%
Acquisitions
YoY Change
Other Investing Activities $4.985M $4.673M $5.539M
YoY Change 35.46% -3.45% -109.35%
Cash From Investing Activities $4.748M $4.666M $5.201M
YoY Change 32.64% -3.04% -108.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -400.0K 0.000 -72.89K
YoY Change -20.0% -100.0% -100.14%
NET CHANGE
Cash From Operating Activities -4.063M -4.682M -5.283M
Cash From Investing Activities 4.748M 4.666M 5.201M
Cash From Financing Activities -400.0K 0.000 -72.89K
Net Change In Cash 285.5K -15.97K -154.3K
YoY Change -113.16% -100.85% -98.64%
FREE CASH FLOW
Cash From Operating Activities -$4.063M -$4.682M -$5.283M
Capital Expenditures -$236.6K -$7.040K -$338.2K
Free Cash Flow -$3.826M -$4.675M -$4.944M
YoY Change -25.56% 50.13% 114.04%

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CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Method
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CY2018Q4 xxii Aggregate Milestone Payments To Be Made
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CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-size:10pt;letter-spacing:0px;top:0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Concentration of Credit Risk</div></div></div></div></div><div style="font-size: 10pt; text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-size: 10pt; text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">-</div></div><div style="font-size: 10pt; text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"> <div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;">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>
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> - </div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
22nd Century Group, Inc.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001347858
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
XXII
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
124660000
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0514
CY2019Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
1.00
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-size:10pt;letter-spacing:0px;top:0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Reclassifications </div></div></div></div></div><div style="font-size: 10pt; text-indent: 0.5in; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">-</div> </div><div style="color:#000000;font-family:&quot;times new roman&quot;,serif;font-size:10pt;letter-spacing:0px;top:0px;;display:inline;">Certain items in the </div><div style="color:#000000;font-family:&quot;times new roman&quot;,serif;font-size:10pt;letter-spacing:0px;top:0px;;display:inline;">2018</div><div style="color:#000000;font-family:&quot;times new roman&quot;,serif;font-size:10pt;letter-spacing:0px;top:0px;;display:inline;"> financial statements have been reclassified to conform to the </div><div style="color:#000000;font-family:&quot;times new roman&quot;,serif;font-size:10pt;letter-spacing:0px;top:0px;;display:inline;">2019</div><div style="color:#000000;font-family:&quot;times new roman&quot;,serif;font-size:10pt;letter-spacing:0px;top:0px;;display:inline;"> classification.&#160;</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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