2023 Q1 Form 10-K Financial Statement

#000149315223010259 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.540M $3.500M
YoY Change 53.91% 207.02%
% of Gross Profit
Research & Development $1.056M $399.9K
YoY Change -1.31% -36.52%
% of Gross Profit
Depreciation & Amortization $2.600K $532.00
YoY Change
% of Gross Profit
Operating Expenses $4.592M $820.1K
YoY Change 473.26% 251.66%
Operating Profit -$4.592M -$820.1K
YoY Change
Interest Expense $0.00 -$240.0K
YoY Change -100.0% 4319.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.590M -$5.420M
YoY Change 537.49% 1599.06%
Income Tax -$1.047M -$745.1K
% Of Pretax Income
Net Earnings -$3.500M -$75.02K
YoY Change 386.11% -76.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.39 -$0.01
Diluted Earnings Per Share -$0.39 -$0.51
COMMON SHARES
Basic Shares Outstanding 9.212M shares 9.016M shares
Diluted Shares Outstanding 26.08K shares 257.6K shares

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $5.900M
YoY Change 56.59% 535.78%
Cash & Equivalents $1.278M $5.902M
Short-Term Investments
Other Short-Term Assets $1.500M $400.0K
YoY Change 566.67% 58.73%
Inventory
Prepaid Expenses $1.322M $225.3K
Receivables
Other Receivables
Total Short-Term Assets $2.835M $6.363M
YoY Change 168.63% 439.11%
LONG-TERM ASSETS
Property, Plant & Equipment $14.73K $17.33K
YoY Change
Goodwill $11.90M $11.90M
YoY Change
Intangibles $100.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.1M $100.1M
YoY Change 59735.19% 31.76%
Total Long-Term Assets $112.1M $112.1M
YoY Change 42.61% 47.63%
TOTAL ASSETS
Total Short-Term Assets $2.835M $6.363M
Total Long-Term Assets $112.1M $112.1M
Total Assets $115.0M $118.5M
YoY Change 44.28% 53.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.381M $6.026M
YoY Change 99.41%
Accrued Expenses $2.113M $2.054M
YoY Change 155.03% 925.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.578M $8.188M
YoY Change 935.46% 2857.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.578M $8.188M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $17.86M $18.51M
YoY Change 324.78% 406.92%
SHAREHOLDERS EQUITY
Retained Earnings -$8.500M -$4.921M
YoY Change 117.87%
Common Stock $922.00 $902.00
YoY Change 2718.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $97.10M $99.66M
YoY Change
Total Liabilities & Shareholders Equity $115.0M $118.5M
YoY Change 44.28% 53.62%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$3.500M -$75.02K
YoY Change 386.11% -76.48%
Depreciation, Depletion And Amortization $2.600K $532.00
YoY Change
Cash From Operating Activities -$4.600M -$3.394M
YoY Change 4585.75% 493.34%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$34.67K
YoY Change -101.29%
NET CHANGE
Cash From Operating Activities -$4.600M -$3.394M
Cash From Investing Activities
Cash From Financing Activities -$34.67K
Net Change In Cash -$4.624M -$3.394M
YoY Change 4610.32% -719.32%
FREE CASH FLOW
Cash From Operating Activities -$4.600M -$3.394M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zkKH56g4HY9d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reclassifications</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or loss per share.</span></p>
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the first milestone payment of $200,000 is triggered by the submission of an investigational new drug application for the first indication of a therapeutic licensed product). ZyVersa is required to pay sales royalties to InflamaCORE between 5% and 10%, which expire upon the latest of: (a) expiration of the last-to-expire of a patent or (b) expiration of regulatory exclusivity, as defined in the agreement. ZyVersa is required to pay sales royalties to the University of Miami between 3% and 6%.
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The Replacement Warrants include (a) exercisable warrants to purchase 1,271,904 shares of Successor common stock with an exercise price of $6.90 per share and with an expiration date of December 12, 2027, which replace the warrants that were issued by the Predecessor to its Series A Preferred Stock holders upon the automatic conversion of their Predecessor Series A Preferred Stock into Predecessor common stock and Predecessor Series A Warrants upon the closing of the Business Combination (see Note 11 – Stockholders’ Permanent and Temporary Equity – Automatic Conversion of Predecessor Series A Preferred Stock); (b) warrants to purchase 104,704 shares of Successor common stock with an exercise price of $5.03 per share which replace the warrants that were issued by the Predecessor to a strategic partner (see Note 10 – Commitments and Contingencies – License Agreements – L&F Research LLC), of which warrants to purchase 34,901 shares are exercisable until they expire on or about January 6, 2025, while the remainder vest upon the achievement of certain milestones and expire five years following the achievement of those milestones; and (c) exercisable warrants to purchase 323,026 shares of Successor common stock with an exercise price of $11.58 per share and with various expiration dates through April 17, 2024 which replace the warrants that were issued by the Predecessor to certain purchasers of convertible notes, certain brokers and a strategic partner in conjunction with entering into a license agreement (see Note 10 – Commitments and Contingencies – License Agreements – InflamaCORE).
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