2023 Q4 Form 10-Q Financial Statement

#000149315223041185 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.519M $2.229M $3.500M
YoY Change -56.6% 110.26% 207.02%
% of Gross Profit
Research & Development $257.1K $673.9K $399.9K
YoY Change -35.71% -71.08% -36.52%
% of Gross Profit
Depreciation & Amortization $2.600K -$2.200K $532.00
YoY Change 388.72%
% of Gross Profit
Operating Expenses $1.776M $2.903M $820.1K
YoY Change 116.59% 194.51% 251.66%
Operating Profit -$2.903M -$820.1K
YoY Change 194.51%
Interest Expense -$100.00 -$210.00 -$240.0K
YoY Change -99.96% -100.06% 4319.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.93M -$2.903M -$5.420M
YoY Change 157.1% 359.65% 1599.06%
Income Tax -$596.1K -$485.00 -$745.1K
% Of Pretax Income
Net Earnings -$13.34M -$2.902M -$75.02K
YoY Change 17680.4% 327.4% -76.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.09 -$0.01
Diluted Earnings Per Share -$5.96 -$0.09 -$0.51
COMMON SHARES
Basic Shares Outstanding 43.52M shares 30.89M shares 9.016M shares
Diluted Shares Outstanding 30.98M shares 257.6K shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.138M $1.579M $5.900M
YoY Change -46.82% 639.24% 535.78%
Cash & Equivalents $3.138M $1.579M $5.902M
Short-Term Investments
Other Short-Term Assets $215.5K $426.5K $400.0K
YoY Change -46.14% 89.56% 58.73%
Inventory
Prepaid Expenses $225.3K
Receivables
Other Receivables
Total Short-Term Assets $3.353M $2.005M $6.363M
YoY Change -47.3% 357.23% 439.11%
LONG-TERM ASSETS
Property, Plant & Equipment $6.933K $9.533K $17.33K
YoY Change -60.0%
Goodwill $11.90M
YoY Change
Intangibles $30.81M $100.1M
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.65M $0.00 $100.1M
YoY Change -81.37% -100.0% 31.76%
Total Long-Term Assets $18.76M $30.85M $112.1M
YoY Change -83.27% -60.93% 47.63%
TOTAL ASSETS
Total Short-Term Assets $3.353M $2.005M $6.363M
Total Long-Term Assets $18.76M $30.85M $112.1M
Total Assets $22.11M $32.85M $118.5M
YoY Change -81.34% -58.62% 53.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.432M $8.898M $6.026M
YoY Change 39.93% 36.89%
Accrued Expenses $1.755M $2.775M $2.054M
YoY Change -14.56% 70.78% 925.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.19M $11.71M $8.188M
YoY Change 24.51% 620.39% 2857.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.19M $11.71M $8.188M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $11.04M $13.15M $18.51M
YoY Change -40.36% 162.96% 406.92%
SHAREHOLDERS EQUITY
Retained Earnings -$103.2M -$89.90M -$4.921M
YoY Change 1997.45% 2061.48% 117.87%
Common Stock $405.00 $4.353K $902.00
YoY Change -55.1% 13503.13% 2718.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.168K $7.168K
YoY Change
Treasury Stock Shares
Shareholders Equity $11.07M $19.70M $99.66M
YoY Change
Total Liabilities & Shareholders Equity $22.11M $32.85M $118.5M
YoY Change -81.34% -58.62% 53.62%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$13.34M -$2.902M -$75.02K
YoY Change 17680.4% 327.4% -76.48%
Depreciation, Depletion And Amortization $2.600K -$2.200K $532.00
YoY Change 388.72%
Cash From Operating Activities -$2.787M -$933.5K -$3.394M
YoY Change -17.87% 638.04% 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 4.346M 2.290M
YoY Change
NET CHANGE
Cash From Operating Activities -2.787M -933.5K -$3.394M
Cash From Investing Activities
Cash From Financing Activities 4.346M 2.290M
Net Change In Cash 1.559M 1.357M -$3.394M
YoY Change -145.93% -1172.52% -719.32%
FREE CASH FLOW
Cash From Operating Activities -$2.787M -$933.5K -$3.394M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_844_eus-gaap--UseOfEstimates_zz5wT8d8SDEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zXZbED36IvPk">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, derivative liabilities, share based compensation and acquired intangible assets, as well as establishment of valuation allowances for deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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The Company entered into a License Agreement with L&F Research LLC (“L&F Research”) effective December 15, 2015, as amended (the “L&F License Agreement”) pursuant to which L&F granted us an exclusive royalty-bearing, worldwide, sublicensable license under the patent and intellectual property rights and know-how specific to and for the development and commercialization of VAR 200, for the treatment, inhibition or prevention of kidney disease in humans and symptoms thereof, including focal segmental glomerulosclerosis. On February 28, 2023, the Company and L&F executed an Amendment and Restatement Agreement that waived L&F’s right to terminate the L&F License Agreement or any other remedies, for non-payment of the First Milestone Payment, until (a) March 31, 2023 as to $1,000,000 of such milestone payments (“Waiver A”) and (b) January 31, 2024 as to $500,000 milestone payments (“Waiver B”).
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