☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 88-0425691 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification Number) |
Large accelerated filer ☐ | Accelerated filer ☒ | |
Non-accelerated filer ☐ | Smaller reporting company ☒ | |
Emerging growth company ☐ |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, $0.01 par value | CEMI | The NASDAQ Stock Market LLC |
Page | ||
Part I. FINANCIAL INFORMATION: | ||
4 | ||
5 | ||
6 | ||
7 | ||
9 | ||
10 | ||
39 | ||
Part II. OTHER INFORMATION: | ||
44 | ||
45 |
(Unaudited) September 30, 2021 | December 31, 2020 | (Unaudited) June 30, 2022 | December 31, 2021 | |||||||||||||
- ASSETS - | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 36,004,000 | $ | 23,066,301 | $ | 22,837,453 | $ | 28,772,892 | ||||||||
Accounts receivable, net of allowance for doubtful accounts of $193,535 and $296,793 at September 30, 2021 and December 31, 2020, respectively | 6,782,798 | 3,377,387 | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $242,671 and $243,042 at June 30, 2022 and December 31, 2021, respectively | 4,255,944 | 11,441,107 | ||||||||||||||
Inventories, net | 16,805,669 | 12,516,402 | 11,308,660 | 12,920,451 | ||||||||||||
Prepaid expenses and other current assets | 1,191,678 | 778,683 | 2,498,447 | 2,096,399 | ||||||||||||
TOTAL CURRENT ASSETS | 60,784,145 | 39,738,773 | 40,900,504 | 55,230,849 | ||||||||||||
FIXED ASSETS: | ||||||||||||||||
Property, plant and equipment, net | 8,744,713 | 8,688,403 | 8,843,954 | 8,556,773 | ||||||||||||
Finance lease right-of-use asset, net | 208,908 | 233,134 | 172,676 | 191,870 | ||||||||||||
OTHER ASSETS: | ||||||||||||||||
Operating lease right-of-use asset, net | 6,085,655 | 6,112,632 | ||||||||||||||
Intangible assets, net | 2,178,186 | 3,645,986 | ||||||||||||||
Operating lease right-of-use assets, net | 5,841,382 | 5,891,906 | ||||||||||||||
Goodwill | 5,674,132 | 5,963,744 | 0 | 3,022,787 | ||||||||||||
Deposits and other assets | 367,396 | 509,342 | 297,024 | 358,010 | ||||||||||||
TOTAL ASSETS | $ | 84,043,135 | $ | 64,892,014 | $ | 56,055,540 | $ | 73,252,195 | ||||||||
- LIABILITIES AND STOCKHOLDERS’ EQUITY - | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Accounts payable and accrued liabilities | $ | 10,182,488 | $ | 10,042,790 | $ | 10,051,649 | $ | 13,127,993 | ||||||||
Deferred revenue | 20,195 | 1,606,997 | ||||||||||||||
Current portion of long-term debt | 3,000,000 | 1,200,000 | ||||||||||||||
Operating lease liabilities | 856,917 | 642,460 | 905,516 | 886,294 | ||||||||||||
Finance lease liabilities | 66,790 | 58,877 | 73,724 | 68,176 | ||||||||||||
Current portion of long-term debt | 300,000 | 0 | ||||||||||||||
TOTAL CURRENT LIABILITIES | 11,426,390 | 12,351,124 | 14,030,889 | 15,282,463 | ||||||||||||
OTHER LIABILITIES: | ||||||||||||||||
Long-term operating lease liabilities | 6,207,698 | 6,327,143 | 5,877,063 | 5,976,151 | ||||||||||||
Long-term finance lease liabilities | 157,251 | 185,239 | 115,943 | 139,678 | ||||||||||||
Long-term debt, net | 18,333,267 | 18,182,158 | 16,126,833 | 17,589,003 | ||||||||||||
Deferred tax liability | 0 | 69,941 | ||||||||||||||
TOTAL LIABILITIES | 36,124,606 | 37,115,605 | 36,150,728 | 38,987,295 | ||||||||||||
COMMITMENTS AND CONTINGENCIES (Note 6) | 0 | |||||||||||||||
COMMITMENTS AND CONTINGENCIES | 0 | 0 | ||||||||||||||
0 | 0 | |||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||
Preferred stock - 10,000,000 shares authorized; NaN issued or outstanding | 0 | 0 | ||||||||||||||
Common stock - $0.01 par value; 100,000,000 shares authorized; 30,086,283 shares and 20,223,498 shares issued at September 30, 2021 and December 31, 2020, respectively | 300,863 | 202,235 | ||||||||||||||
Preferred stock - 10,000,000 shares authorized; NaN outstanding | 0 | 0 | ||||||||||||||
Common stock - $0.01 par value; 100,000,000 shares authorized; 30,272,663 shares and 30,104,986 shares issued at June 30, 2022 and December 31, 2021, respectively | 302,727 | 301,050 | ||||||||||||||
Additional paid-in capital | 165,442,942 | 124,961,514 | 167,041,203 | 165,772,636 | ||||||||||||
Accumulated deficit | (117,036,729 | ) | (97,106,331 | ) | (146,746,597 | ) | (131,009,860 | ) | ||||||||
Treasury stock, 41,141 shares at cost, at September 30, 2021 and December 31, 2020 | (190,093 | ) | (190,093 | ) | ||||||||||||
Treasury Stock, 48,057 shares at cost, at June 30, 2022 and December 31, 2021 | (206,554 | ) | (206,554 | ) | ||||||||||||
Accumulated other comprehensive loss | (598,454 | ) | (90,916 | ) | (485,967 | ) | (592,372 | ) | ||||||||
TOTAL STOCKHOLDERS’ EQUITY | 47,918,529 | 27,776,409 | 19,904,812 | 34,264,900 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 84,043,135 | $ | 64,892,014 | $ | 56,055,540 | $ | 73,252,195 |
For the three months ended | For the nine months ended | For the three months ended | For the six months ended | |||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||
Net product sales | $ | 9,371,160 | $ | 8,406,457 | $ | 17,327,204 | $ | 17,914,623 | $ | 8,858,146 | $ | 3,931,383 | $ | 27,385,602 | $ | 7,956,045 | ||||||||||||||||
R&D revenue | 441 | 1,444,724 | 1,107,808 | 3,546,385 | ||||||||||||||||||||||||||||
R&D and grant revenue | 8,046 | 727 | 26,219 | 1,107,366 | ||||||||||||||||||||||||||||
Government grant income | 2,400,000 | 209,776 | 8,030,000 | 209,776 | 0 | 2,280,000 | 0 | 5,630,000 | ||||||||||||||||||||||||
License and royalty revenue | 286,843 | 211,521 | 779,901 | 572,450 | 295,238 | 250,000 | 566,220 | 493,058 | ||||||||||||||||||||||||
TOTAL REVENUES | 12,058,444 | 10,272,478 | 27,244,913 | 22,243,234 | 9,161,430 | 6,462,110 | 27,978,041 | 15,186,469 | ||||||||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||
Cost of product sales | 7,902,819 | 7,467,746 | 15,490,956 | 17,512,925 | 8,086,849 | 4,039,696 | 23,310,710 | 7,588,137 | ||||||||||||||||||||||||
Research and development expenses | 3,442,044 | 2,351,880 | 9,102,363 | 6,233,040 | 2,042,351 | 2,796,981 | 3,696,057 | 5,660,319 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 5,947,327 | 5,348,958 | 18,033,748 | 13,903,192 | 5,249,980 | 6,001,353 | 12,196,250 | 12,086,422 | ||||||||||||||||||||||||
Asset impairment, restructuring, severance and related costs | 396,740 | 11,651 | 2,440,983 | 1,122,310 | ||||||||||||||||||||||||||||
Acquisition costs | 0 | 0 | 0 | 63,497 | ||||||||||||||||||||||||||||
Impairment, restructuring, severance and related costs | 0 | 1,961,156 | 3,043,179 | 2,044,243 | ||||||||||||||||||||||||||||
TOTAL COSTS AND EXPENSES | 15,379,180 | 14,799,186 | 42,246,196 | 27,379,121 | ||||||||||||||||||||||||||||
17,688,930 | 15,180,235 | 45,068,050 | 38,834,964 | |||||||||||||||||||||||||||||
LOSS FROM OPERATIONS | (5,630,486 | ) | (4,907,757 | ) | (17,823,137 | ) | (16,591,730 | ) | (6,217,750 | ) | (8,337,076 | ) | (14,268,155 | ) | (12,192,652 | ) | ||||||||||||||||
OTHER EXPENSE: | ||||||||||||||||||||||||||||||||
Interest expense, net | (735,336 | ) | (735,819 | ) | (2,175,188 | ) | (2,110,011 | ) | ||||||||||||||||||||||||
Interest (expense) income, net | (728,414 | ) | (727,374 | ) | (1,461,976 | ) | (1,439,851 | ) | ||||||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (6,365,822 | ) | (5,643,576 | ) | (19,998,325 | ) | (18,701,741 | ) | (6,946,164 | ) | (9,064,450 | ) | (15,730,131 | ) | (13,632,503 | ) | ||||||||||||||||
Income tax (provision) benefit: | (28 | ) | 104,778 | 67,928 | 319,597 | |||||||||||||||||||||||||||
Income tax (expense)/benefit | (279 | ) | 65 | (6,606 | ) | 67,955 | ||||||||||||||||||||||||||
NET LOSS | $ | (6,365,850 | ) | $ | (5,538,798 | ) | $ | (19,930,397 | ) | $ | (18,382,144 | ) | $ | (6,946,443 | ) | $ | (9,064,385 | ) | $ | (15,736,737 | ) | $ | (13,564,548 | ) | ||||||||
Basic and diluted loss per share | $ | (0.24 | ) | $ | (0.28 | ) | $ | (0.89 | ) | $ | (0.98 | ) | $ | (0.23 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | (0.67 | ) | ||||||||
Weighted average number of shares outstanding, basic and diluted | 26,701,546 | 20,104,547 | 22,361,899 | 18,728,372 | 30,222,758 | 20,219,617 | 30,156,768 | 20,191,657 |
For the three months ended | For the nine months ended | For the three months ended | For the six months ended | |||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Net loss | $ | (6,365,850 | ) | $ | (5,538,798 | ) | $ | (19,930,397 | ) | $ | (18,382,144 | ) | $ | (6,946,443 | ) | $ | (9,064,385 | ) | $ | (15,736,737 | ) | $ | (13,564,548 | ) | ||||||||
Other comprehensive loss: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (352,918 | ) | 262,094 | (507,538 | ) | (776,645 | ) | |||||||||||||||||||||||||
Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | (241,746 | ) | 301,102 | 106,405 | (154,620 | ) | ||||||||||||||||||||||||||
Comprehensive loss | $ | (6,718,768 | ) | $ | (5,276,704 | ) | $ | (20,437,935 | ) | $ | (19,158,789 | ) | $ | (7,188,189 | ) | $ | (8,763,283 | ) | $ | (15,630,332 | ) | $ | (13,719,168 | ) |
For the nine months ended September 30, 2021 | For the six months ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in- | Treasury Stock | Accumulated | Common Stock | Additional Paid-in-Capital | Treasury Stock | Accumulated Deficit | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Shares | Amount | Deficit | AOCI | Total | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 20,223,498 | $ | 202,235 | $ | 124,961,514 | (41,141 | ) | $ | (190,093 | ) | $ | (97,106,331 | ) | $ | (90,916 | ) | $ | 27,776,409 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 30,104,986 | $ | 301,050 | $ | 165,772,636 | (48,057 | ) | $ | (206,554 | ) | $ | (131,009,860 | ) | $ | (592,372 | ) | $ | 34,264,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 62,197 | 622 | 58,909 | 0 | 0 | 0 | 0 | 59,531 | 164,930 | 1,649 | 264,437 | 0 | 0 | 0 | 0 | 266,086 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | 0 | 0 | 309,010 | 0 | 0 | 0 | 0 | 309,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 0 | 0 | 229,563 | 0 | 0 | 0 | 0 | 229,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | (38,514 | ) | 0 | 0 | 0 | 0 | (38,514 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 255,254 | - | 0 | 0 | 0 | 255,254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | - | 0 | 0 | - | 0 | 0 | 348,151 | 348,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (8,790,294 | ) | 0 | (8,790,294 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 30,269,916 | $ | 302,699 | $ | 166,483,376 | (48,057 | ) | $ | (206,554 | ) | $ | (139,800,154 | ) | $ | (244,221 | ) | $ | 26,535,146 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 2,747 | 28 | (28 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 0 | 0 | 276,024 | 0 | 0 | 0 | 0 | 276,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | (115,059 | ) | 0 | 0 | 0 | 0 | (115,059 | ) | 0 | 0 | (1,154 | ) | 0 | 0 | 0 | 0 | (1,154 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 211,140 | - | 0 | 0 | 0 | 211,140 | - | 0 | 282,985 | - | 0 | 0 | 0 | 282,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | (455,722 | ) | (455,722 | ) | - | 0 | 0 | - | 0 | 0 | (241,746 | ) | (241,746 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (4,500,163 | ) | 0 | (4,500,163 | ) | - | 0 | 0 | - | 0 | (6,946,443 | ) | 0 | (6,946,443 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 20,285,695 | $ | 202,857 | $ | 125,425,514 | (41,141 | ) | $ | (190,093 | ) | $ | (101,606,494 | ) | $ | (546,638 | ) | $ | 23,285,146 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 51,677 | 517 | (517 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | 0 | 0 | 288,053 | 0 | 0 | 0 | 0 | 288,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | (4,454 | ) | 0 | 0 | 0 | 0 | (4,454 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 297,791 | - | 0 | 0 | 0 | 297,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | 301,102 | 301,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (9,064,385 | ) | 0 | (9,064,385 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 20,337,372 | $ | 203,374 | $ | 126,006,387 | (41,141 | ) | $ | (190,093 | ) | $ | (110,670,879 | ) | $ | (245,536 | ) | $ | 15,103,253 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock, net | 9,709,328 | 97,093 | 38,714,867 | 0 | 0 | 0 | 0 | 38,811,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 3,331 | 33 | 18,385 | 0 | 0 | 0 | 0 | 18,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | 0 | 0 | 399,548 | 0 | 0 | 0 | 0 | 399,548 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised | 36,252 | 363 | 85,192 | 0 | 0 | 0 | 0 | 85,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 218,563 | - | 0 | 0 | 0 | 218,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | (352,918 | ) | (352,918 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (6,365,850 | ) | 0 | (6,365,850 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 30,086,283 | $ | 300,863 | $ | 165,442,942 | (41,141 | ) | $ | (190,093 | ) | $ | (117,036,729 | ) | $ | (598,454 | ) | $ | 47,918,529 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 30,272,663 | $ | 302,727 | $ | 167,041,203 | (48,057 | ) | $ | (206,554 | ) | $ | (146,746,597 | ) | $ | (485,967 | ) | $ | 19,904,812 |
For the nine months ended September 30, 2020 | For the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in- | Treasury Stock | Accumulated | Common Stock | Additional Paid-in-Capital | Treasury Stock | Accumulated Deficit | AOCI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Capital | Shares | Amount | Deficit | AOCI | Total | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 17,733,617 | $ | 177,335 | $ | 95,433,077 | 0 | $ | 0 | $ | (71,585,003 | ) | $ | 9,844 | $ | 24,035,253 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 20,223,498 | $ | 202,235 | $ | 124,961,514 | (41,141 | ) | $ | (190,093 | ) | $ | (97,106,331 | ) | $ | (90,916 | ) | $ | 27,776,409 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 34,249 | 343 | 117,956 | 0 | 0 | 0 | 0 | 118,299 | 62,197 | 622 | 58,909 | 0 | 0 | 0 | 0 | 59,531 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | (440,631 | ) | (4,406 | ) | (292,495 | ) | 0 | 0 | 0 | 0 | (296,901 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 0 | 0 | 309,010 | 0 | 0 | 0 | 0 | 309,010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | 145,056 | (31,486 | ) | (145,056 | ) | 0 | 0 | 0 | 0 | 0 | (115,059 | ) | 0 | 0 | 0 | 0 | (115,059 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 139,449 | - | 0 | 0 | 0 | 139,449 | - | 0 | 211,140 | - | 0 | 0 | 0 | 211,140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | (863,294 | ) | (863,294 | ) | - | 0 | 0 | - | 0 | 0 | (455,722 | ) | (455,722 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (4,999,549 | ) | 0 | (4,999,549 | ) | - | 0 | 0 | - | 0 | (4,500,163 | ) | 0 | (4,500,163 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 17,327,235 | $ | 173,272 | $ | 95,543,043 | (31,486 | ) | $ | (145,056 | ) | $ | (76,584,552 | ) | $ | (853,450 | ) | $ | 18,133,257 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock, net | 2,619,593 | 26,196 | 28,410,545 | 0 | 0 | 0 | 0 | 28,436,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 18,858 | 189 | (189 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | (29,543 | ) | (296 | ) | 262,405 | 0 | 0 | 0 | 0 | 262,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | (192,161 | ) | (1,804) | (5,863) | 0 | 0 | (198,024 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised | 5,528 | 55 | (55 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 122,115 | - | 0 | 0 | 0 | 122,115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercised: | 253,161 | 2,532 | (2,532 | ) | - | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | (175,447 | ) | (175,447 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (7,843,797 | ) | 0 | (7,843,797 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 20,194,832 | $ | 201,948 | $ | 124,143,171 | (33,290 | ) | $ | (150,919 | ) | $ | (84,428,349 | ) | $ | (1,028,897 | ) | $ | 38,736,954 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 20,285,695 | $ | 202,857 | $ | 125,425,514 | (41,141 | ) | $ | (190,093 | ) | $ | (101,606,494 | ) | $ | (546,638 | ) | $ | 23,285,146 | ||||||||||||||||||||||||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 19,124 | 191 | 105,561 | 0 | 0 | 0 | 0 | 105,752 | 51,677 | 517 | (517 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation, net | 0 | 0 | 275,985 | - | 0 | 0 | 0 | 275,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock compensation | 0 | 0 | 288,053 | 0 | 0 | 0 | 0 | 288,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares tendered for withholding taxes | 0 | 0 | (4,454 | ) | 0 | 0 | 0 | 0 | (4,454 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option compensation | - | 0 | 97,535 | - | 0 | 0 | 0 | 97,535 | - | 0 | 297,791 | - | 0 | 0 | 0 | 297,791 | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | - | 0 | 0 | - | 0 | 0 | 262,094 | 262,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | - | 0 | 0 | - | 0 | 0 | 301,102 | 301,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | - | 0 | 0 | - | 0 | (5,538,798 | ) | 0 | (5,538,798 | ) | - | 0 | 0 | - | 0 | (9,064,385 | ) | 0 | (9,064,385 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 20,213,956 | $ | 202,139 | $ | 124,622,252 | (33,290 | ) | $ | (150,919 | ) | $ | (89,967,147 | ) | $ | (766,803 | ) | $ | 33,939,522 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 20,337,372 | $ | 203,374 | $ | 126,006,387 | (41,141 | ) | $ | (190,093 | ) | $ | (110,670,879 | ) | $ | (245,536 | ) | $ | 15,103,253 |
September 30,2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Cash received from customers and grants | $ | 22,355,958 | $ | 26,122,815 | $ | 35,162,834 | $ | 14,493,073 | ||||||||
Cash paid to suppliers and employees | (43,732,182 | ) | (37,776,303 | ) | (38,112,997 | ) | (28,559,938 | ) | ||||||||
Cash paid for operating leases | (1,049,198 | ) | (797,482 | ) | (722,204 | ) | (696,188 | ) | ||||||||
Cash paid for finance leases | (15,358 | ) | (14,762 | ) | (9,166 | ) | (10,312 | ) | ||||||||
Interest and taxes, net | (1,709,704 | ) | (1,681,155 | ) | (1,120,612 | ) | (1,135,295 | ) | ||||||||
Net cash used in operating activities | (24,150,484 | ) | (14,146,887 | ) | (4,802,145 | ) | (15,908,660 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||
Patent application costs | (32,648 | ) | (181,417 | ) | 0 | (28,023 | ) | |||||||||
Acquisition of and deposits on fixed assets | (1,387,601 | ) | (3,000,763 | ) | (1,135,332 | ) | (1,270,989 | ) | ||||||||
Net cash used in investing activities | (1,420,249 | ) | (3,182,180 | ) | (1,135,332 | ) | (1,299,012 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||
Issuance of stock, net | 38,811,960 | 28,436,741 | ||||||||||||||
Stimulus package loan | 0 | 2,978,315 | ||||||||||||||
Stimulus package loan payment | 0 | (2,978,315 | ) | |||||||||||||
Payments on note payable | 0 | (180,249 | ) | |||||||||||||
Payments of tax withholding on stock award | (119,513 | ) | (348,944 | ) | ||||||||||||
Payments of withholding tax on stock award | (39,668 | ) | (119,513 | ) | ||||||||||||
Payments on finance lease | (45,680 | ) | (37,166 | ) | (34,421 | ) | (29,820 | ) | ||||||||
Net cash (used in) provided by financing activities | 38,646,767 | 27,870,382 | ||||||||||||||
Net cash used in financing activities | (74,089 | ) | (149,333 | ) | ||||||||||||
Effect of exchange rate changes on cash | (138,335 | ) | (125,214 | ) | 76,127 | (144,947 | ) | |||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 12,937,699 | 10,416,101 | ||||||||||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (5,935,439 | ) | (17,501,952 | ) | ||||||||||||
Cash and cash equivalents - beginning of the period | 23,066,301 | 18,271,352 | 28,772,892 | 23,066,301 | ||||||||||||
Cash and cash equivalents - end of the period | $ | 36,004,000 | $ | 28,687,453 | $ | 22,837,453 | $ | 5,564,349 | ||||||||
RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES: | ||||||||||||||||
Net loss | $ | (19,930,397 | ) | $ | (18,382,144 | ) | $ | (15,736,737 | ) | $ | (13,564,548 | ) | ||||
Adjustments: | ||||||||||||||||
Depreciation and amortization | 2,186,684 | 2,057,275 | 1,211,567 | 1,390,897 | ||||||||||||
Share based compensation | 1,802,056 | 824,345 | 1,309,912 | 1,165,632 | ||||||||||||
Non-cash inventory adjustments | 926,499 | 2,530,444 | ||||||||||||||
Non-cash inventory adjustment | 335,524 | 863,612 | ||||||||||||||
Benefit from deferred tax liability | (69,941 | ) | (301,000 | ) | 0 | (69,941 | ) | |||||||||
Impairment of long-lived assets | 1,273,945 | 0 | ||||||||||||||
Provision (recovery of) doubtful accounts | (103,258 | ) | 214,210 | |||||||||||||
Provision of (recovery of) doubtful accounts | (371 | ) | (103,258 | ) | ||||||||||||
Impairment | 3,033,565 | 1,273,945 | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable | (3,302,153 | ) | 138,827 | 7,185,534 | 503,563 | |||||||||||
Inventories | (5,215,766 | ) | (5,295,899 | ) | 1,276,267 | (4,067,502 | ) | |||||||||
Prepaid expenses and other current assets | (412,995 | ) | (314,460 | ) | (402,048 | ) | (285,825 | ) | ||||||||
Deposits and other assets | 141,946 | 80,873 | 60,986 | 138,698 | ||||||||||||
Accounts payable and accrued liabilities | 139,698 | 559,888 | (3,076,344 | ) | (1,951,422 | ) | ||||||||||
Deferred revenue | (1,586,802 | ) | 3,740,754 | 0 | (1,202,511 | ) | ||||||||||
Net cash used in operating activities | $ | (24,150,484 | ) | $ | (14,146,887 | ) | $ | (4,802,145 | ) | $ | (15,908,660 | ) | ||||
Supplemental disclosures for non-cash investing and financing activities: | ||||||||||||||||
Deposits on manufacturing equipment transferred to fixed assets | $ | 0 | $ | 472,651 |
• | Enhanced sensitivity and specificity: This is achieved via the Company’s proprietary approach to separating the sample path from the buffer path, together with patent and other proprietary strategies, which differ significantly from traditional lateral flow test. |
• | a Clinical Laboratory Improvement Amendment (“CLIA”), waiver from the FDA for the DPP HIV-Syphilis test system. |
(a) | Basis of |
(b) | Significant Accounting Policies: |
(c) | Fair Value of Financial Instruments: |
Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
Level 2: | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and, |
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
(d) | Cash and Cash Equivalents: |
(e) | Loss Per Share: |
(f) | Income Taxes: |
(g) | Recently Issued Accounting Standards Affecting the Company: |
For the three months ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | |||||||||||||||||||||||||||||||||||||
Net product sales | $ | 9,371,160 | $ | 0 | $ | 9,371,160 | $ | 8,406,457 | $ | 0 | $ | 8,406,457 | $ | 8,858,146 | $ | 0 | $ | 8,858,146 | $ | 3,931,383 | $ | 0 | $ | 3,931,383 | ||||||||||||||||||||||||
R&D revenue | 441 | 0 | 441 | 1,444,724 | 0 | 1,444,724 | ||||||||||||||||||||||||||||||||||||||||||
R&D and grant revenue | 8,046 | 0 | 8,046 | 727 | 0 | 727 | ||||||||||||||||||||||||||||||||||||||||||
Government grant income | 0 | 2,400,000 | 2,400,000 | 0 | 209,776 | 209,776 | 0 | 0 | 0 | 0 | 2,280,000 | 2,280,000 | ||||||||||||||||||||||||||||||||||||
License and royalty revenue | 286,843 | 0 | 286,843 | 211,521 | 0 | 211,521 | 295,238 | 0 | 295,238 | 250,000 | 0 | 250,000 | ||||||||||||||||||||||||||||||||||||
$ | 9,658,444 | $ | 2,400,000 | $ | 12,058,444 | $ | 10,062,702 | $ | 209,776 | $ | 10,272,478 | $ | 9,161,430 | $ | 0 | $ | 9,161,430 | $ | 4,182,110 | $ | 2,280,000 | $ | 6,462,110 |
For the nine months ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | Exchange Transactions | Non-Exchange Transactions | Total | |||||||||||||||||||||||||||||||||||||
Net product sales | $ | 17,327,204 | $ | 0 | $ | 17,327,204 | $ | 17,914,623 | $ | 0 | $ | 17,914,623 | $ | 27,385,602 | $ | 0 | $ | 27,385,602 | $ | 7,956,045 | $ | 0 | $ | 7,956,045 | ||||||||||||||||||||||||
R&D revenue | 1,107,808 | 0 | 1,107,808 | 3,546,385 | 0 | 3,546,385 | ||||||||||||||||||||||||||||||||||||||||||
R&D and grant revenue | 26,219 | 0 | 26,219 | 1,107,366 | 0 | 1,107,366 | ||||||||||||||||||||||||||||||||||||||||||
Government grant income | 0 | 8,030,000 | 8,030,000 | 0 | 209,776 | 209,776 | 0 | 0 | 0 | 0 | 5,630,000 | 5,630,000 | ||||||||||||||||||||||||||||||||||||
License and royalty revenue | 779,901 | 0 | 779,901 | 572,450 | 0 | 572,450 | 566,220 | 0 | 566,220 | 493,058 | 0 | 493,058 | ||||||||||||||||||||||||||||||||||||
$ | 19,214,913 | $ | 8,030,000 | $ | 27,244,913 | $ | 22,033,458 | $ | 209,776 | $ | 22,243,234 | $ | 27,978,041 | $ | 0 | $ | 27,978,041 | $ | 9,556,469 | $ | 5,630,000 | $ | 15,186,469 |
For the three months ended | For the nine months ended | For the three months ended | For the six months ended | |||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Africa | $ | 1,293,405 | $ | 1,874,518 | $ | 4,104,619 | $ | 3,310,603 | $ | 3,144,599 | $ | 1,466,356 | $ | 3,911,951 | $ | 2,811,214 | ||||||||||||||||
Asia | 208,750 | 168,052 | 479,297 | 650,659 | 439,661 | 53,592 | 455,219 | 270,547 | ||||||||||||||||||||||||
Europe & Middle East | 1,132,961 | 2,887,209 | 4,539,444 | 6,698,382 | 1,299,000 | 806,209 | 2,022,745 | 3,406,485 | ||||||||||||||||||||||||
Latin America | 5,698,920 | 4,618,560 | 6,444,456 | 7,515,523 | 834,689 | 487,517 | 13,392,079 | 745,536 | ||||||||||||||||||||||||
United States | 3,724,408 | 724,139 | 11,677,097 | 4,068,067 | 3,443,481 | 3,648,436 | 8,196,047 | 7,952,687 | ||||||||||||||||||||||||
$ | 12,058,444 | $ | 10,272,478 | $ | 27,244,913 | $ | 22,243,234 | $ | 9,161,430 | $ | 6,462,110 | $ | 27,978,041 | $ | 15,186,469 |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Raw materials | $ | 7,549,851 | $ | 5,955,215 | $ | 6,661,210 | $ | 7,306,095 | ||||||||
Work in process | 7,244,946 | 2,549,516 | 1,471,848 | 3,556,878 | ||||||||||||
Finished goods | 2,010,872 | 4,011,671 | 3,175,602 | 2,057,478 | ||||||||||||
$ | 16,805,669 | $ | 12,516,402 | $ | 11,308,660 | $ | 12,920,451 |
(a) | Common Stock |
(b) | Preferred Stock |
(c) | Treasury Stock |
(d) | Options, Restricted Stock, |
a) | Concentrations: |
For the three months ended | For the nine months ended | Accounts Receivable as of | For the three months ended | For the six months ended | Accounts Receivable as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | December. 31, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | Sales | % of Sales | Product Sales | % of Product Sales | Product Sales | % of Product Sales | Product Sales | % of Product Sales | Product Sales | % of Product Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer 1 | $ | 5,434,186 | 58.0 | % | $ | 4,226,040 | 50.3 | % | $ | 5,724,171 | 33.04 | % | $ | 6,523,416 | 36.4 | % | $ | 3,183,367 | $ | 1,622,866 | $ | 1,947,390 | 22 | % | $ | * | * | $ | 3,431,910 | $ | 13 | % | $ | * | $ | * | $ | 1,534,560 | $ | * | ||||||||||||||||||||||||||||||||||||||||
Customer 2 | 1,196,217 | 12.8 | % | * | * | 2,347,832 | 13.55 | % | * | * | 1,264,639 | * | 1,729,310 | 20 | % | 1,014,638 | 26 | % | * | * | 1,151,615 | 15 | % | 1,066,340 | 1,433,305 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer 3 | * | * | 1,071,513 | 12.7 | % | * | * | * | * | * | * | 1,633,957 | 18 | % | * | * | * | * | * | * | 996,619 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer 4 | * | * | 963,671 | 11.5 | % | * | * | * | * | 17,510 | * | * | * | * | * | 12,339,644 | 45 | % | * | * | 399,420 | 7,672,845 |
For the three months ended | For the nine months ended | Accounts Payable as of | For the three months ended | For the six months ended | Accounts Payable as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | December 31, 2020 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | Purchases | % of Purchases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor 1 | $ | 1,678,250 | 34.4 | % | $ | * | * | $ | 2,339,182.00 | 18.8 | % | $ | * | * | $ | 1,651,866 | $ | * | * | * | * | * | * | * | * | * | * | 1,361,383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor 2 | * | * | 501,562 | 15.4 | % | * | * | 1,600,916 | 12.3 | % | * | 178,395 | * | * | * | * | 1,589,033 | 15 | % | * | * | 166,945 | 353,097 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor 3 | $ | 1,317,233 | 19 | % | $ | * | * | $ | 3,640,838 | $ | 35 | % | $ | * | $ | * | $ | 187,630 | $ | * |
Employment Contracts: |
2021 | $ | 210,823 | ||
2022 | 460,000 |
2022 | $ | 589,000 | ||
2023 | 383,000 | |||
2024 | 383,000 |
Benefit Plan: |
Leases: |
Three months ended September 30, | Nine months ended September 30, | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Operating lease expense | $ | 398,089 | $ | 405,989 | $ | 1,208,885 | $ | 1,258,797 | $ | 372,232 | $ | 402,329 | $ | 775,617 | $ | 810,795 | ||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||||||||
Amortization of right-of-use assets | $ | 17,038 | $ | 15,571 | $ | 49,834 | $ | 42,657 | $ | 17,850 | $ | 17,038 | 35,429 | 32,796 | ||||||||||||||||||
Interest on lease liabilities | 5,047 | 5,395 | 15,358 | 14,762 | 4,480 | 5,368 | 9,166 | 10,312 | ||||||||||||||||||||||||
Total finance lease expense | $ | 22,085 | $ | 20,966 | $ | 65,192 | $ | 57,419 | $ | 22,330 | $ | 22,406 | $ | 44,595 | $ | 43,108 |
Three months ended September 30, | Nine months ended September 30, | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating cash flows for operating leases | $ | 353,009 | $ | 340,205 | $ | 1,049,198 | $ | 797,482 | $ | 361,325 | $ | 348,317 | $ | 722,204 | $ | 696,188 | ||||||||||||||||
Operating cash flows for finance leases | 5,047 | 5,395 | 15,358 | 14,762 | 4,480 | 5,368 | 9,166 | 10,312 | ||||||||||||||||||||||||
Financing cash flows for finance leases | 15,859 | 13,587 | 45,680 | 37,166 | 17,491 | 15,538 | 34,421 | 29,820 | ||||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||||||||||||||||||||
Finance leases | 0 | 25,609 | 16,234 | 25,609 | ||||||||||||||||||||||||||||
Operating leases | $ | 0 | $ | 0 | $ | 616,100 | $ | 0 | 717,956 | 694,668 | 717,956 | 694,668 | ||||||||||||||||||||
Finance leases | 0 | 5,486 | 25,609 | 73,600 |
September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||
Finance Leases | ||||||||||||||||
Finance lease right-of-use asset | $ | 340,762 | $ | 315,153 | ||||||||||||
Finance lease right of use asset | $ | 356,997 | $ | 340,762 | ||||||||||||
Accumulated depreciation | (131,854 | ) | (66,261 | ) | (184,321 | ) | (114,815 | ) | ||||||||
Finance lease right-of-use asset, net | $ | 208,908 | $ | 248,892 | ||||||||||||
Finance lease right of use asset, net | $ | 172,676 | $ | 225,947 | ||||||||||||
Weighted-Average Remaining Lease Term | ||||||||||||||||
Weighted Average Remaining Lease Term | ||||||||||||||||
Operating leases | 7.7 Years | 9.1 Years | 7.0 years | 7.9 years | ||||||||||||
Finance leases | 3.1 Years | 4.0 Years | 2.4 years | 3.4 years | ||||||||||||
Weighted-Average Discount Rate | ||||||||||||||||
Weighted Average Discount Rate | ||||||||||||||||
Operating leases | 8.41 | % | 8.60 | % | 8.75 | % | 8.73 | % | ||||||||
Finance leases | 8.74 | % | 8.18 | % | 9.05 | % | 8.43 | % |
September 30, 2021 | September 30, 2020 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||||||||
2020 and 2021 | $ | 355,335 | $ | 20,906 | $ | 342,462 | $ | 19,226 | ||||||||||||||||||||||||
2022 | 1,447,249 | 83,624 | 1,209,787 | 76,904 | $ | 731,574 | $ | 43,942 | $ | 708,344 | $ | 41,812 | ||||||||||||||||||||
2023 | 1,221,017 | 83,624 | 1,057,757 | 76,904 | 1,428,820 | 87,884 | 1,447,249 | 83,624 | ||||||||||||||||||||||||
2024 | 1,018,875 | 55,856 | 1,026,272 | 76,904 | 1,220,150 | 60,116 | 1,221,017 | 83,624 | ||||||||||||||||||||||||
2025 | 1,049,442 | 12,471 | 1,018,875 | 49,136 | 1,049,441 | 16,731 | 1,018,875 | 55,856 | ||||||||||||||||||||||||
2026 | 1,080,925 | 5,940 | 1,049,442 | 12,471 | ||||||||||||||||||||||||||||
Thereafter | 4,724,446 | 1,679 | 5,773,888 | 5,750 | 3,643,521 | 355 | 4,724,446 | 1,680 | ||||||||||||||||||||||||
Total lease payments | $ | 9,816,364 | $ | 258,160 | $ | 10,429,041 | $ | 304,824 | $ | 9,154,431 | $ | 214,968 | $ | 10,169,373 | $ | 279,067 | ||||||||||||||||
Less: imputed interest | 2,751,749 | 34,119 | 3,269,991 | 46,712 | 2,371,852 | 25,301 | 2,909,688 | 39,166 | ||||||||||||||||||||||||
Total | $ | 7,064,615 | $ | 224,041 | $ | 7,159,050 | $ | 258,112 | $ | 6,782,579 | $ | 189,667 | $ | 7,259,685 | $ | 239,901 |
Litigation: |
(a) | Equity Plans: |
(b) | Stock Compensation Expense: |
For the three months ended September 30 | For the nine months ended September 30 | For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Cost of product sales | $ | 52,819 | $ | 0 | $ | 124,955 | $ | 6,300 | $ | 57,096 | $ | 43,368 | $ | 111,346 | $ | 72,136 | ||||||||||||||||
Research and development expenses | 164,560 | 126,333 | 388,264 | 281,070 | 112,318 | 139,469 | 203,507 | 223,704 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 419,152 | 350,871 | 1,288,837 | 960,959 | 389,595 | 403,007 | 995,059 | 869,792 | ||||||||||||||||||||||||
Severance and related costs | 0 | 0 | 0 | (423,984 | ) | |||||||||||||||||||||||||||
$ | 636,531 | $ | 477,204 | $ | 1,802,056 | $ | 824,345 | $ | 559,009 | $ | 585,844 | $ | 1,309,912 | $ | 1,165,632 |
For the three months ended September 30, | For the nine months ended September 30, | For the three months ended June 30, | For the six months ended June 30, | |||||||||
2021 | 2021 | 2022 | 2022 | |||||||||
Expected term (in years) | 6.0 | 5.0 | 5.5 | 6.0 | ||||||||
Expected volatility | 85.33% | 78.28% | 95.80% | 91.62% | ||||||||
Expected dividend yield | N/A | N/A | N/A | N/A | ||||||||
Risk-free interest rate | 1.00% | 0.81% | 3.09% | 1.97% |
Stock Options | Number of Shares | Weighted Average Exercise Price per Share | Weighted Average Remaining Contract Term | Aggregate Intrinsic Value | Number of Shares | Weighted Average Exercise Price per Share | Weighted Average Remaining Contract Term | Aggregate Intrinsic Value | ||||||||||||
Outstanding at December 31, 2020 | 974,778 | $ | 4.12 | 2.87 years | $ | 1,520,910 | ||||||||||||||
Outstanding at December 31, 2021 | 1,600,372 | $ | 4.18 | 6.59 years | $ | 0 | ||||||||||||||
Granted | 932,135 | 4.72 | 0 | 2,481,968 | 1.24 | 0 | ||||||||||||||
Exercised | 36,252 | 2.36 | 0 | 0 | 0 | 0 | ||||||||||||||
Forfeited | 31,212 | 9.19 | 0 | 121,159 | 2.93 | 0 | ||||||||||||||
Expired | 53,125 | 8.68 | 184,745 | 5.63 | ||||||||||||||||
Outstanding at September 30, 2021 | 1,786,324 | $ | 4.25 | 7.00 years | $ | 84,016 | ||||||||||||||
Exercisable at September 30, 2021 | 461,833 | $ | 4.57 | 4.05 years | $ | 34,772 | ||||||||||||||
Outstanding at June 30, 2022 | 3,776,436 | $ | 2.21 | 8.37 years | $ | 0 | ||||||||||||||
Exercisable at June 30, 2022 | 636,924 | $ | 0 | 5.08 years | $ | 0 |
Stock Options Outstanding | Stock Options Exercisable | Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Range of Exercise Prices | Number of Shares | Average Remaining Contract Term (Year) | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number of Shares | Average Remaining Contract Term (Year) | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||||
_1 to 2.79999 | 603,287 | 5.48 | $ | 2.36 | $ | 84,016 | 248,372 | $ | 2.36 | $ | 34,772 | 2,924,253 | 8.57 | $ | 1.42 | $ | 0 | 317,758 | $ | 2.36 | $ | 0 | |||||||||||||||||||||||||||||||||
2.8 to 4.59999 | 29,410 | 9.69 | 3.05 | 0 | 0 | 0 | 0 | 27,720 | 8.94 | 3.06 | 0 | 8,311 | 3.07 | 0 | |||||||||||||||||||||||||||||||||||||||||
4.6 to 6.39999 | 944,430 | 8.91 | 4.81 | 0 | 14,961 | 5.49 | 0 | 777,588 | 8.04 | 4.81 | 0 | 263,980 | 4.90 | 0 | |||||||||||||||||||||||||||||||||||||||||
6.4 to 8.19999 | 209,197 | 2.35 | 7.30 | 0 | 198,500 | 7.27 | 0 | 46,875 | 0.86 | 8.15 | 0 | 46,875 | 8.15 | 0 | |||||||||||||||||||||||||||||||||||||||||
8.2 to 12 | 0 | - | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,786,324 | 7.00 | $ | 4.25 | $ | 84,016 | 461,833 | $ | 4.57 | $ | 34,772 | 3,776,436 | 8.37 | $ | 2.21 | $ | 0 | 636,924 | $ | 3.85 | $ | 0 |
Number of Shares & Units | Weighted Average Grant Date Fair Value | Number of Shares & Units | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2020 | 603,531 | $ | 3.08 | |||||||||||||
Outstanding at December 31, 2021 | 705,325 | $ | 3.34 | |||||||||||||
Granted | 346,970 | 4.59 | 1,308,547 | 0.75 | ||||||||||||
Vested | 130,906 | 2.57 | 172,041 | 3.73 | ||||||||||||
Forfeited | 8,557 | 4.97 | 82,524 | 2.28 | ||||||||||||
Outstanding at September 30, 2021 | 811,038 | $ | 3.65 | |||||||||||||
Outstanding at June 30, 2022 | 1,759,307 | $ | 1.43 |
For the three months ended September 30, | For the nine months ended September 30, | For the three months ended June 30 | For the six months ended June 30 | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Africa | $ | 1,293,405 | $ | 1,874,518 | $ | 4,104,619 | $ | 3,310,603 | $ | 3,144,599 | $ | 1,466,356 | $ | 3,911,951 | $ | 2,811,215 | ||||||||||||||||
Asia | 208,750 | 168,052 | 479,297 | 650,659 | 439,661 | 53,593 | 455,219 | 270,547 | ||||||||||||||||||||||||
Europe & Middle East | 1,132,520 | 1,451,486 | 3,431,736 | 3,360,648 | 995,716 | 805,482 | 1,713,624 | 2,299,216 | ||||||||||||||||||||||||
Latin America | 5,698,920 | 4,618,560 | 6,444,456 | 7,515,523 | 834,689 | 487,517 | 13,379,742 | 745,536 | ||||||||||||||||||||||||
United States | 1,037,565 | 293,841 | 2,867,096 | 3,077,190 | 3,443,481 | 1,118,435 | 7,925,066 | 1,829,531 | ||||||||||||||||||||||||
$ | 9,371,160 | $ | 8,406,457 | $ | 17,327,204 | 17,914,623 | $ | 8,858,146 | $ | 3,931,383 | $ | 27,385,602 | $ | 7,956,045 |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Asia | $ | 122,719 | $ | 326,267 | $ | 81,430 | $ | 86,041 | ||||||||
Europe & Middle East | 117,227 | 147,692 | 93,324 | 113,883 | ||||||||||||
Latin America | 32,975 | 14,719 | 77,056 | 36,224 | ||||||||||||
United States | 8,471,792 | 8,199,725 | 8,592,144 | 8,320,625 | ||||||||||||
$ | 8,744,713 | $ | 8,688,403 | $ | 8,843,954 | $ | 8,556,773 |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Accounts payable – suppliers | $ | 5,978,865 | $ | 5,727,781 | $ | 3,776,360 | $ | 7,745,592 | ||||||||
Accrued commissions and royalties | 870,627 | 807,708 | 2,015,752 | 1,359,691 | ||||||||||||
Accrued payroll | 475,072 | 277,908 | 427,215 | 494,258 | ||||||||||||
Accrued vacation | 530,773 | 417,238 | 692,275 | 421,416 | ||||||||||||
Accrued bonuses | 1,138,337 | 1,193,985 | 1,473,481 | 1,378,706 | ||||||||||||
Accrued severance | 0 | 511,681 | ||||||||||||||
Accrued professional fees | 715,212 | 522,935 | ||||||||||||||
Accrued expenses – other | 1,188,814 | 1,106,489 | 951,354 | 1,205,395 | ||||||||||||
TOTAL | $ | 10,182,488 | $ | 10,042,790 | $ | 10,051,649 | $ | 13,127,993 |
Beginning balance at December 31, 2020 | $ | 5,963,744 | ||
Change in foreign currency exchange rate | (289,612 | ) | ||
Balance at September 30, 2021 | $ | 5,674,132 |
Beginning balance at December 31, 2021 | $ | 3,022,787 | ||
Impairment | (3,033,565 | ) | ||
Change in foreign currency exchange rate | 10,778 | |||
Balance at June 30, 2022 | $ | 0 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Weighted Average Remaining Useful Life | Cost | Accumulated Amortization | Net Book Value | Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||
Intellectual property | 7 | $ | 779,848 | $ | 173,650 | $ | 606,198 | $ | 1,638,699 | $ | 472,190 | $ | 1,166,509 | |||||||||||||||
Developed technology | 4 | 1,986,811 | 775,405 | 1,211,406 | 2,102,526 | 594,186 | 1,508,340 | |||||||||||||||||||||
Customer contracts/relationships | 6 | 516,464 | 155,882 | 360,582 | 1,323,424 | 423,093 | 900,331 | |||||||||||||||||||||
Trade names | 6 | 3,875 | 3,875 | 0 | 115,318 | 44,512 | 70,806 | |||||||||||||||||||||
$ | 3,286,998 | $ | 1,108,812 | $ | 2,178,186 | $ | 5,179,967 | $ | 1,533,981 | $ | 3,645,986 |
For the three months ended September 30, 2021 | For the nine months ended September 30, 2021 | |||||||
Severance | $ | 0 | $ | 83,087 | ||||
Restructuring costs | 396,740 | 1,083,951 | ||||||
Asset impairment | 0 | 1,273,945 | ||||||
$ | 396,740 | $ | 2,440,983 |
ITEM 2. |
For the three months ended September 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
TOTAL REVENUES | $ | 12,058 | 100 | % | $ | 10,272 | 100 | % | $ | 9,161 | 100 | % | $ | 6,462 | 100 | % | ||||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||
Cost of product sales | 7,903 | 66 | % | 7,468 | 73 | % | 8,087 | 88 | % | 4,040 | 63 | % | ||||||||||||||||||||
Research and development expenses | 3,442 | 29 | % | 2,352 | 23 | % | 2,042 | 22 | % | 2,797 | 43 | % | ||||||||||||||||||||
Selling, general and administrative expenses | 5,947 | 49 | % | 5,349 | 52 | % | 5,250 | 57 | % | 6,001 | 93 | % | ||||||||||||||||||||
Asset impairment, restructuring, severance and related costs | 397 | 3 | % | 12 | 0 | % | ||||||||||||||||||||||||||
17,689 | 15,181 | |||||||||||||||||||||||||||||||
Impairment, restructuring, severance and related costs | - | - | 1,961 | 30 | % | |||||||||||||||||||||||||||
TOTAL OPERATING COSTS AND EXPENSES | 15,379 | 14,799 | ||||||||||||||||||||||||||||||
LOSS FROM OPERATIONS | (5,631 | ) | (4,909 | ) | (6,218 | ) | (8,337 | ) | ||||||||||||||||||||||||
OTHER EXPENSE, NET | (735 | ) | (736 | ) | ||||||||||||||||||||||||||||
OTHER (EXPENSE) INCOME, NET | (728 | ) | (727 | ) | ||||||||||||||||||||||||||||
LOSS BEFORE INCOME TAXES | (6,366 | ) | (53 | )% | (5,645 | ) | (55 | )% | (6,946 | ) | (76 | )% | (9,064 | ) | (140 | )% | ||||||||||||||||
Income tax (expense) benefit | - | 105 | - | - | ||||||||||||||||||||||||||||
NET LOSS | $ | (6,366 | ) | $ | (5,540 | ) | $ | (6,946 | ) | $ | (9,064 | ) |
For the three months ended September 30, | Favorable/(unfavorable) | |||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Net product sales | $ | 9,371 | $ | 8,406 | $ | 965 | 11.5 | % | ||||||||
Less: Cost of product sales | (7,903 | ) | (7,468 | ) | (435 | ) | 5.8 | % | ||||||||
Gross product margin | $ | 1,468 | $ | 938 | $ | 530 | 56.5 | % | ||||||||
Gross product margin percentage | 15.7 | % | 11.2 | % | 4.51 | % |
For the three months ended September 30, | Favorable/(unfavorable) | |||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Clinical and regulatory affairs | $ | 1,520 | $ | 258 | $ | 1,262 | $ | (489.3 | )% | |||||||
Other research and development | 1,922 | 2,094 | (172 | ) | (8.2 | )% | ||||||||||
Total research and development | $ | 3,442 | $ | 2,352 | $ | 1,090 | 46.3 | % |
For the nine months ending September 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
TOTAL REVENUES | $ | 27,245 | 100 | % | $ | 22,243 | 100 | % | ||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||
Cost of product sales | 15,491 | 57 | % | 17,513 | 79 | % | ||||||||||
Research and development expenses | 9,102 | 33 | % | 6,233 | 28 | % | ||||||||||
Selling, general and administrative expenses | 18,034 | 66 | % | 13,903 | 63 | % | ||||||||||
Asset impairment, restructuring, severance and related costs | 2,441 | 9 | % | 1,122 | 5 | % | ||||||||||
Acquisition | - | - | 64 | 0 | % | |||||||||||
45,068 | 38,835 | |||||||||||||||
LOSS FROM OPERATIONS | (17,823 | ) | (16,592 | ) | ||||||||||||
OTHER EXPENSE, NET | (2,175 | ) | (2,110 | ) | ||||||||||||
LOSS BEFORE INCOME TAXES | (19,998 | ) | (73 | )% | (18,702 | ) | (84 | )% | ||||||||
Income tax (expense) benefit | 68 | 320 | ||||||||||||||
NET LOSS | $ | (19,930 | ) | $ | (18,382 | ) |
For the nine months ended September 30, | Favorable/(unfavorable) | For the three months ended June 30 | Favorable/(unfavorable) | |||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||
Net product sales | $ | 17,327 | $ | 17,915 | $ | (588 | ) | (3.3 | )% | $ | 8,858 | $ | 3,931 | $ | 4,927 | 125 | % | |||||||||||||||
Less: Cost of product sales | (15,491 | ) | (17,513 | ) | 2,022 | (11.5 | )% | 8,087 | 4,040 | 4,047 | 100 | % | ||||||||||||||||||||
Gross product margin | $ | 1,836 | $ | 402 | $ | 1,434 | 356.7 | % | $ | 771 | $ | (109 | ) | $ | 880 | 807 | % | |||||||||||||||
Gross product margin percentage | 10.6 | % | 2.2 | % | 8.4 | % | 9 | % | (3 | )% |
For the nine months ended September 30, | Favorable/(unfavorable) | For the three months ended June 30 | Favorable/(unfavorable) | |||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||
Clinical and regulatory affairs | $ | 3,156 | $ | 758 | $ | 2,398 | $ | 316.4 | % | $ | 544 | $ | 871 | $ | (327 | ) | $ | (38 | )% | |||||||||||||
Other research and development | 5,946 | 5,475 | 471 | 8.6 | % | 1,498 | 1,926 | (428 | ) | (22 | )% | |||||||||||||||||||||
Total research and development | $ | 9,102 | $ | 6,233 | $ | 2,869 | 46.0 | % | $ | 2,042 | $ | 2,797 | $ | (755 | ) | (27 | )% |
June 30, 2022 | June 30, 2021 | |||||||||||||||
TOTAL REVENUES | $ | 27,978 | 100 | % | $ | 15,186 | 100 | % | ||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||
Cost of product sales | 23,311 | 83 | % | 7,588 | 50 | % | ||||||||||
Research and development expenses | 3,696 | 13 | % | 5,660 | 37 | % | ||||||||||
Selling, general and administrative expenses | 12,196 | 44 | % | 12,087 | 80 | % | ||||||||||
Impairment, restructuring, severance and related costs | 3,043 | 11 | % | 2,044 | 13 | % | ||||||||||
TOTAL OPERATING COSTS AND EXPENSES | 42,246 | 27,379 | ||||||||||||||
LOSS FROM OPERATIONS | (14,268 | ) | (12,193 | ) | ||||||||||||
OTHER (EXPENSE) INCOME, NET | (1,462 | ) | (1,440 | ) | ||||||||||||
LOSS BEFORE INCOME TAXES | (15,730 | ) | (56 | )% | (13,633 | ) | (90 | )% | ||||||||
Income tax benefit | (7 | ) | 68 | |||||||||||||
NET LOSS | $ | (15,737 | ) | $ | (13,565 | ) |
● | $19.4 million net increase in product sales, reflecting gains in Latin America, the U.S., and Africa, offset by lower sales in Europe and the Middle East. Higher sales in Latin American were primarily due to Bio-Manguinhos for DPP SARS-CoV 2 Antigen tests. |
● | $6.6 million, or 91.8%, decrease in R&D, grant and license and royalty revenues were primarily associated with the completion of work related to pursuing an EUA and 510(k) from the FDA for the DPP SARS-CoV-2 Antigen test system, and an EUA for the DPP Respiratory Panel. |
For the six months ended | Favorable/(unfavorable) | |||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||
Net product sales | $ | 27,386 | $ | 7,956 | $ | 19,430 | 244 | % | ||||||||
Less: Cost of product sales | 23,311 | 7,588 | 15,723 | 207 | % | |||||||||||
Gross product margin | $ | 4,075 | $ | 368 | $ | 3,707 | 1,007 | % | ||||||||
Gross product margin percentage | 15 | % | 5 | % |
● | $0.9 million favorable product sales volume as described above, together with |
● | $2.8 million from favorable product margins related to the impact of geographic mix on average selling price. |
For the six months ended | Favorable/(unfavorable) | |||||||||||||||
June 30, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||||
Clinical and regulatory affairs | $ | 839 | $ | 1,636 | $ | (797 | ) | (49 | )% | |||||||
Other research and development | 2,857 | 4,024 | (1,167 | ) | (29 | )% | ||||||||||
Total Research and Development | $ | 3,696 | $ | 5,660 | $ | (1,964 | ) | (35 | )% |
• | Optional Prepayment.We may prepay outstanding principal from time to time, subject to payment of a premium on the prepaid principal amount equal to 10% through September 3, 2020, 8% from September 4, 2020 through September 3, 2021, and 4% from September 4, 2021 through September 3, 2022. No premium will be due with respect to any prepayment made on or after September 4, 2022. |
• | Representations and Warranties;Financial and Other Covenants. In the Credit Agreement we made customary representations and warranties as well as customary affirmative and negative covenants, including covenants limiting additional indebtedness, liens, guarantees, mergers and acquisitions, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates, and fundamental changes. The Credit Agreement also contains financial covenants requiring that (i) we maintain aggregate unrestricted cash of not less than $3,000,000 at all times and (ii) we achieve specified minimum rolling four-quarter (“last twelve month”) total revenue amounts as of September 30, 2019 and the last day of each calendar quarter thereafter. For the next year, the minimum total revenue requirements range from $45.6 million for the twelve months ending September 30, 2022, and $50.1 million for the twelve months ending June 30, 2023. The minimum total revenue amounts were developed for purposes of the Credit Agreement and do not reflect the internal estimates and plans used by our management and board of directors to understand and evaluate our operating performance, to establish budgets, and to establish operational goals for managing our business. We therefore do not believe that the covenant requirements provide useful information to investors or others in enhancing an understanding of our future prospects. |
September 30, 2021 | June 30, 2022 | |||||||
(in thousands) | (in thousands) | |||||||
Cash and cash equivalents | $ | 36,004 | $ | 22,837 | ||||
Accounts receivable, net of allowance for doubtful amounts | 6,783 | 4,256 | ||||||
Inventories, net | 16,806 | 11,309 | ||||||
Prepaid expenses and other current assets | 1,192 | 2,498 | ||||||
Total current assets | 60,785 | 40,900 | ||||||
Less: Total current liabilities | 11,426 | (14,031 | ) | |||||
Working capital | $ | 49,359 | $ | 26,869 |
(a) | Disclosure Controls and |
(b) | Changes in Internal Control over Financial |
PART II. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Number | Description | |
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS | ||
101.SCH | ||
101.CAL | ||
101.DEF | ||
101.LAB | ||
101.PRE | XBRL Taxonomy Presentation Linkbase Document | |
104 | Cover page interactive |
Chembio Diagnostics, Inc. | |
Date: | By: |
Richard | |
Chief Executive Officer and President | |
Date: | By: /s / |
Lawrence J. Steenvoorden | |
Chief Financial Officer and Executive Vice President |