Precipio Inc / "Long-term" | Tables in SEC filings

PRPO Precipio Inc

10 Nov 22

Quarterly report

4:02pm


	September 30, 2022
	(unaudited)		December 31, 2021
ASSETS
CURRENT ASSETS:
Cash	$	5,144	$	11,668
Accounts receivable, net		955		697
Inventories		663		564
Other current assets		656		549
Total current assets		7,418		13,478

PROPERTY AND EQUIPMENT, NET		885		836

OTHER ASSETS:
Finance lease right-of-use assets, net		284		371
Operating lease right-of-use assets, net		811		858
Intangibles, net		14,005		14,717
Other assets		144		179
Total assets	$	23,547	$	30,439
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt, less debt issuance costs	$	367	$	26
Current maturities of finance lease liabilities		168		222
Current maturities of operating lease liabilities		194		166
Accounts payable		2,132		1,863
Accrued expenses		1,536		1,918
Deferred revenue		13		18
Total current liabilities		4,410		4,213
LONG TERM LIABILITIES:
Long-term debt, less current maturities and debt issuance costs		141		160
Finance lease liabilities, less current maturities		89		159
Operating lease liabilities, less current maturities		625		697
Common stock warrant liabilities		28		606
Total liabilities		5,293		5,835
COMMITMENTS AND CONTINGENCIES (Note 5)
STOCKHOLDERS’ EQUITY:
Preferred stock - $0.01 par value, 15,000,000 shares authorized at September 30, 2022 and December 31, 2021, 47 shares issued and outstanding at September 30, 2022 and December 31, 2021, liquidation preference of $94 at September 30, 2022		—		—
Common stock, $0.01 par value, 150,000,000 shares authorized at September 30, 2022 and December 31, 2021, 22,820,260 and 22,708,442 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		228		227
Additional paid-in capital		107,975		104,431
Accumulated deficit		(90,007)		(80,094)
Total Precipio, Inc. stockholders’ equity		18,196		24,564
Noncontrolling interest in joint venture		58		40
Total stockholders’ equity		18,254		24,604
Total liabilities and stockholders’ equity	$	23,547	$	30,439


	Dollars in Thousands
	September 30, 2022		December 31, 2021
Department of Economic and Community Development (DECD)	$	184	$	205
DECD debt issuance costs		(16)		(19)
Financed insurance loan		340		—
Total long-term debt		508		186
Current portion of long-term debt		(367)		(26)
Long-term debt, net of current maturities	$	141	$	160


	Nine Months Ended September 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(9,895)	$	(6,315)

Adjustments to reconcile net loss to net cash flows used in operating activities:
Depreciation and amortization		910		835
Amortization of operating lease right-of-use asset		139		162
Amortization of finance lease right-of-use asset		99		44
Amortization of deferred financing costs, debt discounts and debt premiums		3		2
Gain on forgiveness of debt		—		(794)
Gain on settlement of liability		(4)		(47)
Stock-based compensation		3,405		1,310
Value of stock issued in payment of services		—		150
Provision for losses on doubtful accounts		245		82
Warrant revaluation		(578)		434
Derecognition of finance lease right-of-use asset		—		60
Changes in operating assets and liabilities:
Accounts receivable		(503)		222
Inventories		(99)		(330)
Other assets		341		(354)
Accounts payable		235		(156)
Operating lease liabilities		(136)		(167)
Accrued expenses and other liabilities		(383)		(274)
Net cash used in operating activities		(6,221)		(5,136)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(225)		(624)
Net cash used in investing activities		(225)		(624)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on finance lease obligations		(124)		(79)
Deposits on finance lease right-of-use assets		—		(41)
Issuance of common stock, net of issuance costs		129		16,207
Proceeds from exercise of warrants		11		400
Proceeds from exercise of stock options		—		3
Principal payments on long-term debt		(94)		(33)
Payments on common stock warrant liabilities		—		(130)
Net cash flows (used in) provided by financing activities		(78)		16,327
NET CHANGE IN CASH		(6,524)		10,567
CASH AT BEGINNING OF PERIOD		11,668		2,656
CASH AT END OF PERIOD	$	5,144	$	13,223


(dollars in thousands)	Operating Leases				Finance Leases				Total
		September 30,		December 31,		September 30,		December 31,		September 30,		December 31,
		2022		2021		2022		2021		2022		2021
2022	$	62	$	227	$	33	$	176	$	95	$	403
2023		252		218		101		101		353		319
2024		239		204		80		80		319		284
2025		205		191		65		65		270		256
2026		195		195		26		26		221		221
Thereafter		—		—		—		—		—		—
Total lease obligations		953		1,035		305		448		1,258		1,483
Less: Amount representing interest		(134)		(172)		(48)		(67)		(182)		(239)
Present value of net minimum lease obligations		819		863		257		381		1,076		1,244
Less, current portion		(194)		(166)		(168)		(222)		(362)		(388)
Long term portion	$	625	$	697	$	89	$	159	$	714	$	856


	Dollars in Thousands
	June 30, 2022		December 31, 2021
Department of Economic and Community Development (DECD)	$	191	$	205
DECD debt issuance costs		(17)		(19)
Total long-term debt		174		186
Current portion of long-term debt		(26)		(26)
Long-term debt, net of current maturities	$	148	$	160

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