Avenir Wellness Solutions, Inc. / "Research and Development" | Tables in SEC filings

AVRW Avenir Wellness Solutions, Inc.

Quarterly report (amended)

(in thousands, except share amounts)

	September 30, 2021		December 31, 2020
ASSETS	(unaudited)
Current assets:
Cash	$	164	$	1,725
Accounts receivable, net		208		224
Note receivable, net		-		-
Inventory, net		960		449
Prepaid expenses and other assets		431		1,452
Total current assets		1,763		3,850

Property and equipment, net		1,902		2,074
Finance lease right-of-use assets, net		43		52
Operating lease right-of-use assets, net		280		343
Note receivable		200		-
Investment		509		509
Goodwill		13,868		13,868
Intellectual property and patents, net		15,027		1,711
In-process research and development, net		329		14,288
Customer relationships, Tradename, and Non-compete, net		7,875		9,606
Other assets		83		58

Total assets	$	41,879	$	46,359

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,242	$	2,135
Accrued expenses		4,295		1,299
Finance lease payable		13		12
Operating lease payable		104		93
Loan payable		60		265
Paycheck protection program loan		-		605
Related party payable		1,440		1,040
Notes payable		1,800		800
Convertible promissory notes		550		550
Fair value convertible promissory notes, net		6,583		6,674
Contract liabilities		611		994
Total current liabilities		17,698		14,467

License fees		-		80
Finance lease payable		30		40
Operating lease payable		199		278
Fair value convertible promissory notes, net		3,109		7,010
Contingent share considerations		2,258		3,205

Total liabilities		23,294		25,080

Commitments and contingencies (see Note 21)

Stockholders' equity:
Common stock: $0.001 par value; authorized 150,000,000 shares; 65,060,044 and 59,476,268 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		66		60
Additional paid-in capital		108,004		101,807
Common stock issuable		603		665
Accumulated deficit		(90,088)		(81,253)
Total stockholders' equity		18,585		21,279

Total liabilities and stockholders' equity	$	41,879	$	46,359

	For the Three Months Ended
	March 31, 2022		March 31, 2021
Revenue:
Product sales, net of discounts and refunds	$	1,087	$	1,380
Consulting research & development income		-		27
Shipping and other sales		16		38
Total revenues		1,103		1,445

Cost of goods sold:
Cost of goods sold		353		417

Gross profit		750		1,028

Operating expenses:
Research and development expenses		264		644
Selling, general and administrative expenses		3,364		5,545
Change in fair value of contingent stock consideration		(847)		(662)
Impairment of goodwill		2,728		-
Total operating expenses		5,509		5,527

Net operating loss before other income (expense)		(4,759)		(4,499)

Other income (expense):
Interest income		2		2
Settlement income		82		-
Gain on extinguishment of debt		-		399
Loss on sale of property, plant and equipment		-		(41)
Change in fair value of convertible promissory notes		(280)		1,032
Interest expense		(196)		(64)

Total other income (expense)		(392)		1,328

Net loss before income taxes		(5,151)		(3,171)

Provision for income taxes		-		-

Net loss	$	(5,151)	$	(3,171)

Net loss per share
Basic	$	(0.07)	$	(0.07)
Diluted	$	(0.07)	$	(0.07)

Weighted average common shares outstanding
Basic		68,849,400		47,686,793
Diluted		68,849,400		47,686,793

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Revenue:
Product sales, net of discounts and refunds	$	1,345	$	167	$	4,817	$	533
Consulting research & development income		-		-		52		169
Shipping and other sales		14		25		70		39
Total revenues		1,359		192		4,939		741

Cost of goods sold:
Cost of goods sold, current		512		145		1,725		346

Gross profit		847		47		3,214		395

Operating expenses:
Research and development expenses		601		744		1,944		2,284
Selling, general and administrative expenses		4,584		2,075		14,925		6,711
Change in fair value of contingent stock consideration		608		-		(947)		5,658
Total operating expenses		5,793		2,819		15,922		14,653

Net operating loss before other income (expense)		(4,946)		(2,772)		(12,708)		(14,258)

Other income (expense):
Interest income		2		12		4		32
Gain from settlement		-		35		2,434		61
Gain on extinguishment of debt		7		-		741		-
Loss on sale of property, plant and equipment		-		-		(41)		-
Change in fair value of derivative liability		-		13		-		88
Change in fair value of convertible promissory notes		772		-		1,112		-
Interest expense		(178)		(39)		(377)		(67)

Total other income (expense)		603		21		3,873		114

Net loss before income taxes		(4,343)		(2,751)		(8,835)		(14,144)

Provision for income taxes		-		-		-		-

Net loss	$	(4,343)	$	(2,751)	$	(8,835)	$	(14,144)

Net loss per share
Basic	$	(0.07)	$	(0.07)	$	(0.14)	$	(0.32)
Diluted	$	(0.07)	$	(0.07)	$	(0.14)	$	(0.32)

Weighted average common shares outstanding
Basic, Weighted		62,174,822		41,344,256		61,462,300		43,647,388
Diluted Weighted		62,174,822		41,344,256		61,462,300		43,647,388

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