FINANCIAL STATEMENTS
HELIX BIOMEDIX, INC.December 31, 2021 and 2020
Unaudited
Table of Contents | |
PAGE | |
Financial Statements | |
Balance sheetsBalance sheets | 2 |
Statement of operationsStatements of operations | 3 |
Statements of stockholder equityStatements of stockholders' equity | 4 |
Statements of cash flows | 5 |
Notes to the financial statements | 6-21 |
Balance Sheets (unaudited)
ASSETS | ||
December 31, | ||
2021 | 2020 | |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,163,067 | $ 4,873,438 |
Accounts receivable | 466,104 | 433,954 |
Inventory | 3,684 | 144,960 |
Prepaid expenses and other current assets | 146,800 | 122,712 |
Total current assets | 4,779,655 | 5,575,064 |
PROPERTY AND EQUIPMENT, net | 38,421 | 44,142 |
OTHER LONG-TERM ASSETS | 12,260 | 12,260 |
Total assets | $ 4,830,336 | $ 5,631,466 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
CURRENT LIABILITIES | ||
Accounts payable | $ 23,673 | $ 33,624 |
Accrued compensation and benefits | 18,682 | 12,147 |
Current portion of notes payable | - | 77,090 |
Convertible promissory note, current portion | - | 2,777,294 |
Accrued expenses | 44,019 | 409,100 |
Total current liabilities | 86,374 | 3,309,255 |
NON-CURRENT LIABILITIES | ||
Notes payable, less current portion | - | 63,304 |
Deferred rent | 14,055 | 17,969 |
Total liabilities | 100,429 | 3,390,528 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value, 1,000,000 shares | ||
authorized; no shares issued or outstanding | - | - |
Common stock, $0.001 par value, 2,000,000 shares | ||
authorized; 225,727 and 206,389 shares issued, and | ||
224,708 and 205,370 shares outstanding, respectively | ||
as of December 31, 2021 and 2020 | 49,781 | 49,761 |
Additional paid-in capital | 63,061,668 | 59,212,402 |
Accumulated deficit | (58,198,196) | (56,837,879) |
Treasury stock, 1,019 shares outstanding as of | ||
December 31, 2021 and 2020 | (183,346) | (183,346) |
Total stockholders' equity | 4,729,907 | 2,240,938 |
Total liabilities and stockholders' equity | $ 4,830,336 | $ 5,631,466 |
2
See accompanying notes.
Statements of Operations (unaudited)
Years Ended December 31, | ||
2021 | 2020 | |
REVENUE | ||
Licensing fees | $ 1,876,198 | $ 1,708,338 |
Peptide and consumer product sales | 497,161 | 127,850 |
Total revenue | 2,373,359 | 1,836,188 |
COST OF REVENUE | ||
Cost of peptide and consumer product sales | 430,548 | 94,514 |
GROSS MARGIN | 1,942,811 | 1,741,674 |
OPERATING EXPENSES | ||
General and administrative | 1,627,603 | 1,473,213 |
Marketing and business development | 292,678 | 292,403 |
Research and development | 1,238,940 | 1,017,576 |
Accounting, legal and professional fees | 93,513 | 181,017 |
Depreciation | 13,320 | 8,279 |
Total operating expenses | 3,266,054 | 2,972,488 |
LOSS FROM OPERATIONS | (1,323,243) | (1,230,814) |
OTHER (EXPENSE) INCOME | ||
Interest income | 655 | 24,150 |
Interest expense | (351,583) | (656,529) |
Income from affiliated company | 21,560 | 8,540 |
PPP loan forgiveness | 292,294 | - |
Other expense, net | (37,074) | (623,839) |
NET LOSS | $ (1,360,317) | $ (1,854,653) |
See accompanying notes.
3
Statements of Stockholders' Equity (unaudited)
Common Stock | Additional | TreasuryStock | |||||
Number | Paid-In | Accum ulated | Number | Stockholders' | |||
of Shares | Am ount | Capital | Deficit | of Shares | Am ount | Equity | |
Balance at December 31, 2019 | 206,389 | $ 49,761 | $ 58,899,992 | $ (54,983,226) | (1,019) | $ (183,346) | $ 3,783,181 |
Stock-based compensation | - | - | 312,410 | - | - | - | 312,410 |
Net loss | - | - | - | (1,854,653) | - | - | (1,854,653) |
Balance at December 31, 2020 | 206,389 | 49,761 | 59,212,402 | (56,837,879) | (1,019) | (183,346) | 2,240,938 |
Stock-based compensation | - | - | 368,628 | - | - | - | 368,628 |
Conversion of debt to equity | 19,337 | 20 | 3,480,638 | 3,480,658 | |||
Net loss | - | - | - | (1,360,317) | - | - | (1,360,317) |
Balance at December 31, 2021 | 225,726 | $ 49,781 | $ 63,061,668 | $ (58,198,196) | (1,019) | $ (183,346) | $ 4,729,907 |
4
See accompanying notes.
Statements of Cash Flows (unaudited)
Years Ended December 31, | ||
2021 | 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,360,317) | $ (1,854,653) |
Adjustments to reconcile net loss to net cash used | ||
in operating activities | ||
Depreciation expense | 13,320 | 8,279 |
Stock-based compensation expense | 368,628 | 312,410 |
Inventory adjustments | - | 16,723 |
PPP loan forgiveness | (292,294) | - |
Non-cash interest expense | 222,706 | 415,871 |
Changes in operating assets and liabilities | ||
Accounts receivable | (32,150) | 235,179 |
Inventory | 141,276 | (81,415) |
Prepaid expenses and other current assets | (24,088) | 93,279 |
Accounts payable | (9,951) | (26,907) |
Accrued compensation and benefits | 6,535 | (42,083) |
Accrued expenses | 111,663 | 255,989 |
Net cash used in operating activities | (854,672) | (667,328) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (7,599) | (41,134) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of note payable | 151,900 | 140,394 |
Proceeds from issuance of convertible promissory note | - | - |
Net cash provided by financing activities | 151,900 | 140,394 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (710,371) | (568,068) |
CASH AND CASH EQUIVALENTS | ||
Beginning of year | 4,873,438 | 5,441,506 |
End of year | $ 4,163,067 | $ 4,873,438 |
NONCASH FINANCING ACTIVITIES | ||
Common stock warrant issued with promissory note and | ||
accrued interest to common stock | $ - | $ - |
See accompanying notes 5
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Helix BioMedix Inc. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 19:01:08 UTC.