Caldera Pharmaceuticals Inc

CIK:0001518520|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenue	$ 3,599,372	$ 3,007,928	$ 10,965,410	$ 10,465,046
Cost of sales	3,109,302	1,377,571	8,078,648	6,898,815
Gross profit	490,070	1,630,357	2,886,762	3,566,231
Operating expenses:
Selling, general and administrative expenses	2,123,830	2,382,648	7,878,300	8,023,292
Depreciation	323,887	364,712	1,151,428	1,190,442
Amortization	56,246	56,246	168,738	168,738
Total Operating expenses	2,503,963	2,803,606	9,198,466	9,382,472
Operating loss	(2,013,893)	(1,173,249)	(6,311,704)	(5,816,241)
Other (expense) income
Other income	878	118,834	2,477	125,218
Gain on debt extinguishment		495,783		495,783
Other expense	(40,000)	(572,524)	(40,000)	(572,524)
Interest expense	(3,783,604)	(815,238)	(5,349,510)	(2,366,170)
Derivative liability movement	129,033	(300,665)	841,053	(1,346,202)
Total other expense	(3,693,693)	(1,073,810)	(4,545,980)	(3,663,895)
Net loss before income tax	(5,707,586)	(2,247,059)	(10,857,684)	(9,480,136)
Income tax
Net loss	(5,707,586)	(2,247,059)	(10,857,684)	(9,480,136)
Preferred stock dividend	(113,918)	(80,548)	(280,537)	(140,088)
Net loss available to common stockholders	$ (5,821,504)	$ (2,327,607)	$ (11,138,221)	$ (9,620,224)
Net Loss Per Share - Basic and Diluted	$ (0.91)	$ (0.36)	$ (1.74)	$ (1.50)
Weighted Average Number of Shares Outstanding - Basic and Diluted	6,393,107	6,393,107	6,393,107	6,393,107

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,857,684)	$ (9,480,136)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,151,428	1,190,442
Amortization expense	168,738	168,738
Stock based compensation charge	1,531,528	457,333
Amortization of debt discount	1,706,706	1,017,408
Gain on extinguishment of debt		(495,783)
Derivative liability movements	(841,053)	1,346,202
Value of series C preferred stock expensed as interest expense	99,969
Value of derivative liability expensed as interest expense	1,666,935
Imputed interest	207,535	224,307
Changes in operating assets and liabilities
Accounts receivable	1,127,653	(158,218)
Inventory	(110,004)	26,669
Prepaid expenses and other current assets	(35,617)	(2,717)
Right of use asset	(557,838)
Accounts payable	673,901	604,446
Deferred revenues	(1,000,003)	(89,584)
Right of use liability	560,811
Other payables and accrued expenses	665,392	(1,006,331)
CASH USED IN OPERATING ACTIVITIES	(3,841,603)	(6,197,224)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment of deferred purchase consideration	(100,000)	(150,000)
Purchase of plant and equipment	(1,123,729)	(715,466)
Deposits paid	(19,612)
NET CASH USED IN INVESTING ACTIVITIES	(1,243,341)	(865,466)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from term loan	2,000,000	15,250,000
Repayment of convertible loan		(10,000,000)
Proceeds from promissory notes	500,000
Proceeds from bridge note		500,000
Capital raising fee	5,319	(962,162)
Fees paid on extinguishment of debt		(207,000)
Proceeds from the sale of Series C Convertible Preferred Stock		2,800,000
Asset funding advanced	655,133
Repayment of Asset financing	(44,523)	(127,514)
NET CASH PROVIDED BY FINANCING ACTIVITIES	3,115,929	7,253,324
NET (DECREASE) INCREASE IN CASH	(1,969,015)	190,634
CASH AT BEGINNING OF PERIOD	4,119,058	2,763,596
CASH AT END OF PERIOD	2,150,043	2,954,230
CASH PAID FOR INTEREST AND TAXES:
Cash paid for income taxes
Cash paid for interest	1,500,718	1,055,426
NON-CASH INVESTING AND FINANCING ACTIVITIES
Value of series C preferred stock issued concurrent with term loans	2,000,000
Value of series C preferred stock issued concurrent with promissory notes	500,000
Value of warrants issued concurrent with Series C Preferred shares		1,858,663
Value of warrants issued concurrent with bridge notes		116,485
Value of warrants issued on term debt		1,746,065
Extinguishment of derivative liability and unamortized debt discount on convertible debt		$ 3,890,826

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash	$ 2,150,043	$ 4,119,058
Accounts receivable, net	923,676	2,051,329
Inventory	172,796	62,792
Prepaid expenses and other current assets	146,270	110,653
Total Current Assets	3,392,785	6,343,832
Non-Current Assets
Intangibles, net	6,880,185	7,048,923
Plant and equipment, net	1,955,147	1,982,845
Right of use assets, net	557,838
Deposits	259,599	239,987
Total Non-Current Assets	9,652,769	9,271,755
Total Assets	13,045,554	15,615,587
Current Liabilities
Accounts payable	2,395,717	1,721,812
Other payables and accrued expenses	1,417,871	922,457
Deferred revenue	2,006,876	1,756,878
Deferred purchase consideration	3,100,000	2,450,000
Bridge notes payable, related party	300,000	254,641
Short-term portion of term loan payable	6,834,194
Short term loan payable	259,958
Finance lease liability	564,257	49,952
Operating lease liability	192,875
Accrued interest	363,624	224,475
Dividends payable	505,392	224,855
Total Current Liabilities	17,940,764	7,605,070
Non-Current Liabilities
Deferred purchase consideration, net	5,578,470	6,131,739
Finance lease liability	117,617	18,861
Operating lease liability	367,936
Subordinated promissory note payable, net	13,651
Term loan payable, net	7,303,738	12,705,696
Deferred revenue	2,083,331	3,333,332
Derivative liability	6,004,480	5,178,598
Total Non-Current Liabilities	21,469,223	27,368,226
Total Liabilities	39,409,987	34,973,296
Stockholders' Deficit
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 400,000 shares designated as Series A Preferred Stock and unissued, 3,000,000 shares designated as Series B Preferred stock and unissued, 4,742,857 shares designated as Series C Preferred Stock and 1,857,143 undesignated and unissued
Series C Preferred Stock, $0.001 par value, 4,742,857 shares designated, 1,542,835 and 799,989 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively. (Liquidation preference $8,099,884)	1,543	800
Common stock, $0.001 par value; 50,000,000 shares authorized, 6,720,107 shares issued and 6,393,107 outstanding as of September 30, 2019 and December 31, 2018.	6,392	6,392
Additional paid-in-capital	31,787,852	27,657,098
Treasury stock, at cost: 327,000 shares of common stock as of September 30, 2019 and December 31, 2018.	(237)	(237)
Accumulated deficit	(58,159,983)	(47,021,762)
Total Stockholder's Deficit	(26,364,433)	(19,357,709)
Total Liabilities and Stockholders' Deficit	$ 13,045,554	$ 15,615,587