10-Q Filing

Silo Pharma, Inc. CIK: 1514183 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001213900-20-011867`
Period End Date	20200331
Filing Date	20200512
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ucut-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 36 Cash Flow Statement 38 Stockholders Equity 11

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Redeemable Series A, Convertible Preferred stock, par value	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, par value	`TemporaryEquityParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares designated	`TemporaryEquitySharesDesignated`	1.00M	shares	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares designated	`TemporaryEquitySharesDesignated`	1.00M	shares	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares issued	`TemporaryEquitySharesIssued`	4,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares issued	`TemporaryEquitySharesIssued`	4,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$177.35K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$336.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
Equity investments, at cost	`EquityMethodInvestmentAggregateCost`	$9.39K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares outstanding	`TemporaryEquitySharesOutstanding`	4,000.00	shares	Point-in-time
Equity investments, at cost	`EquityMethodInvestmentAggregateCost`	$9.39K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, shares outstanding	`TemporaryEquitySharesOutstanding`	4,000.00	shares	Point-in-time
Notes receivable, net	`NotesAndLoansReceivableNetCurrent`	$200.00K	USD	Point-in-time
Notes receivable, net	`NotesAndLoansReceivableNetCurrent`	$200.00K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock,100 per share redemption and liquidation value	`TemporaryEquityRedemptionPricePerShare`	$100.00	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock,100 per share redemption and liquidation value	`TemporaryEquityRedemptionPricePerShare`	$100.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.33K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.37K	USD	Point-in-time
Inventory	`InventoryNet`	$156.37K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventory	`InventoryNet`	$155.91K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$403.82K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$493.85K	USD	Point-in-time
Total Assets	`Assets`	$403.82K	USD	Point-in-time
Total Assets	`Assets`	$493.85K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible note payable, net of discount	`ConvertibleNotesPayableCurrent`	$144.38K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Convertible note payable, net of discount	`ConvertibleNotesPayableCurrent`	$61.88K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$54.86K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$106.16K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.60M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.60M	shares	Point-in-time
Note payable - related party	`NotePayableRelatedParty`	$15.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.60M	shares	Point-in-time
Note payable - related party	`NotePayableRelatedParty`	-	USD	Point-in-time
Accrued interest payable - related party	`AccruedInterestPayableRelatedParty`	-	USD	Point-in-time
Accrued interest payable - related party	`AccruedInterestPayableRelatedParty`	$52.00	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$116.74K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$265.59K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, $0.0001 par value, 1,000,000 shares shares designated; 4,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 ($100 per share redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$400.00K	USD	Point-in-time
Redeemable Series A, Convertible Preferred stock, $0.0001 par value, 1,000,000 shares shares designated; 4,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 ($100 per share redemption value)	`TemporaryEquityCarryingAmountAttributableToParent`	$400.00K	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 23,604,207 and 23,604,207 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$2.36K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 23,604,207 and 23,604,207 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$2.36K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.63M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.66M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$292.67K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-22.89K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$407.44K	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-261.77K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$403.82K	USD	Point-in-time
Total Liabilities and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$493.85K	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
SALES	`Revenues`	$294.00	USD	1 Quarter
SALES	`Revenues`	-	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	-	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$84.00	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$210.00	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	-	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$30.58K	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$30.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$77.93K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$128.10K	USD	1 Quarter
Product development	`DevelopmentCosts`	$35.02K	USD	1 Quarter
Product development	`DevelopmentCosts`	-	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$8.17K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	-	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-4.00K	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-1.00K	USD	1 Quarter
Selling, general and administrative expenses	`GeneralAndAdministrativeExpense`	$12.29K	USD	1 Quarter
Selling, general and administrative expenses	`GeneralAndAdministrativeExpense`	$17.04K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$174.56K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$159.57K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-159.36K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-174.56K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$3.03K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$82.50K	USD	1 Quarter
Interest expense	`InterestExpense`	$454.00	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$52.00	USD	1 Quarter
Net unrealized gain on equity investments (non-controlled/non-affiliated investments)	`UnrealizedGainLossOnEquityInvestments`	$48.49K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-79.52K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$51.04K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-123.52K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-238.88K	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.60M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.42M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-123.52K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-238.88K	USD	1 Quarter
Stock-based compensation	`AllocatedStockbasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`AllocatedStockbasedCompensation`	$8.75K	USD	1 Quarter
Amortization of debt discount to interest expense	`OtherDepreciationAndAmortization`	-	USD	1 Quarter
Amortization of debt discount to interest expense	`OtherDepreciationAndAmortization`	$82.50K	USD	1 Quarter
Net unrealized gain on equity investments	`UnrealizedGainLossOnInvestments`	$48.49K	USD	1 Quarter
Net unrealized gain on equity investments	`UnrealizedGainLossOnInvestments`	-	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	$-453.00	USD	1 Quarter
(Increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$6.28K	USD	1 Quarter
(Increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$13.03K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$20.02K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$51.30K	USD	1 Quarter
Increase in accrued interest payable - related party	`IncreaseDecreaseInInterestPayableNet`	$52.00	USD	1 Quarter
Increase in accrued interest payable - related party	`IncreaseDecreaseInInterestPayableNet`	-	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-149.52K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-117.61K	USD	1 Quarter
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds from note payable - related party	`ProceedsFromRelatedPartyDebt`	$15.00K	USD	1 Quarter
Repayment of insurance finance loan	`RepaymentOfInsuranceFinanceLoan`	-	USD	1 Quarter
Repayment of insurance finance loan	`RepaymentOfInsuranceFinanceLoan`	$9.81K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$15.00K	USD	1 Quarter
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-9.81K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS:	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-102.61K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS:	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-159.33K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$177.35K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$336.68K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$177.35K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$336.68K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$292.67K	USD	Point-in-time
Balance	`StockholdersEquity`	$-22.89K	USD	Point-in-time
Balance	`StockholdersEquity`	$407.44K	USD	Point-in-time
Balance	`StockholdersEquity`	$-261.77K	USD	Point-in-time
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$8.75K	USD	1 Quarter
Net loss	`ProfitLoss`	$-238.88K	USD	1 Quarter
Net loss	`ProfitLoss`	$-123.52K	USD	1 Quarter
Balance	`StockholdersEquity`	$292.67K	USD	Point-in-time
Balance	`StockholdersEquity`	$-22.89K	USD	Point-in-time
Balance	`StockholdersEquity`	$407.44K	USD	Point-in-time
Balance	`StockholdersEquity`	$-261.77K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.