10-Q Filing

Silo Pharma, Inc. CIK: 1514183 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001213900-21-026680`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	silo-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 44 Cash Flow Statement 42 Stockholders Equity 12

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	USD	Point-in-time
Equity investments	`EquityInvestmentsAtCost`	$200.00	USD	Point-in-time
Equity investments	`EquityInvestmentsAtCost`	$570.20K	USD	Point-in-time
Notes receivable, net	`NotesAndLoansReceivableNetCurrent`	$23.50K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets - current	`PrepaidExpenseAndOtherAssetsCurrent`	$241.09K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets - current	`PrepaidExpenseAndOtherAssetsCurrent`	$230.41K	USD	Point-in-time
Inventory	`InventoryNet`	$33.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Inventory	`InventoryNet`	$44.66K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	85.14M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$5.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	85.14M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.43M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	85.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	85.14M	shares	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$19.38K	USD	Point-in-time
Total Assets	`Assets`	$5.50M	USD	Point-in-time
Total Assets	`Assets`	$1.43M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$238.04K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$127.07K	USD	Point-in-time
Note payable - current portion	`NotesPayableCurrent`	$17.84K	USD	Point-in-time
Note payable - current portion	`NotesPayableCurrent`	$14.65K	USD	Point-in-time
Deferred revenue - current portion	`DeferredRevenueCurrent`	$68.75K	USD	Point-in-time
Due to officer - related party	`DueToRelatedPartiesCurrent`	$2.37K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$141.72K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$326.99K	USD	Point-in-time
Deferred revenue - long-term portion	`DeferredRevenueNoncurrent`	$945.31K	USD	Point-in-time
Note payable - long-term portion	`LongTermNotesPayable`	$1.06K	USD	Point-in-time
Note payable - long-term portion	`LongTermNotesPayable`	$4.25K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$946.38K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$4.25K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$145.97K	USD	Point-in-time
Commitment and Contingencies (see Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and Contingencies (see Note 9)	`CommitmentsAndContingencies`	-	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, 500,000,000 shares authorized; 85,141,956 and 85,141,956 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$8.51K	USD	Point-in-time
Common stock, $0.0001 par value, 500,000,000 shares authorized; 85,141,956 and 85,141,956 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$8.51K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.10M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-261.50K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$1.28M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-22.62K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$4.23M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.50M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.43M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
License fees	`LicenseFees`	$294.00	USD	1 Quarter
License fees	`LicenseFees`	$17.19K	USD	1 Quarter
Apparel	`Apparel`	$30.25K	USD	1 Quarter
Total revenues	`Revenues`	$294.00	USD	1 Quarter
Total revenues	`Revenues`	$47.43K	USD	1 Quarter
License fees	`CostOfRevenueLicenseFees`	$625.00	USD	1 Quarter
Apparel	`CostOfRevenueApparel`	$31.32K	USD	1 Quarter
Apparel	`CostOfRevenueApparel`	$84.00	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$84.00	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$31.95K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$210.00	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$15.48K	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$30.58K	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$112.29K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$77.93K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$698.71K	USD	1 Quarter
Product development	`DevelopmentCosts`	$35.02K	USD	1 Quarter
Product development	`DevelopmentCosts`	$19.39K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$48.60K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$21.71K	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-7.50K	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-1.00K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$90.39K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$17.04K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$159.57K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$983.59K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-968.10K	USD	1 Quarter
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-159.36K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$3.03K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$82.50K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$1.35K	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$52.00	USD	1 Quarter
Net unrealized gain on equity investments	`UnrealizedGainLossOnEquityInvestments`	$38.75K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$37.40K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-79.52K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-930.70K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-238.88K	USD	1 Quarter
Deemed dividend	`PreferredStockDividendsIncomeStatementImpact`	$1.40M	USD	1 Quarter
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-238.88K	USD	1 Quarter
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-2.33M	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.60M	shares	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	85.14M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-930.70K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-238.88K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$83.73K	USD	1 Quarter
Amortization of debt discount to interest expense	`GainsLossesOnExtinguishmentOfDebt`	$-82.50K	USD	1 Quarter
Amortization of prepaid stock-based expense	`AmortizationOfPrepaidStockbasedExpense`	-	USD	1 Quarter
Amortization of prepaid stock-based expense	`AmortizationOfPrepaidStockbasedExpense`	$101.22K	USD	1 Quarter
Net unrealized gain on equity investments	`NetUnrealizedLossOnEquityInvestments`	$38.75K	USD	1 Quarter
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-453.00	USD	1 Quarter
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$11.18K	USD	1 Quarter
Increase in prepaid expenses and other current assets - current	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$90.54K	USD	1 Quarter
Increase in prepaid expenses and other current assets - current	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.03K	USD	1 Quarter
Increase in prepaid expenses - non-current	`IncreaseDecreaseInPrepaidExpense`	$19.38K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$51.30K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$110.97K	USD	1 Quarter
Increase in accrued interest payable - related party	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$52.00	USD	1 Quarter
Increase in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$482.81K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-117.61K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-311.82K	USD	1 Quarter
Collection on note receivable	`ProceedsFromCollectionOfNotesReceivable`	-	USD	1 Quarter
Collection on note receivable	`ProceedsFromCollectionOfNotesReceivable`	$23.50K	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$23.50K	USD	1 Quarter
Net proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$15.00K	USD	1 Quarter
Net proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$3.79M	USD	1 Quarter
Advance from a related party	`ProceedsFromRelatedPartyDebt`	$2.37K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$15.00K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$3.80M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.51M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-102.61K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$111.75K	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.14K	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
Increase in equity investments recorded as deferred revenue pursuant to a patent license agreement	`IncreaseInEquityInvestmentsRecordedAsDeferredRevenuePursuantToAPatentLicenseAgree`	-	USD	1 Quarter
Increase in equity investments recorded as deferred revenue pursuant to a patent license agreement	`IncreaseInEquityInvestmentsRecordedAsDeferredRevenuePursuantToAPatentLicenseAgree`	$531.25K	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance,	`StockholdersEquity`	$-261.50K	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.28M	USD	Point-in-time
Balance,	`StockholdersEquity`	$-22.62K	USD	Point-in-time
Balance,	`StockholdersEquity`	$4.23M	USD	Point-in-time
Series C preferred stock issued for cash, net of offering cost	`StockIssuedDuringPeriodValueOther`	$3.79M	USD	1 Quarter
Common stock warrants granted for services	`StockIssuedDuringPeriodValueIssuedForServices`	$83.73K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-930.70K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-238.88K	USD	1 Quarter
Balance,	`StockholdersEquity`	$-261.50K	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.28M	USD	Point-in-time
Balance,	`StockholdersEquity`	$-22.62K	USD	Point-in-time
Balance,	`StockholdersEquity`	$4.23M	USD	Point-in-time

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