10-Q Filing

Silo Pharma, Inc. CIK: 1514183 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001213900-22-026450`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	f10q0322_silopharma_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 52 Cash Flow Statement 58 Stockholders Equity 14

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Interest receivable (in Dollars)	`InterestReceivableNoncurrent`	$2.39K	USD	Point-in-time
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.84M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Equity investments	`EquityInvestmentsAtCost`	$343.93K	USD	Point-in-time
Equity investments	`EquityInvestmentsAtCost`	$420.00K	USD	Point-in-time
Prepaid expenses and other current assets - current	`PrepaidExpenseAndOtherAssetsCurrent`	$145.32K	USD	Point-in-time
Prepaid expenses and other current assets - current	`PrepaidExpenseAndOtherAssetsCurrent`	$206.45K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.40M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$9.62M	USD	Point-in-time
Note receivable - non-current, including interest receivable of $2,394	`OtherAssetsNoncurrent`	$62.39K	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Note receivable - non-current, including interest receivable of $2,394	`OtherAssetsNoncurrent`	$61.21K	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$26.66K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$35.20K	USD	Point-in-time
Total Assets	`Assets`	$10.49M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	98.64M	shares	Point-in-time
Total Assets	`Assets`	$9.72M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	99.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	98.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	99.40M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$153.60K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$417.94K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	$2.21K	USD	Point-in-time
Accounts payable and accrued expenses - related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Insurance payable	`LoansPayableCurrent`	$64.84K	USD	Point-in-time
Insurance payable	`LoansPayableCurrent`	-	USD	Point-in-time
Deferred revenue - current portion	`DeferredRevenueCurrent`	$72.10K	USD	Point-in-time
Deferred revenue - current portion	`DeferredRevenueCurrent`	$72.10K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$490.04K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$292.75K	USD	Point-in-time
Deferred revenue - long-term portion	`DeferredRevenueNoncurrent`	$937.88K	USD	Point-in-time
Deferred revenue - long-term portion	`DeferredRevenueNoncurrent`	$919.86K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$919.86K	USD	Point-in-time
Total Long Term Liabilities	`LiabilitiesNoncurrent`	$937.88K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.43M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.21M	USD	Point-in-time
Commitment and Contingencies (see Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitment and Contingencies (see Note 8)	`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; 99,395,304 and 98,636,970 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$9.86K	USD	Point-in-time
Common stock, $0.0001 par value, 500,000,000 shares authorized; 99,395,304 and 98,636,970 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$9.94K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$12.41M	USD	Point-in-time
Deferred compensation	`DeferredCompensationEquity`	$49.91K	USD	Point-in-time
Deferred compensation	`DeferredCompensationEquity`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.87M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$9.06M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.28M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.23M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$8.50M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$10.49M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$9.72M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
LICENSE FEE REVENUES:	`LicenseFees`	$18.03K	USD	1 Quarter
LICENSE FEE REVENUES:	`LicenseFees`	$17.19K	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$1.46K	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$625.00	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$16.56K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$16.57K	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$127.18K	USD	1 Quarter
Compensation expense	`ShareBasedCompensation`	$112.29K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$196.25K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$671.57K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$170.28K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$48.60K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$33.29K	USD	1 Quarter
Insurance expense	`GeneralInsuranceExpense`	$21.71K	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-20.00K	USD	1 Quarter
Bad debt recovery	`BadDebtRecoveryExpense`	$-7.50K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$71.03K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$36.83K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$917.70K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$543.83K	USD	1 Quarter
OPERATING LOSS FROM CONTINUING OPERATIONS	`OperatingIncomeLoss`	$-527.26K	USD	1 Quarter
OPERATING LOSS FROM CONTINUING OPERATIONS	`OperatingIncomeLoss`	$-901.14K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-1.35K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$415.00	USD	1 Quarter
Other income from equity shares earned for services	`OtherIncome`	-	USD	1 Quarter
Other income from equity shares earned for services	`OtherIncome`	$85.73K	USD	1 Quarter
Net unrealized gain (loss) on equity investments	`UnrealizedGainLossOnEquityInvestments`	$-161.80K	USD	1 Quarter
Net unrealized gain (loss) on equity investments	`UnrealizedGainLossOnEquityInvestments`	$38.75K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$37.40K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-75.65K	USD	1 Quarter
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-602.91K	USD	1 Quarter
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-863.74K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
LOSS FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperations`	$-602.91K	USD	1 Quarter
LOSS FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperations`	$-863.74K	USD	1 Quarter
Loss from discontinued operations, net of tax	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	$-66.97K	USD	1 Quarter
Loss from discontinued operations, net of tax	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax`	$-1.16K	USD	1 Quarter
LOSS FROM DISCONTINUED OPERATIONS	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-66.97K	USD	1 Quarter
LOSS FROM DISCONTINUED OPERATIONS	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$-1.16K	USD	1 Quarter
NET LOSS	`ProfitLoss`	$-604.07K	USD	1 Quarter
NET LOSS	`ProfitLoss`	$-930.70K	USD	1 Quarter
Deemed dividend	`PreferredStockDividendsIncomeStatementImpact`	$1.40M	USD	1 Quarter
Deemed dividend	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-2.33M	USD	1 Quarter
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-604.07K	USD	1 Quarter
Continuing operations - basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Continuing operations - basic and diluted (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Discontinued operations - basic and diluted (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Discontinued operations - basic and diluted (in Dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.14M	shares	1 Quarter
Basic and diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.64M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-604.07K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-930.70K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-20.00K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-7.50K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$45.01K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$83.73K	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) loss on equity investments	`UnrealizedGainLossOnInvestments`	$38.75K	USD	1 Quarter
Net unrealized (gain) loss on equity investments	`UnrealizedGainLossOnInvestments`	$-161.80K	USD	1 Quarter
Equity shares earned for services	`EquitySharesEarnedForServices`	$-85.73K	USD	1 Quarter
Equity shares earned for services	`EquitySharesEarnedForServices`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$109.91K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$69.67K	USD	1 Quarter
Assets of discontinued operations	`IncreaseDecreaseInAssetsOfDiscontinuedOperation`	-	USD	1 Quarter
Assets of discontinued operations	`IncreaseDecreaseInAssetsOfDiscontinuedOperation`	$-11.18K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInReceivables`	-	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInReceivables`	$1.18K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$110.97K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-262.13K	USD	1 Quarter
Insurance payable	`IncreaseDecreaseInPayablesToBrokerDealers`	$64.84K	USD	1 Quarter
Insurance payable	`IncreaseDecreaseInPayablesToBrokerDealers`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$482.81K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-18.02K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-319.32K	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-789.16K	USD	1 Quarter
Collection on note receivable written off prior to 2019	`ProceedsFromCollectionOfNotesReceivable`	-	USD	1 Quarter
Collection on note receivable written off prior to 2019	`ProceedsFromCollectionOfNotesReceivable`	$7.50K	USD	1 Quarter
Collection on note receivable	`CollectionOnNoteReceivable`	$20.00K	USD	1 Quarter
Collection on note receivable	`CollectionOnNoteReceivable`	$23.50K	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$31.00K	USD	1 Quarter
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$20.00K	USD	1 Quarter
Net proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	$3.79M	USD	1 Quarter
Net proceeds from sale of preferred stock	`ProceedsFromIssuanceOfPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Advance from a related party	`AdvanceFromARelatedParty`	-	USD	1 Quarter
Advance from a related party	`AdvanceFromARelatedParty`	$2.37K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$3.80M	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-769.16K	USD	1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS:	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.51M	USD	1 Quarter
CASH AND CASH EQUIVALENTS - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.84M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.84M	USD	Point-in-time
Interest	`InterestPaidNet`	$224.00	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Common stock issued for conversion of Series C preferred stock	`CommonStockIssuedForConversionsOfRedeemableSeriesAPreferredStock`	-	USD	1 Quarter
Common stock issued for conversion of Series C preferred stock	`CommonStockIssuedForConversionsOfRedeemableSeriesAPreferredStock`	$76.00	USD	1 Quarter
Common stock warrants granted for services	`StockIssued1`	-	USD	1 Quarter
Common stock warrants granted for services	`StockIssued1`	$83.73K	USD	1 Quarter
Increase in equity investments recorded as deferred revenue pursuant to a patent license agreement	`IncreaseInEquityInvestmentsRecordedAsDeferredRevenuePursuantToAPatentLicenseAgree`	$531.25K	USD	1 Quarter
Increase in equity investments recorded as deferred revenue pursuant to a patent license agreement	`IncreaseInEquityInvestmentsRecordedAsDeferredRevenuePursuantToAPatentLicenseAgree`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.50M	USD	Point-in-time
Stock options issued as stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$45.01K	USD	1 Quarter
Series C preferred stock issued for cash, net of offering cost	`StockIssuedDuringPeriodValueOther`	$3.79M	USD	1 Quarter
Deemed dividend upon issuance of preferred stock	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	-	USD	1 Quarter
Common stock warrants granted for services	`StockIssuedDuringPeriodValueIssuedForServices`	$83.73K	USD	1 Quarter
Net loss	`ProfitLoss`	$-604.07K	USD	1 Quarter
Net loss	`ProfitLoss`	$-930.70K	USD	1 Quarter
Balance	`StockholdersEquity`	$9.06M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.50M	USD	Point-in-time

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