10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001393905-14-000131`
Period End Date	20131231
Filing Date	20140327
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	hwx-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 55 Cash Flow Statement 84 Stockholders Equity 10

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$19.20K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$30.45K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$56.37K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$80.39K	USD	Point-in-time
Inventory	`InventoryNet`	$228.26K	USD	Point-in-time
Inventory	`InventoryNet`	$48.75K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$514.71K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.16M	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
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$369.77K	USD	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$316.36K	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.41M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.05M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	1.01M	shares	Point-in-time
Total other assets	`OtherAssets`	$2.73M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	2.86M	shares	Point-in-time
Total other assets	`OtherAssets`	$2.42M	USD	Point-in-time
Total assets	`Assets`	$2.94M	USD	Point-in-time
Total assets	`Assets`	$3.88M	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
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.17K	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	8.08M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	1.90M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.03K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$112.48K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$256.09K	USD	Point-in-time
Advance payment	`AdvancePaymentsNettedAgainstClaimReceivable`	$155.50K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$1.81K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$2.63K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$100.00	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$150.00	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$27.22K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$41.19K	USD	Point-in-time
Current portion of senior subordinated notes payable	`OtherNotesPayableCurrent`	$500.00K	USD	Point-in-time
Current portion of senior subordinated notes payable	`OtherNotesPayableCurrent`	$500.00K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$90.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$715.65K	USD	Point-in-time
Loan payable	`LoansPayable`	$145.46K	USD	Point-in-time
Loan payable	`LoansPayable`	$106.16K	USD	Point-in-time
Senior subordinated notes payable	`OtherNotesPayable`	$500.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$145.46K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$606.16K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$286.00	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$101.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$190.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$808.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$5.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.48M	USD	Point-in-time
Accumulated deficit during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.81M	USD	Point-in-time
Accumulated deficit during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$3.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.88M	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$190.15K	USD	Annual
Equipment sales	`SalesRevenueNet`	$278.46K	USD	Annual
Equipment sales	`SalesRevenueNet`	$468.61K	USD	11 Qtrs
Other revenue	`OtherSalesRevenueNet`	$51.55K	USD	11 Qtrs
Other revenue	`OtherSalesRevenueNet`	$2.00K	USD	Annual
Other revenue	`OtherSalesRevenueNet`	$34.02K	USD	Annual
Total revenue	`Revenues`	$192.15K	USD	Annual
Total revenue	`Revenues`	$520.16K	USD	11 Qtrs
Total revenue	`Revenues`	$312.48K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$321.26K	USD	11 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$188.00K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$133.25K	USD	Annual
Gross profit	`GrossProfit`	$88.29K	USD	Annual
Gross profit	`GrossProfit`	$58.89K	USD	Annual
Gross profit	`GrossProfit`	$198.90K	USD	11 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.88M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.82M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.31M	USD	11 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$267.06K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$448.03K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$888.87K	USD	11 Qtrs
Total expenses	`OperatingExpenses`	$3.09M	USD	Annual
Total expenses	`OperatingExpenses`	$2.33M	USD	Annual
Total expenses	`OperatingExpenses`	$6.20M	USD	11 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.96M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-6.00M	USD	11 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.27M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$2.39K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$7.22K	USD	11 Qtrs
Interest income	`InvestmentIncomeInterest`	$3.13K	USD	Annual
Interest expense	`InterestExpense`	$-109.72K	USD	Annual
Interest expense	`InterestExpense`	$-170.72K	USD	Annual
Interest expense	`InterestExpense`	$-452.96K	USD	11 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-445.74K	USD	11 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-107.33K	USD	Annual
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-167.58K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.07M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.44M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.45M	USD	11 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$-331.00	USD	11 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$-50.00	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	$-181.00	USD	Annual
Net loss	`NetIncomeLoss`	$-2.44M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.45M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-3.07M	USD	Annual
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$425.65K	USD	11 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$329.17K	USD	Annual
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$21.30K	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.09M	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.77M	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.88M	USD	11 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.50	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.61	USD	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.84M	shares	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.04M	shares	Annual

Cash Flow Statement 84 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.44M	USD	Annual
Net loss	`NetIncomeLoss`	$-6.45M	USD	11 Qtrs
Net loss	`NetIncomeLoss`	$-3.07M	USD	Annual
Depreciation expense	`Depreciation`	$57.76K	USD	Annual
Depreciation expense	`Depreciation`	$19.18K	USD	Annual
Depreciation expense	`Depreciation`	$77.47K	USD	11 Qtrs
Amortization expense	`AdjustmentForAmortization`	$89.28K	USD	Annual
Amortization expense	`AdjustmentForAmortization`	$446.43K	USD	11 Qtrs
Amortization expense	`AdjustmentForAmortization`	$357.14K	USD	Annual
Bad debt expense	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$3.50K	USD	11 Qtrs
Bad debt expense	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$3.50K	USD	Annual
Non-cash expenses exchanged for services	`ShareBasedGoodsAndNonemployeeServicesTransactionCashFlowEffects`	$1.69K	USD	11 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$457.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$216.08K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$885.20K	USD	11 Qtrs
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$-24.45K	USD	Annual
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$11.75K	USD	Annual
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$-22.20K	USD	11 Qtrs
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-80.89K	USD	11 Qtrs
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-56.37K	USD	Annual
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-24.52K	USD	Annual
Increase in inventory	`IncreaseDecreaseInInventories`	$-146.12K	USD	11 Qtrs
Increase in inventory	`IncreaseDecreaseInInventories`	$-97.37K	USD	Annual
Increase in inventory	`IncreaseDecreaseInInventories`	$-48.75K	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$50.00	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$100.00	USD	11 Qtrs
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-50.00	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.86K	USD	Annual
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$77.03K	USD	11 Qtrs
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$73.17K	USD	Annual
Increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$43.31K	USD	Annual
Increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$69.40K	USD	11 Qtrs
Increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$6.09K	USD	Annual
(Decrease) increase in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-818.00	USD	Annual
(Decrease) increase in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-7.89K	USD	Annual
(Decrease) increase in interest payable	`IncreaseDecreaseInInterestPayableNet`	$1.81K	USD	11 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.89M	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.14M	USD	11 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.54M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.67K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$334.34K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$365.43K	USD	11 Qtrs
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$2.50M	USD	11 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.67K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.87M	USD	11 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-334.34K	USD	Annual
Proceeds from advance payment	`ProceedsFromAdvancePayment`	$73.36K	USD	Annual
Proceeds from advance payment	`ProceedsFromAdvancePayment`	$73.36K	USD	11 Qtrs
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$90.00K	USD	Annual
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$90.00K	USD	11 Qtrs
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$1.00M	USD	Annual
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$2.50M	USD	11 Qtrs
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$1.50M	USD	Annual
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$250.02K	USD	Annual
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$1.75M	USD	11 Qtrs
Proceeds from issuance of senior subordinated note payable	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$1.00M	USD	11 Qtrs
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	Annual
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	11 Qtrs
Proceeds from issuance of common shares	`ProceedsFromIssuanceOfCommonStock`	$4.00K	USD	11 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$300.00K	USD	11 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$300.00K	USD	Annual
Proceeds from issuance of Series A preferred shares	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$500.00K	USD	11 Qtrs
Proceeds from issuance of Series B preferred shares	`ProceedsFromIssuanceOfSeriesBPreferredShares`	$3.00M	USD	11 Qtrs
Proceeds from issuance of Series C preferred shares	`ProceedsFromIssuanceOfSeriesCPreferredShares`	$1.52M	USD	11 Qtrs
Proceeds from issuance of Series C preferred shares	`ProceedsFromIssuanceOfSeriesCPreferredShares`	$1.52M	USD	Annual
Proceeds from issuance of Series D preferred shares	`ProceedsFromIssuanceOfSeriesDPreferredShares`	$1.35M	USD	11 Qtrs
Proceeds from issuance of Series D preferred shares	`ProceedsFromIssuanceOfSeriesDPreferredShares`	$1.35M	USD	Annual
Proceeds from loan payable	`ProceedsFromLoans`	$142.29K	USD	Annual
Proceeds from loan payable	`ProceedsFromLoans`	$142.29K	USD	11 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$30.24K	USD	Annual
Repayment of loan payable	`RepaymentsOfDebt`	$39.15K	USD	11 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$8.91K	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$453.38K	USD	Annual
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.19M	USD	11 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.77M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-834.61K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$186.86K	USD	11 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.79M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.79M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$2.56M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$1.67M	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$457.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$216.08K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$885.20K	USD	11 Qtrs
Net loss for the period	`NetIncomeLoss`	$-2.44M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-6.45M	USD	11 Qtrs
Net loss for the period	`NetIncomeLoss`	$-3.07M	USD	Annual
Ending Balance, amount	`StockholdersEquity`	$2.56M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$1.67M	USD	Point-in-time

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