10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001393905-14-000288`
Period End Date	20140331
Filing Date	20140514
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	hwx-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 58 Cash Flow Statement 74

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$421.49K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$82.25K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$20.34K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$19.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$111.93K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$80.39K	USD	Point-in-time
Inventory	`InventoryNet`	$263.78K	USD	Point-in-time
Inventory	`InventoryNet`	$228.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$514.71K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$478.31K	USD	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$465.03K	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
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.05M	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.96M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	1.01M	shares	Point-in-time
Total other assets	`OtherAssets`	$2.43M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.42M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	927,915.00	shares	Point-in-time
Total assets	`Assets`	$2.91M	USD	Point-in-time
Total assets	`Assets`	$2.94M	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`	$82.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.03K	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	8.27M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	8.08M	shares	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$160.24K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$258.01K	USD	Point-in-time
Advance payment	`AdvancePaymentsNettedAgainstClaimReceivable`	$155.50K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$41.57K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$41.19K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$500.00K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$590.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$784.50K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Loan payable	`LoansPayable`	$134.62K	USD	Point-in-time
Loan payable	`LoansPayable`	$145.46K	USD	Point-in-time
Revolving line of credit	`LineOfCredit`	$229.98K	USD	Point-in-time
Unsecured notes payable	`NotesPayable`	$728.91K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$145.46K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.88M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$93.00	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$101.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$808.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$827.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.25M	USD	Point-in-time
Accumulated deficit during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$8.22M	USD	Point-in-time
Accumulated deficit during development stage	`DevelopmentStageEnterpriseDeficitAccumulatedDuringDevelopmentStage`	$6.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.03M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$7.45K	USD	1 Quarter
Equipment sales	`SalesRevenueNet`	$451.05K	USD	12 Qtrs
Equipment sales	`SalesRevenueNet`	$19.20K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$12.90K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$37.90K	USD	12 Qtrs
Other revenue	`OtherSalesRevenueNet`	$51.55K	USD	12 Qtrs
Total revenue	`Revenues`	$19.20K	USD	1 Quarter
Total revenue	`Revenues`	$20.34K	USD	1 Quarter
Total revenue	`Revenues`	$540.50K	USD	12 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$9.14K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$330.40K	USD	12 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$12.12K	USD	1 Quarter
Gross profit	`GrossProfit`	$210.11K	USD	12 Qtrs
Gross profit	`GrossProfit`	$11.21K	USD	1 Quarter
Gross profit	`GrossProfit`	$7.08K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.12M	USD	12 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$736.57K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$805.00K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	12 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$988.64K	USD	12 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$71.63K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$99.77K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$7.50M	USD	12 Qtrs
Total expenses	`OperatingExpenses`	$1.30M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$808.19K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-7.29M	USD	12 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.28M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-801.12K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$7.30K	USD	12 Qtrs
Interest income	`InvestmentIncomeInterest`	$641.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$72.00	USD	1 Quarter
Interest expense	`InterestExpense`	$-513.06K	USD	12 Qtrs
Interest expense	`InterestExpense`	$-60.10K	USD	1 Quarter
Interest expense	`InterestExpense`	$-15.89K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-505.76K	USD	12 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-60.02K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-15.25K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-816.37K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.79M	USD	12 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.34M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$-25.00	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$-356.00	USD	12 Qtrs
Net loss	`NetIncomeLoss`	$-816.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.79M	USD	12 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$464.20K	USD	12 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$38.55K	USD	1 Quarter
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$98.94K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-915.31K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.26M	USD	12 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.48	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.26	USD	12 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.90M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	3.66M	shares	12 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.26M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-816.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.79M	USD	12 Qtrs
Depreciation expense	`Depreciation`	$99.25K	USD	12 Qtrs
Depreciation expense	`Depreciation`	$21.77K	USD	1 Quarter
Depreciation expense	`Depreciation`	$13.03K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$89.28K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$535.71K	USD	12 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$89.28K	USD	1 Quarter
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$21.09K	USD	1 Quarter
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$21.09K	USD	12 Qtrs
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	12 Qtrs
Bad debt expense	`AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts`	$3.50K	USD	12 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$1.02M	USD	12 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$19.32K	USD	1 Quarter
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$129.41K	USD	1 Quarter
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$-23.34K	USD	12 Qtrs
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$11.25K	USD	1 Quarter
Decrease (increase) in receivables	`IncreaseDecreaseInReceivables`	$-1.15K	USD	1 Quarter
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-7.06K	USD	1 Quarter
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-87.94K	USD	12 Qtrs
Increase in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-48.00	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$-265.35K	USD	12 Qtrs
Increase in inventory	`IncreaseDecreaseInInventories`	$-13.89K	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$-119.24K	USD	1 Quarter
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.08K	USD	1 Quarter
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$87.82K	USD	1 Quarter
(Decrease) increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$53.95K	USD	12 Qtrs
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-145.16K	USD	1 Quarter
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$16.62K	USD	1 Quarter
(Decrease) increase in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-73.84K	USD	12 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-987.74K	USD	1 Quarter
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.12M	USD	12 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-592.97K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.28K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.77K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$379.20K	USD	12 Qtrs
Cash from acquisition of subsidiary	`ProceedsFromPreviousAcquisition`	$3.35K	USD	1 Quarter
Cash from acquisition of subsidiary	`ProceedsFromPreviousAcquisition`	$3.35K	USD	12 Qtrs
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$2.50M	USD	12 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.28K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.42K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.88M	USD	12 Qtrs
Proceeds from advance payment	`ProceedsFromAdvancePayment`	$73.36K	USD	12 Qtrs
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$1.09M	USD	12 Qtrs
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$1.00M	USD	1 Quarter
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$2.50M	USD	12 Qtrs
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$1.75M	USD	12 Qtrs
Proceeds from issuance of senior subordinated note payable	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$1.00M	USD	12 Qtrs
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$250.00K	USD	1 Quarter
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$750.00K	USD	12 Qtrs
Proceeds from issuance of common shares	`ProceedsFromIssuanceOfCommonStock`	$4.00K	USD	12 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$300.00K	USD	12 Qtrs
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$154.00K	USD	1 Quarter
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$6.52M	USD	12 Qtrs
Proceeds from loan payable	`ProceedsFromLoans`	$142.29K	USD	12 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$6.74K	USD	1 Quarter
Repayment of loan payable	`RepaymentsOfDebt`	$49.61K	USD	12 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$10.46K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.08M	USD	12 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.74K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$893.54K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$82.25K	USD	12 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-104.62K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-605.99K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$421.49K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$82.25K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$421.49K	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`	$82.25K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time

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