10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001393905-14-000488`
Period End Date	20140630
Filing Date	20140819
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	hwx-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 77 Cash Flow Statement 49

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.90K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$629.80K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$99.03K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$19.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$120.82K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$80.39K	USD	Point-in-time
Inventory	`InventoryNet`	$206.28K	USD	Point-in-time
Inventory	`InventoryNet`	$228.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$466.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$514.71K	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$369.77K	USD	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$443.67K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	887,303.00	shares	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.05M	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.88M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	1.01M	shares	Point-in-time
Total other assets	`OtherAssets`	$2.32M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.42M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$2.94M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$2.78M	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
Common Stock, Issued	`CommonStockSharesIssued`	8.08M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	8.43M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	8.08M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.03K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$111.96K	USD	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	8.28M	shares	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$258.01K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$155.47K	USD	Point-in-time
Advance payment	`AdvancePaymentsNettedAgainstClaimReceivable`	$155.50K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$41.19K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$44.29K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$250.00K	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$590.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$561.73K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Loan payable	`LoansPayable`	$123.67K	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`	$1.25M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$145.46K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.16M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$101.00	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$89.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$843.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$808.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.13M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$622.99K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time

Income Statement 77 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$84.44K	USD	2 Qtrs
Equipment sales	`SalesRevenueNet`	$77.00K	USD	1 Quarter
Equipment sales	`SalesRevenueNet`	$115.20K	USD	2 Qtrs
Equipment sales	`SalesRevenueNet`	$96.00K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$43.88K	USD	2 Qtrs
Service revenue	`SalesRevenueServicesNet`	$30.98K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$4.86K	USD	2 Qtrs
Other revenue	`OtherSalesRevenueNet`	$1.28K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$4.86K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$1.28K	USD	2 Qtrs
Total revenue	`Revenues`	$112.83K	USD	1 Quarter
Total revenue	`Revenues`	$97.28K	USD	1 Quarter
Total revenue	`Revenues`	$116.48K	USD	2 Qtrs
Total revenue	`Revenues`	$133.18K	USD	2 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$61.52K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$70.19K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$73.65K	USD	2 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$79.33K	USD	2 Qtrs
Gross profit	`GrossProfit`	$42.83K	USD	2 Qtrs
Gross profit	`GrossProfit`	$53.85K	USD	2 Qtrs
Gross profit	`GrossProfit`	$35.76K	USD	1 Quarter
Gross profit	`GrossProfit`	$42.64K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$712.41K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.52M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$665.61K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$63.36K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$168.26K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$134.99K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$68.50K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.08M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$728.97K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$780.90K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.54M	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.02M	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-693.21K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.49M	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-738.26K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$74.00	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.03K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$393.00	USD	1 Quarter
Interest expense	`InterestExpense`	$-33.75K	USD	1 Quarter
Interest expense	`InterestExpense`	$-49.64K	USD	2 Qtrs
Interest expense	`InterestExpense`	$-173.03K	USD	2 Qtrs
Interest expense	`InterestExpense`	$-112.94K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-48.61K	USD	2 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-33.36K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-172.96K	USD	2 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-112.93K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-851.19K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.54M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.20M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-726.57K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$-50.00	USD	2 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$-25.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-726.57K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-851.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.20M	USD	2 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$83.11K	USD	2 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$61.13K	USD	1 Quarter
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$59.15K	USD	2 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$41.79K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-768.36K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.25M	USD	2 Qtrs
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-912.35K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.63M	USD	2 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	2 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.79	USD	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.33M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.40M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.07M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	2.23M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-726.57K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-851.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.20M	USD	2 Qtrs
Depreciation expense	`Depreciation`	$45.13K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$13.22K	USD	1 Quarter
Depreciation expense	`Depreciation`	$23.36K	USD	1 Quarter
Depreciation expense	`Depreciation`	$26.26K	USD	2 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$178.57K	USD	2 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$178.57K	USD	2 Qtrs
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$72.36K	USD	2 Qtrs
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	2 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$163.72K	USD	2 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$49.69K	USD	2 Qtrs
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-30.20K	USD	2 Qtrs
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-79.83K	USD	2 Qtrs
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-15.94K	USD	2 Qtrs
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$1.41K	USD	2 Qtrs
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-61.73K	USD	2 Qtrs
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-149.62K	USD	2 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$6.19K	USD	2 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$160.11K	USD	2 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-60.18K	USD	2 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-199.46K	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	2 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.37M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.33K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.77K	USD	2 Qtrs
Cash from acquisition of subsidiary	`ProceedsFromPreviousAcquisition`	$3.35K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.42K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.33K	USD	2 Qtrs
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$1.57M	USD	2 Qtrs
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$990.09K	USD	2 Qtrs
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	2 Qtrs
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$509.96K	USD	2 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$18.68K	USD	2 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$13.52K	USD	2 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.56M	USD	2 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$976.57K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-397.67K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-146.97K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.90K	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`	$629.80K	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`	$39.90K	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`	$629.80K	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.