10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001393905-14-000606`
Period End Date	20140930
Filing Date	20141113
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	hwx-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 78 Cash Flow Statement 51

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$26.74K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$19.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$117.35K	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`	$200.75K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$514.71K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$400.57K	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`	$480.39K	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
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.05M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	1.01M	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	883,303.00	shares	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.79M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.42M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.27M	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`	$2.67M	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
Common Stock, Issued	`CommonStockSharesIssued`	8.08M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	8.29M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	8.08M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$144.56K	USD	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	8.43M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.03K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$258.01K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$130.16K	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`	$54.77K	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
Revolving line of credit	`LineOfCredit`	$229.98K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$809.47K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Loan payable	`LoansPayable`	$149.41K	USD	Point-in-time
Loan payable	`LoansPayable`	$145.46K	USD	Point-in-time
Unsecured notes payable	`NotesPayable`	$1.82M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.97M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$145.46K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.78M	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`	$101.00	USD	Point-in-time
Preferred stock value	`PreferredStockValue`	$88.00	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`	$9.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-116.77K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.67M	USD	Point-in-time

Income Statement 78 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$233.93K	USD	3 Qtrs
Equipment sales	`SalesRevenueNet`	$16.62K	USD	1 Quarter
Equipment sales	`SalesRevenueNet`	$118.73K	USD	1 Quarter
Equipment sales	`SalesRevenueNet`	$101.07K	USD	3 Qtrs
Service revenue	`SalesRevenueServicesNet`	$79.87K	USD	3 Qtrs
Service revenue	`SalesRevenueServicesNet`	$36.00K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$4.86K	USD	3 Qtrs
Other revenue	`OtherSalesRevenueNet`	$8.46K	USD	3 Qtrs
Other revenue	`OtherSalesRevenueNet`	$7.18K	USD	1 Quarter
Total revenue	`Revenues`	$125.91K	USD	1 Quarter
Total revenue	`Revenues`	$185.80K	USD	3 Qtrs
Total revenue	`Revenues`	$52.62K	USD	1 Quarter
Total revenue	`Revenues`	$242.39K	USD	3 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$154.10K	USD	3 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$25.29K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$104.62K	USD	3 Qtrs
Costs of goods sold	`CostOfGoodsSold`	$80.45K	USD	1 Quarter
Gross profit	`GrossProfit`	$81.18K	USD	3 Qtrs
Gross profit	`GrossProfit`	$27.33K	USD	1 Quarter
Gross profit	`GrossProfit`	$45.46K	USD	1 Quarter
Gross profit	`GrossProfit`	$88.29K	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$677.40K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.07M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$664.42K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.19M	USD	3 Qtrs
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$179.99K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$190.45K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$11.73K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$55.47K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$719.89K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$689.13K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.26M	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$2.77M	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-661.79K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.17M	USD	3 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-674.43K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.68M	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$1.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$989.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$75.00	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$2.02K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-303.17K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-130.13K	USD	1 Quarter
Interest expense	`InterestExpense`	$-95.04K	USD	3 Qtrs
Interest expense	`InterestExpense`	$-45.40K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-303.09K	USD	3 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-130.13K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-93.02K	USD	3 Qtrs
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-44.41K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-718.84K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.26M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-791.93K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.99M	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$-75.00	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	$-25.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-791.95K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.99M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.26M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-718.84K	USD	1 Quarter
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$112.21K	USD	3 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$238.60K	USD	3 Qtrs
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$53.05K	USD	1 Quarter
Preferred stock cumulative dividend	`DividendsPreferredStockCash`	$213.76K	USD	1 Quarter
Deemed dividend	`DeemedDividend`	$26.83K	USD	1 Quarter
Deemed dividend	`DeemedDividend`	$26.83K	USD	3 Qtrs
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.13M	USD	3 Qtrs
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.50M	USD	3 Qtrs
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-932.60K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-871.84K	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	3 Qtrs
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.62	USD	3 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.37M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.84M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.01M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.43M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-791.95K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.99M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.26M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-718.84K	USD	1 Quarter
Depreciation expense	`Depreciation`	$14.52K	USD	1 Quarter
Depreciation expense	`Depreciation`	$67.56K	USD	3 Qtrs
Depreciation expense	`Depreciation`	$22.43K	USD	1 Quarter
Depreciation expense	`Depreciation`	$40.77K	USD	3 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$267.86K	USD	3 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$267.86K	USD	3 Qtrs
Amortization of discount on notes payable	`AmortizationOfDebtDiscountPremium`	$130.70K	USD	3 Qtrs
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	3 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$67.22K	USD	3 Qtrs
Stock-based compensation and other non-cash expense	`ShareBasedCompensation`	$209.85K	USD	3 Qtrs
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$6.55K	USD	3 Qtrs
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-7.54K	USD	3 Qtrs
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-12.47K	USD	3 Qtrs
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-30.22K	USD	3 Qtrs
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-158.25K	USD	3 Qtrs
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-56.21K	USD	3 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$28.22K	USD	3 Qtrs
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$38.79K	USD	3 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-277.82K	USD	3 Qtrs
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-36.60K	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.08M	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.67K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.72K	USD	3 Qtrs
Cash from acquisition of subsidiary	`ProceedsFromPreviousAcquisition`	$3.35K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.36K	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.67K	USD	3 Qtrs
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$2.15M	USD	3 Qtrs
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$1.00M	USD	3 Qtrs
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$250.02K	USD	3 Qtrs
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	3 Qtrs
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$1.35M	USD	3 Qtrs
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$509.96K	USD	3 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$31.67K	USD	3 Qtrs
Repayment of loan payable	`RepaymentsOfDebt`	$20.35K	USD	3 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.13M	USD	3 Qtrs
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.08M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-131.13K	USD	3 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-25.54K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$55.73K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	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`	$1.03M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$55.73K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.00M	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`	$1.03M	USD	Point-in-time

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