10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001393905-15-000193`
Period End Date	20141231
Filing Date	20150414
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	hwx-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 42 Cash Flow Statement 54 Stockholders Equity 12

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.23K	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`	$4.09K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$131.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$80.39K	USD	Point-in-time
Inventory	`InventoryNet`	$222.02K	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`	$379.21K	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`	$466.41K	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.50M	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	178,924.00	shares	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.70M	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	1.01M	shares	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$2.05M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.42M	USD	Point-in-time
Total other assets	`OtherAssets`	$2.16M	USD	Point-in-time
Total assets	`Assets`	$2.54M	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
Total assets	`Assets`	$2.94M	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`	9.50M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	8.08M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	10.95M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.03K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$190.17K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$256.09K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$105.61K	USD	Point-in-time
Advance payment	`AdvancePaymentsNettedAgainstClaimReceivable`	$155.50K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$58.16K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$19.54K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$1.81K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$100.00	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$100.00	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$41.19K	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$56.49K	USD	Point-in-time
Current portion of senior secured notes payable	`NotesPayableCurrent`	$160.00K	USD	Point-in-time
Current portion of senior subordinated notes payable	`OtherNotesPayableCurrent`	$500.00K	USD	Point-in-time
Revolving line of credit	`LineOfCredit`	$229.98K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$90.00K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$20.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$840.05K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.12M	USD	Point-in-time
Loan payable	`LoansPayable`	$145.46K	USD	Point-in-time
Loan payable	`LoansPayable`	$133.83K	USD	Point-in-time
Unsecured notes payable	`UnsecuredLongTermDebt`	$360.23K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$494.07K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$145.46K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.33M	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`	$18.00	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`	$1.09K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.67M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.54M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$101.12K	USD	Annual
Equipment sales	`SalesRevenueNet`	$253.46K	USD	Annual
Service revenue	`SalesRevenueServicesNet`	$92.96K	USD	Annual
Service revenue	`SalesRevenueServicesNet`	$25.00K	USD	Annual
Other revenue	`OtherSalesRevenueNet`	$34.02K	USD	Annual
Other revenue	`OtherSalesRevenueNet`	$6.12K	USD	Annual
Total revenue	`Revenues`	$200.20K	USD	Annual
Total revenue	`Revenues`	$312.48K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$188.00K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$113.25K	USD	Annual
Gross profit	`GrossProfit`	$124.48K	USD	Annual
Gross profit	`GrossProfit`	$86.95K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.82M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.84M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$267.06K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$189.75K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$822.21K	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	Annual
Total expenses	`OperatingExpenses`	$4.25M	USD	Annual
Total expenses	`OperatingExpenses`	$3.09M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.96M	USD	Annual
Loss from operations	`IncomeLossFromContinuingOperations`	$-4.16M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$2.39K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$249.00	USD	Annual
Interest expense	`InterestExpense`	$-365.96K	USD	Annual
Interest expense	`InterestExpense`	$-109.72K	USD	Annual
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-107.33K	USD	Annual
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-365.71K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.53M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.07M	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	$-100.00	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	$-50.00	USD	Annual
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.07M	USD	Annual
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$1.50M	USD	Annual
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$21.30K	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.03M	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.09M	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.61	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.68	USD	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.86M	shares	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.04M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.07M	USD	Annual
Depreciation expense	`Depreciation`	$57.76K	USD	Annual
Depreciation expense	`Depreciation`	$104.12K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$357.14K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$357.14K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$153.62K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$822.21K	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$231.52K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$216.08K	USD	Annual
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$15.11K	USD	Annual
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$11.75K	USD	Annual
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-26.98K	USD	Annual
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-24.52K	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-97.37K	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-77.47K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$50.00	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$84.40K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.86K	USD	Annual
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$6.09K	USD	Annual
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-331.94K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$58.16K	USD	Annual
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$50.26K	USD	Annual
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-818.00	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.70M	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.54M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.30K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$27.67K	USD	Annual
Cash from acquisition of business	`ProceedsFromPreviousAcquisition`	$3.35K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.94K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.67K	USD	Annual
Proceeds from advance payment	`ProceedsFromPaymentsForLongTermLoansForRelatedParties`	$73.36K	USD	Annual
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$2.24M	USD	Annual
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$90.00K	USD	Annual
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$1.00M	USD	Annual
Repayment of senior secured notes payable	`RepaymentsOfSecuredDebt`	$250.02K	USD	Annual
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	Annual
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	Annual
Proceeds from issuance of common shares, net	`ProceedsFromIssuanceOfCommonStock`	$366.32K	USD	Annual
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$1.35M	USD	Annual
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$509.96K	USD	Annual
Repayment of loan payable	`RepaymentsOfDebt`	$45.53K	USD	Annual
Repayment of loan payable	`RepaymentsOfDebt`	$30.24K	USD	Annual
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	Annual
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.57M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-165.63K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-834.61K	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$186.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.23K	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`	$21.23K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.02M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$1.67M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$1.21M	USD	Point-in-time
Preferred stock conversion to common in private placement, shares	`StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities`	1.21M	shares	Annual
Debt conversion in private placement, shares	`StockIssuedDuringPeriodSharesIssuedForNoncashConsideration`	1.10M	shares	Annual
Issuance of common stock and warrants, shares	`StockIssuedDuringPeriodSharesNewIssues`	209,324.00	shares	Annual
Issuance of common stock and warrants, value	`StockIssuedDuringPeriodValueNewIssues`	$366.32K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$231.52K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$216.08K	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-4.53M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-3.07M	USD	Annual
Ending Balance, amount	`StockholdersEquity`	$1.67M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$1.21M	USD	Point-in-time

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