10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001393905-15-000259`
Period End Date	20150331
Filing Date	20150515
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	hwx-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 40 Cash Flow Statement 54

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
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`	$21.23K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.78K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$4.09K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$5.15K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$42.43K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$131.86K	USD	Point-in-time
Inventory	`InventoryNet`	$197.13K	USD	Point-in-time
Inventory	`InventoryNet`	$222.02K	USD	Point-in-time
Consigned inventory	`OtherInventory`	$124.45K	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
Note receivable	`NotesReceivableNet`	$86.21K	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
Total current assets	`AssetsCurrent`	$497.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$379.21K	USD	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	178,924.00	shares	Point-in-time
Preferred Stock, Issued	`PreferredStockSharesIssued`	178,924.00	shares	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$438.72K	USD	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$466.41K	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.70M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetIncludingGoodwill`	$1.61M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total other assets	`OtherAssets`	$2.16M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Total other assets	`OtherAssets`	$2.05M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	20.00M	shares	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	9.50M	shares	Point-in-time
Total assets	`Assets`	$2.54M	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	11.06M	shares	Point-in-time
Total assets	`Assets`	$2.54M	USD	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	10.95M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	11.02M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$177.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$190.17K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$80.84K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$105.61K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$58.16K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$143.13K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$19.54K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$28.42K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$125.00	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$100.00	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$56.91K	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 secured notes payable	`NotesPayableCurrent`	$630.00K	USD	Point-in-time
Revolving line of credit	`LineOfCredit`	$229.98K	USD	Point-in-time
Revolving line of credit	`LineOfCredit`	$229.98K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$20.00K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$374.73K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$840.05K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.72M	USD	Point-in-time
Loan payable	`LoansPayable`	$119.45K	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`	$119.45K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$494.07K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.33M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.84M	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`	$18.00	USD	Point-in-time
Common stock value	`CommonStockValue`	$1.09K	USD	Point-in-time
Common stock value	`CommonStockValue`	$1.10K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$701.79K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.54M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$7.45K	USD	1 Quarter
Equipment sales	`SalesRevenueNet`	$32.76K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$8.83K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$12.90K	USD	1 Quarter
Other revenue	`OtherSalesRevenueNet`	$5.00K	USD	1 Quarter
Total revenue	`Revenues`	$20.43K	USD	1 Quarter
Total revenue	`Revenues`	$46.59K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$9.14K	USD	1 Quarter
Costs of goods sold	`CostOfGoodsSold`	$29.27K	USD	1 Quarter
Gross profit	`GrossProfit`	$11.21K	USD	1 Quarter
Gross profit	`GrossProfit`	$17.32K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$601.89K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$805.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$14.45K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$99.77K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.30M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$616.34K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-1.28M	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-599.02K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.25K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$72.00	USD	1 Quarter
Interest expense	`InterestExpense`	$-60.10K	USD	1 Quarter
Interest expense	`InterestExpense`	$-46.81K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-60.02K	USD	1 Quarter
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-45.56K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.34M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-644.58K	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$-25.00	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$-25.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-644.61K	USD	1 Quarter
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$10.59K	USD	1 Quarter
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$38.55K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.38M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-655.20K	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.17	USD	1 Quarter
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	10.98M	shares	1 Quarter
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.26M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-644.61K	USD	1 Quarter
Depreciation expense	`Depreciation`	$29.09K	USD	1 Quarter
Depreciation expense	`Depreciation`	$21.77K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$89.28K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$89.28K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$14.50K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$21.09K	USD	1 Quarter
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	1 Quarter
Non-cash expenses exchanged for services	`ShareBasedGoodsAndNonemployeeServicesTransactionCashFlowEffects`	$25.50K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$35.55K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$129.41K	USD	1 Quarter
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-1.15K	USD	1 Quarter
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-87.27K	USD	1 Quarter
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-7.06K	USD	1 Quarter
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$89.43K	USD	1 Quarter
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$24.89K	USD	1 Quarter
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-119.24K	USD	1 Quarter
(Increase) decrease in consigned inventory	`IncreaseDecreaseInInventoriesAndOtherOperatingAssets`	$-124.45K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$25.00	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$25.00	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-23.08K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.52K	USD	1 Quarter
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-35.36K	USD	1 Quarter
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-144.00K	USD	1 Quarter
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$84.96K	USD	1 Quarter
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$-1.19K	USD	1 Quarter
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$8.88K	USD	1 Quarter
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-502.09K	USD	1 Quarter
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-987.74K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.77K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.40K	USD	1 Quarter
Cash from acquisition of business	`ProceedsFromPreviousAcquisition`	$3.35K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.40K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.42K	USD	1 Quarter
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$1.00M	USD	1 Quarter
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$450.00K	USD	1 Quarter
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$250.00K	USD	1 Quarter
Proceeds from issuance of common shares, net	`ProceedsFromIssuanceOfCommonStock`	$88.00K	USD	1 Quarter
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$154.00K	USD	1 Quarter
Repayment of loan payable	`RepaymentsOfDebt`	$13.96K	USD	1 Quarter
Repayment of loan payable	`RepaymentsOfDebt`	$10.46K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$524.04K	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$893.54K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-104.62K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$20.55K	USD	1 Quarter
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`	$21.23K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.78K	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`	$21.23K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.78K	USD	Point-in-time

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