10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0001393905-17-000190`
Period End Date	20151231
Filing Date	20170619
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	hwx-20151231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 52 Cash Flow Statement 74 Stockholders Equity 14

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.09K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$1.31K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$107.86K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$47.72K	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$42.00K	USD	Point-in-time
Inventory	`InventoryNet`	$219.20K	USD	Point-in-time
Current assets from discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$12.35K	USD	Point-in-time
Debt discount, unsecured notes payable	`DebtInstrumentUnamortizedDiscountPremiumNet`	$59.77K	USD	Point-in-time
Current assets from discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$54.65K	USD	Point-in-time
Debt discount, unsecured notes payable	`DebtInstrumentUnamortizedDiscountPremiumNet`	$967.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.16K	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
Total current assets	`AssetsCurrent`	$383.02K	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`	178,924.00	shares	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$159.00	USD	Point-in-time
Equipment, net of depreciation	`PropertyPlantAndEquipmentNet`	$358.96K	USD	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
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other assets from discontinued operations	`DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent`	$107.46K	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
Total other assets	`OtherAssets`	$159.00	USD	Point-in-time
Total other assets	`OtherAssets`	$2.16M	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	11.02M	shares	Point-in-time
Total assets	`Assets`	$104.32K	USD	Point-in-time
Total assets	`Assets`	$2.55M	USD	Point-in-time
Common Stock, Issued	`CommonStockSharesIssued`	9.50M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	11.06M	shares	Point-in-time
Common Stock, Outstanding	`CommonStockSharesOutstanding`	10.95M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$153.93K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$159.25K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$94.17K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$95.34K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$58.16K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$7.82K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$161.61K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$200.00	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$100.00	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$56.49K	USD	Point-in-time
Senior secured notes payable	`NotesPayableCurrent`	$947.36K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$20.00K	USD	Point-in-time
Current portion of unsecured notes payable	`UnsecuredDebtCurrent`	$419.03K	USD	Point-in-time
Current liabilities from discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$453.19K	USD	Point-in-time
Current liabilities from discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$300.34K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$843.86K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.08M	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 liabilities	`Liabilities`	$1.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.08M	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`	$14.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.85M	USD	Point-in-time
Stockholders' equity from discontinued operations	`StockholdersEquityFromDiscontinuedOperations`	$-1.43M	USD	Point-in-time
Stockholders' equity from discontinued operations	`StockholdersEquityFromDiscontinuedOperations`	$-1.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-1.98M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$104.32K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.55M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Equipment sales	`SalesRevenueNet`	$101.12K	USD	Annual
Equipment sales	`SalesRevenueNet`	$74.60K	USD	Annual
Other revenue	`OtherSalesRevenueNet`	$6.12K	USD	Annual
Other revenue	`OtherSalesRevenueNet`	$38.83K	USD	Annual
Total revenue	`Revenues`	$107.24K	USD	Annual
Total revenue	`Revenues`	$113.42K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$125.88K	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$66.83K	USD	Annual
Gross profit	`GrossProfit`	$-12.45K	USD	Annual
Gross profit	`GrossProfit`	$40.41K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$945.46K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.02M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$178.09K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$29.25K	USD	Annual
Gain (loss) on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-822.21K	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLossNetOfTax`	$390.66K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$1.52M	USD	Annual
Impairment of assets held for sale	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$186.07K	USD	Annual
Total expenses	`OperatingExpenses`	$2.68M	USD	Annual
Total expenses	`OperatingExpenses`	$3.41M	USD	Annual
Loss from continuing operations, before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-2.69M	USD	Annual
Loss from continuing operations, before taxes	`IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet`	$-3.37M	USD	Annual
Gain (loss) on disposal of assets	`GainLossOnDispositionOfAssets`	$-60.74K	USD	2 Qtrs
Gain (loss) on disposal of assets	`GainLossOnDispositionOfAssets`	$-60.74K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$4.65K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$155.00	USD	Annual
Interest expense	`InterestExpense`	$235.64K	USD	Annual
Interest expense	`InterestExpense`	$315.30K	USD	Annual
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-291.74K	USD	Annual
Total other income and expense	`OtherOperatingIncomeExpenseNet`	$-315.15K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.69M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.98M	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	$-100.00	USD	Annual
Income taxes	`IncomeTaxExpenseBenefit`	$-100.00	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.98M	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-3.69M	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-840.65K	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-371.31K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.35M	USD	Annual
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$1.50M	USD	Annual
Preferred stock cumulative dividend and deemed dividend	`DistributedEarnings`	$42.94K	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.03M	USD	Annual
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.40M	USD	Annual
Net loss per common share basic and diluted from continuing operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.59	USD	Annual
Net loss per common share basic and diluted from continuing operations	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.27	USD	Annual
Net loss per common share basic and diluted from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.03	USD	Annual
Net loss per common share basic and diluted from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.09	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	Annual
Net loss per common share basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.68	USD	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.01M	shares	Annual
Weighted average shares outstanding basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	8.86M	shares	Annual

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.35M	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-840.65K	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-371.31K	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.98M	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-3.69M	USD	Annual
Depreciation expense	`Depreciation`	$71.03K	USD	Annual
Depreciation expense	`Depreciation`	$60.25K	USD	Annual
Depreciation expense	`Depreciation`	$60.25K	USD	2 Qtrs
Depreciation expense	`Depreciation`	$71.03K	USD	2 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$357.14K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$178.57K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$153.62K	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$58.80K	USD	Annual
Gain (loss) on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-822.21K	USD	Annual
Impairment of assets held for sale	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$186.07K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsExcludingGoodwill`	$1.52M	USD	Annual
Gain (loss) on disposal of assets	`GainLossOnDispositionOfAssets`	$-60.74K	USD	2 Qtrs
Gain (loss) on disposal of assets	`GainLossOnDispositionOfAssets`	$-60.74K	USD	Annual
Bad debt expense	`AllowanceForLoanAndLeaseLossRecoveryOfBadDebts`	$5.15K	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLoss`	$390.66K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$96.93K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$231.52K	USD	Annual
Non-cash expenses exchanged for services	`OtherNoncashExpense`	$25.50K	USD	Annual
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$17.89K	USD	Annual
(Increase) decrease in receivables	`IncreaseDecreaseInReceivables`	$-3.84K	USD	Annual
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$-27.47K	USD	Annual
(Increase) decrease in prepaid and other current assets	`IncreaseDecreaseInPrepaidExpensesOther`	$105.14K	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-73.08K	USD	Annual
(Increase) decrease in inventory	`IncreaseDecreaseInInventories`	$-7.07K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$100.00	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.32K	USD	Annual
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$76.90K	USD	Annual
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-41.77K	USD	Annual
Increase (decrease) in accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-311.02K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$58.16K	USD	Annual
Increase (decrease) in deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-58.16K	USD	Annual
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$6.01K	USD	Annual
Increase (decrease) in interest payable	`IncreaseDecreaseInInterestPayableNet`	$153.79K	USD	Annual
Cash used in operating activities from continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.91M	USD	Annual
Cash used in operating activities from continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-639.50K	USD	Annual
Cash used in operating activities from discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-231.36K	USD	Annual
Cash used in operating activities from discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-779.60K	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.69M	USD	Annual
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-871.91K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.40K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.01K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$31.10K	USD	Annual
Cash used in investing activities from continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.01K	USD	Annual
Cash used in investing activities from continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$29.70K	USD	Annual
Cash used in investing activities from discontinued operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	$-33.94K	USD	Annual
Cash used in investing activities from discontinued operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	$10.50K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$40.20K	USD	Annual
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-44.94K	USD	Annual
Proceeds from issuance of unsecured notes payable	`ProceedsFromUnsecuredNotesPayable`	$2.24M	USD	Annual
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$753.00K	USD	Annual
Proceeds from issuance of senior secured notes payable	`ProceedsFromSecuredNotesPayable`	$15.00K	USD	Point-in-time
Repayment of senior subordinated notes payable	`RepaymentsOfSeniorDebt`	$500.00K	USD	Annual
Proceeds from issuance of common shares with warrants, net	`ProceedsFromIssuanceOfCommonStock`	$366.32K	USD	Annual
Proceeds from issuance of common shares with warrants, net	`ProceedsFromIssuanceOfCommonStock`	$88.00K	USD	Annual
Proceeds from issuance of preferred shares, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$509.96K	USD	Annual
Repayment of loan payable	`RepaymentsOfDebt`	$19.90K	USD	Annual
Repayment of loan payable	`RepaymentsOfDebt`	$45.53K	USD	Annual
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$821.10K	USD	Annual
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.57M	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-161.82K	USD	Annual
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.60K	USD	Annual
Cash and cash equivalents, beginning of period, including discontinued operations	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$14.44K	USD	Point-in-time
Cash and cash equivalents, beginning of period, including discontinued operations	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$25.04K	USD	Point-in-time
Cash and cash equivalents, beginning of period, including discontinued operations	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$186.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$14.44K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$25.04K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$186.86K	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, amount	`StockholdersEquity`	$1.21M	USD	Point-in-time
Beginning Balance, amount	`StockholdersEquity`	$-1.98M	USD	Point-in-time
Stock issued in private placement, shares	`StockIssuedDuringPeriodSharesNewIssues`	50,285.00	shares	Annual
Stock issued in private placement, value	`StockIssuedDuringPeriodValueNewIssues`	$88.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$96.93K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$231.52K	USD	Annual
Stock issued for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	15,000.00	shares	Annual
Stock issued for services, value	`StockIssuedDuringPeriodValueIssuedForServices`	$25.50K	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-2.98M	USD	Annual
Net loss from continuing operations	`IncomeLossFromContinuingOperations`	$-3.69M	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-840.65K	USD	Annual
Net loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-371.31K	USD	Annual
Ending Balance, amount	`StockholdersEquity`	$1.21M	USD	Point-in-time
Ending Balance, amount	`StockholdersEquity`	$-1.98M	USD	Point-in-time

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