10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001493152-18-005248`
Period End Date	20171231
Filing Date	20180416
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	pcsa-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 56 Cash Flow Statement 56 Stockholders Equity 20

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	43.26M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.27M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.75M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Certificates of deposit	`CertificatesOfDepositAtCarryingValue`	$1.02M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.75M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.27M	shares	Point-in-time
Certificates of deposit	`CertificatesOfDepositAtCarryingValue`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$62.71K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Vendor deposit	`VendorDepositCurrent`	$227.66K	USD	Point-in-time
Vendor deposit	`VendorDepositCurrent`	-	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.45K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$18.15K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.95M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.34M	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$15.33K	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$19.74K	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$9.33K	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$8.45K	USD	Point-in-time
Total Cost	`PropertyPlantAndEquipmentGross`	$23.77K	USD	Point-in-time
Total Cost	`PropertyPlantAndEquipmentGross`	$29.07K	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$3.25K	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.38K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.82K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.39K	USD	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Assets	`Assets`	$2.98M	USD	Point-in-time
Total Assets	`Assets`	$2.36M	USD	Point-in-time
Senior convertible notes, net of debt issuance costs	`SeniorNotesCurrent`	$2.45M	USD	Point-in-time
Senior convertible notes, net of debt issuance costs	`SeniorNotesCurrent`	-	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	-	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$35.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.59K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.69K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$95.00	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$436.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$64.43K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$83.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.60M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$97.69K	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	-	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	$9.96K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.61M	USD	Point-in-time
Total Liabilities	`Liabilities`	$97.69K	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES - SEE NOTE	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES - SEE NOTE	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 and 43,261,049 shares authorized; 35,272,626 and 31,745,242 issued and outstanding at December 31, 2017 and 2016, respectively	`CommonStockValue`	$3.17K	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 and 43,261,049 shares authorized; 35,272,626 and 31,745,242 issued and outstanding at December 31, 2017 and 2016, respectively	`CommonStockValue`	$3.53K	USD	Point-in-time
Preferred stock, par value $0.0001, 10,000,000 shares authorized; zero shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001, 10,000,000 shares authorized; zero shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.27M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.00M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$373.16K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-85.70K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$2.27M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.98M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.36M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Operating Expenses	`OperatingExpenses`	$1.80M	USD	Annual
Operating Expenses	`OperatingExpenses`	$236.22K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$575.31K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$712.85K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$575.28K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$1.92M	USD	Annual
Operating Expenses	`OperatingExpenses`	$280.33K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$829.06K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$280.96K	USD	1 Quarter
Operating Expenses	`OperatingExpenses`	$233.94K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.80M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-1.92M	USD	Annual
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$59.06K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$59.06K	USD	Annual
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.18K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$4.45K	USD	Annual
Other Income (Expense)	`OtherOperatingIncomeExpenseNet`	$-53.88K	USD	Annual
Other Income (Expense)	`OtherOperatingIncomeExpenseNet`	$4.45K	USD	Annual
Net Loss	`NetIncomeLoss`	$-711.57K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-574.41K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-278.45K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-633.86K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.86M	USD	Annual
Net Loss	`NetIncomeLoss`	$-234.34K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.92M	USD	Annual
Net Loss	`NetIncomeLoss`	$-280.95K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-827.37K	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	Annual
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	Annual
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Net Loss Applicable to Common Shares - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.60M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.75M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.75M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.12M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.87M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.75M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.75M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.87M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	29.32M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.75M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-711.57K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-574.41K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-278.45K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-633.86K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.86M	USD	Annual
Net Loss	`NetIncomeLoss`	$-234.34K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.92M	USD	Annual
Net Loss	`NetIncomeLoss`	$-280.95K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-827.37K	USD	1 Quarter
Depreciation	`Depreciation`	$1.86K	USD	Annual
Depreciation	`Depreciation`	$1.38K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$23.37K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Impairment of software costs	`ImpairmentOfSoftwareCosts`	$15.33K	USD	Annual
Impairment of software costs	`ImpairmentOfSoftwareCosts`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$16.28K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$23.30K	USD	Annual
Vendor deposit	`IncreaseDecreaseInDeposits`	$227.66K	USD	Annual
Vendor deposit	`IncreaseDecreaseInDeposits`	$-227.66K	USD	Annual
Security deposit	`IncreaseDecreaseInSecurityDeposits`	$-5.54K	USD	Annual
Security deposit	`IncreaseDecreaseInSecurityDeposits`	-	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$35.69K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	-	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.71K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.99K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-69.38K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-62.37K	USD	Annual
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	$13.28K	USD	Annual
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	-	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$75.79K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.83K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.16M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.65M	USD	Annual
Proceeds from (purchase of) certificates of deposit	`PaymentsToAcquireRestrictedCertificatesOfDeposit`	$1.02M	USD	Annual
Proceeds from (purchase of) certificates of deposit	`PaymentsToAcquireRestrictedCertificatesOfDeposit`	$-1.02M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.62K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.77K	USD	Annual
Cash received in a reverse acquisition transaction	`CashReceivedInReverseAcquisitionTransaction`	$-6.28K	USD	Annual
Cash received in a reverse acquisition transaction	`CashReceivedInReverseAcquisitionTransaction`	-	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.00M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.04M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$4.27M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of senior convertible notes	`ProceedsFromUnsecuredNotesPayable`	-	USD	Annual
Proceeds from issuance of senior convertible notes	`ProceedsFromUnsecuredNotesPayable`	$2.58M	USD	Annual
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$154.80K	USD	Annual
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.27M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.43M	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.78M	USD	Annual
NET INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.07M	USD	Annual
CASH AND CASH EQUIVALENTS - BEG. OF YEAR	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$1.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - BEG. OF YEAR	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	-	USD	Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Issuance of Common Stock, $0.0001 Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Issuance of Common Stock, $0.0001 Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Balance	`StockholdersEquity`	$-85.70K	USD	Point-in-time
Balance	`StockholdersEquity`	$2.27M	USD	Point-in-time
Issuance of Common Stock, $0.0001 Par Value	`StockIssuedDuringPeriodValueNewIssues`	$4.27M	USD	Annual
Net Loss for the Year Ended	`NetIncomeLoss`	$-711.57K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-574.41K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-278.45K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-633.86K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-1.86M	USD	Annual
Net Loss for the Year Ended	`NetIncomeLoss`	$-234.34K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-1.92M	USD	Annual
Net Loss for the Year Ended	`NetIncomeLoss`	$-280.95K	USD	1 Quarter
Net Loss for the Year Ended	`NetIncomeLoss`	$-827.37K	USD	1 Quarter
Fair value of Heatwurx net liabilities obtained in reverse acquisition	`FairValueOfNetLiabilitiesObtainedInReverseAcquisition`	$-37.75K	USD	Annual
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Balance	`StockholdersEquity`	$-85.70K	USD	Point-in-time
Balance	`StockholdersEquity`	$2.27M	USD	Point-in-time

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