10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001493152-18-007514`
Period End Date	20180331
Filing Date	20180521
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	pcsa-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 24 Cash Flow Statement 49 Stockholders Equity 9

Balance Sheet 76 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`	350.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.27M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.27M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$62.71K	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$26.68K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.27M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$29.43K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$40.19K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.45K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.84M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.95M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$19.74K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$19.74K	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$9.33K	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$9.33K	USD	Point-in-time
Total Cost	`PropertyPlantAndEquipmentGross`	$29.07K	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`	$5.36K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.71K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.82K	USD	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Intangible asset, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Intangible asset, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$11.01M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$11.02M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Assets	`Assets`	$12.89M	USD	Point-in-time
Total Assets	`Assets`	$2.98M	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`	$2.48M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$35.69K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$87.29K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$104.88K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.69K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$436.00	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`	$170.31K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.85M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.60M	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	$6.64K	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	$9.96K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$2.76M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$5.61M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.61M	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 shares authorized; 35,272,626 issued and outstanding at March 31, 2018 and December 31, 2017	`CommonStockValue`	$3.53K	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 shares authorized; 35,272,626 issued and outstanding at March 31, 2018 and December 31, 2017	`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`	$12.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.96M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.86M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.28M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$373.16K	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$12.89M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$2.98M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Research and development costs	`ResearchAndDevelopmentExpense`	$139.92K	USD	1 Quarter
Research and development costs	`ResearchAndDevelopmentExpense`	$807.66K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$94.02K	USD	1 Quarter
General and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$483.95K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$233.94K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.29M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.29M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-233.94K	USD	1 Quarter
Interest expense	`InterestExpense`	$87.74K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.02K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.50K	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$-86.72K	USD	1 Quarter
Total other income (expense)	`OtherOperatingIncomeExpenseNet`	$1.50K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-232.44K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-281.53K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.10M	USD	1 Quarter
Net Loss per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Net Loss per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	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`	35.27M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares transferred	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	-	shares	1 Quarter
Common stock, shares transferred	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	1 Quarter
Net Loss	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.10M	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$25.43K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-281.53K	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$36.14K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-18.15K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.26K	USD	1 Quarter
Vendor deposit	`IncreaseDecreaseInDeposits`	-	USD	1 Quarter
Vendor deposit	`IncreaseDecreaseInDeposits`	$227.66K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	-	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$51.60K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.40K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$54.19K	USD	1 Quarter
Due from related parties	`IncreaseDecreaseInDueFromRelatedParties`	$95.00	USD	1 Quarter
Due from related parties	`IncreaseDecreaseInDueFromRelatedParties`	$-36.02K	USD	1 Quarter
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	$6.64K	USD	1 Quarter
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	-	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-83.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$102.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.07M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-58.70K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$882.00	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Acquisition of intangible asset	`PaymentsToAcquireIntangibleAssets`	$1.78K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-882.00	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.78K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.07M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-59.58K	USD	1 Quarter
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$1.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$2.85M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.01M	USD	Point-in-time
CASH AND CASH EQUIVALENTS - END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Recognize exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	$-11.04M	USD	1 Quarter
Recognize exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	-	USD	1 Quarter
Recognize deferred tax liability for basis difference for intangible asset	`RecognizationOfDeferredTaxLiability`	-	USD	1 Quarter
Recognize deferred tax liability for basis difference for intangible asset	`RecognizationOfDeferredTaxLiability`	$3.04M	USD	1 Quarter
Recognize additional paid-in capital for consideration paid from the transfer of 2,090,301 common shares of Processa owned by Promet to CoNCERT	`PaymentOfAdditionalPaidInCapitalForConsideration`	$8.00M	USD	1 Quarter
Recognize additional paid-in capital for consideration paid from the transfer of 2,090,301 common shares of Processa owned by Promet to CoNCERT	`PaymentOfAdditionalPaidInCapitalForConsideration`	-	USD	1 Quarter
Cash paid for intangible asset acquired from CoNCERT	`CashPaidForIntangibleAssetAcquired`	-	USD	1 Quarter
Cash paid for intangible asset acquired from CoNCERT	`CashPaidForIntangibleAssetAcquired`	-	USD	1 Quarter

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares exchanged	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	-	shares	1 Quarter
Common stock, shares exchanged	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	1 Quarter
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Recognize the fair value of exclusive license intangible asset acquired from CoNCERT in exchange for 2,090,301 common shares of Processa owned by Promet	`FairValueOfExclusiveLicenseIntangibleAssetAcquired`	8.00M	shares	1 Quarter
Net Loss	`NetIncomeLoss`	$-232.44K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-1.10M	USD	1 Quarter
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time

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