10-K/A Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2018

Filing Information

Form Type	10-K/A
Accession Number	`0001493152-19-004990`
Period End Date	20181231
Filing Date	20190408
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	pcsa-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 20 Cash Flow Statement 89 Stockholders Equity 19

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$62.71K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$21.58K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$41.45K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$257.83K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	43.26M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.02M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.67M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.27M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.38K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.82K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.67M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.27M	shares	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Security deposit	`DepositsAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Assets	`Assets`	$2.98M	USD	Point-in-time
Total Assets	`Assets`	$12.48M	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`	$230.00K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$20.34K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$35.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$292.10K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	-	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`	$103.26K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$645.70K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.60M	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	$9.96K	USD	Point-in-time
Accrued rent liability	`AccruedRentNoncurrent`	-	USD	Point-in-time
Net deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$2.13M	USD	Point-in-time
Net deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.61M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.78M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.0001, 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001, 10,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 and 43,261,049 shares authorized; 38,674,265 and 35,272,626 issued and outstanding at December 31, 2018 and 2017, respectively	`CommonStockValue`	$3.53K	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 and 43,261,049 shares authorized; 38,674,265 and 35,272,626 issued and outstanding at December 31, 2018 and 2017, respectively	`CommonStockValue`	$3.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.12M	USD	Point-in-time
Stock subscription receivable	`CommonStockSharesSubscriptions`	-	USD	Point-in-time
Stock subscription receivable	`CommonStockSharesSubscriptions`	$1.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.86M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$-2.27M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$373.16K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.70M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$12.48M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.98M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$3.09M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$964.16K	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$838.27K	USD	Annual
General and administrative	`SellingGeneralAndAdministrativeExpense`	$1.44M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-4.52M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-1.80M	USD	Annual
Interest expense	`InterestExpense`	$161.21K	USD	Annual
Interest expense	`InterestExpense`	$59.06K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$18.30K	USD	Annual
Interest income	`InvestmentIncomeInterest`	$5.18K	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.86M	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.67M	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-902.80K	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-1.86M	USD	Annual
Net Loss	`NetIncomeLoss`	$-3.77M	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	32.60M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	37.32M	shares	Annual

Cash Flow Statement 89 line items

Line Item	Tag	Value	Unit	Period
Issuance costs	`PaymentsOfStockIssuanceCosts`	$308.83K	USD	Annual
Common stock, shares transferred	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	31.75M	shares	Point-in-time
Common stock, shares transferred	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	Annual
Net loss	`NetIncomeLoss`	$-1.86M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.77M	USD	Annual
Conversion of senior convertible debt, value	`ConversionOfSeniorConvertibleDebtValue`	$2.35M	USD	Annual
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$613.11K	USD	Point-in-time
Depreciation	`Depreciation`	$1.86K	USD	Annual
Depreciation	`Depreciation`	$8.45K	USD	Annual
Accrued interest	`InterestPayableCurrentAndNoncurrent`	$109.47K	USD	Point-in-time
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$23.37K	USD	Annual
Accrued interest converted into shares of common stock	`AccruedInterestConvertedIntoSharesOfCommonStock`	1.21M	shares	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$67.07K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$621.65K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	-	USD	Annual
Impairment of software costs	`CapitalizedComputerSoftwareImpairments1`	-	USD	Annual
Impairment of software costs	`CapitalizedComputerSoftwareImpairments1`	$15.33K	USD	Annual
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-166.79K	USD	Annual
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.23M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$74.06K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	-	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$23.30K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$216.39K	USD	Annual
Vendor deposit	`IncreaseDecreaseInDeposits`	$227.66K	USD	Annual
Vendor deposit	`IncreaseDecreaseInDeposits`	-	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$35.69K	USD	Annual
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$94.12K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.99K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$241.42K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-62.37K	USD	Annual
Due to related parties	`IncreaseDecreaseInDueToRelatedParties`	$40.69K	USD	Annual
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	-	USD	Annual
Accrued rent liability	`IncreaseDecreaseInAccruedRentLiability`	$13.28K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.83K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$28.87K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.71M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.65M	USD	Annual
Proceeds from the redemption of certificates of deposit	`ProceedsFromOtherDeposits`	$1.02M	USD	Annual
Proceeds from the redemption of certificates of deposit	`ProceedsFromOtherDeposits`	-	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.62K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	$20.50K	USD	Annual
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	Annual
Acquisition costs related to the CoNCERT intangible asset	`AcquisitionCostsRelatedToIntangibleAsset`	-	USD	Annual
Acquisition costs related to the CoNCERT intangible asset	`AcquisitionCostsRelatedToIntangibleAsset`	$1.78K	USD	Annual
Cash received in a reverse acquisition transaction	`CashAcquiredFromAcquisition`	-	USD	Annual
Cash received in a reverse acquisition transaction	`CashAcquiredFromAcquisition`	$6.28K	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.00M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.28K	USD	Annual
Proceeds from issuance of common stock, net of issuance costs of $308,830	`ProceedsFromIssuanceOfCommonStock`	$2.87M	USD	Annual
Proceeds from issuance of common stock, net of issuance costs of $308,830	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of senior convertible notes	`ProceedsFromConvertibleDebt`	-	USD	Annual
Proceeds from issuance of senior convertible notes	`ProceedsFromConvertibleDebt`	$2.58M	USD	Annual
Costs related to the Clinical Trial Funding Commitment	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	Annual
Costs related to the Clinical Trial Funding Commitment	`ProceedsFromPaymentsForOtherFinancingActivities`	$-168.46K	USD	Annual
Costs related to the conversion of the Senior Notes and in 2017, payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$82.50K	USD	Annual
Costs related to the conversion of the Senior Notes and in 2017, payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$154.80K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.62M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.43M	USD	Annual
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.11M	USD	Annual
Net Increase in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.78M	USD	Annual
Cash and Cash Equivalents Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Year	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Cash and Cash Equivalents End of Year	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	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
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash Paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash Paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Recognize the exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	$-11.04M	USD	Annual
Recognize the exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	-	USD	Annual
Recognize deferred tax liability for basis difference of Intangible asset	`RecognizationOfDeferredTaxLiability`	-	USD	Annual
Recognize deferred tax liability for basis difference of Intangible asset	`RecognizationOfDeferredTaxLiability`	$3.04M	USD	Annual
Recognize additional paid-in-capital for consideration paid from the transfer of 2,090,301 common shares of Processa released by Promet to CoNCERT for Processa	`PaymentOfAdditionalPaidInCapitalForConsideration`	-	USD	Annual
Recognize additional paid-in-capital for consideration paid from the transfer of 2,090,301 common shares of Processa released by Promet to CoNCERT for Processa	`PaymentOfAdditionalPaidInCapitalForConsideration`	$8.00M	USD	Annual
Cash paid for intangible license asset acquired from CoNCERT	`CashPaidForIntangibleAssetAcquired`	-	USD	Annual
Cash paid for intangible license asset acquired from CoNCERT	`CashPaidForIntangibleAssetAcquired`	-	USD	Annual
Conversion of $2,350,000 of Senior Convertible Debt and related accrued interest of $109,472 into 1,206,245 shares of common stock and stock purchase warrants	`ConversionOfSeniorConvertibleDebtAndRelatedAccruedInterestIntoSharesOfCommonStockAndWarrants`	$2.40M	USD	Annual
Conversion of $2,350,000 of Senior Convertible Debt and related accrued interest of $109,472 into 1,206,245 shares of common stock and stock purchase warrants	`ConversionOfSeniorConvertibleDebtAndRelatedAccruedInterestIntoSharesOfCommonStockAndWarrants`	-	USD	Annual
Common stock and stock purchase warrants issued in connection with a clinical trial funding commitment	`CommonStockAndStockPurchaseWarrantsIssuedInConnectionWithClinicalTrialFundingCommitment`	-	USD	Annual
Common stock and stock purchase warrants issued in connection with a clinical trial funding commitment	`CommonStockAndStockPurchaseWarrantsIssuedInConnectionWithClinicalTrialFundingCommitment`	$1.80M	USD	Annual
Assumption of liabilities related to the reverse merger transaction	`AssumptionOfLiabilitiesRelatedToReverseMergerTransaction`	-	USD	Annual
Assumption of liabilities related to the reverse merger transaction	`AssumptionOfLiabilitiesRelatedToReverseMergerTransaction`	$44.03K	USD	Annual
Less: issuance of common stock related to the reverse merger transaction	`IssuanceOfCommonStockRelatedToReverseMergerTransaction`	$-37.75K	USD	Annual
Less: issuance of common stock related to the reverse merger transaction	`IssuanceOfCommonStockRelatedToReverseMergerTransaction`	-	USD	Annual
Cash received related to the net liabilities assumed in the reverse merger transaction	`CashReceivedRelatedToNetLiabilitiesAssumedInReverseMergerTransaction`	-	USD	Annual
Cash received related to the net liabilities assumed in the reverse merger transaction	`CashReceivedRelatedToNetLiabilitiesAssumedInReverseMergerTransaction`	$6.28K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares exchanged	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	31.75M	shares	Point-in-time
Common stock, shares exchanged	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	Annual
Conversion of stock, costs	`ConversionOfStockNetOfCosts`	$82.50K	USD	Annual
Issuance of common stock units for cash, cost	`PaymentsOfStockIssuanceCosts`	$308.83K	USD	Annual
Issuance of common stock units for a clinical trial funding commitment, cost	`IssuanceOfCommonStockUnitsForClinicalTrialFundingCommitmentCost`	$168.46K	USD	Annual
Balance	`StockholdersEquity`	$-2.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time
Fair value of Heatwurx net liabilities obtained in a reverse merger	`FairValueOfNetLiabilitiesObtainedInReverseMerger`	$-37.75K	USD	Annual
Recognize the fair value of the license acquired from CoNCERT in exchange for 2,090,301 common shares of Processa	`AdjustmentsToAdditionalPaidInCapitalOther`	$8.00M	USD	Annual
Conversion of senior convertible notes and accrued interest for common stock and stock purchase warrants, net of costs of $82,502	`StockIssuedDuringPeriodValueConversionOfUnits`	$2.31M	USD	Annual
Issuance of common stock units for cash, net of costs of $308,830	`StockIssuedDuringPeriodValueNewIssues`	$2.87M	USD	Annual
Issuance of common stock units for a clinical trial funding commitment, net of costs of $168,457	`StockIssuedDuringPeriodValueOther`	$-168.46K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$74.06K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.86M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.77M	USD	Annual
Balance	`StockholdersEquity`	$-2.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time

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