10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001493152-19-007021`
Period End Date	20190331
Filing Date	20190514
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	pcsa-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 20 Cash Flow Statement 59 Stockholders Equity 14

Balance Sheet 72 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	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`	$2.85M	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$21.58K	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$47.16K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$247.20K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$257.83K	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
Total Current Assets	`AssetsCurrent`	$1.54M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.02M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	350.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.67M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$15.26K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.67M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.38K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$293.20K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.67M	shares	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$275.25K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.67M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.44M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.24M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Total Assets	`Assets`	$12.08M	USD	Point-in-time
Total Assets	`Assets`	$12.48M	USD	Point-in-time
Senior convertible notes	`SeniorNotesCurrent`	$230.00K	USD	Point-in-time
Senior convertible notes	`SeniorNotesCurrent`	$230.00K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$58.50K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$24.94K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$20.34K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$283.06K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$292.10K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$103.26K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$128.22K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$724.72K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$645.70K	USD	Point-in-time
Noncurrent operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$225.38K	USD	Point-in-time
Noncurrent operating lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Net deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$2.00M	USD	Point-in-time
Net deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$2.13M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.78M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.95M	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 shares authorized; 38,674,265 issued and outstanding at both March 31, 2019 and December 31, 2018	`CommonStockValue`	$3.87K	USD	Point-in-time
Common stock, par value $0.0001, 350,000,000 shares authorized; 38,674,265 issued and outstanding at both March 31, 2019 and December 31, 2018	`CommonStockValue`	$3.87K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.18M	USD	Point-in-time
Stock subscription receivable	`CommonStockSharesSubscriptions`	$1.69M	USD	Point-in-time
Stock subscription receivable	`CommonStockSharesSubscriptions`	$1.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-7.62M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.70M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.12M	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`	$12.48M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$12.08M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$821.39K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$484.75K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$470.23K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$397.77K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-882.52K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-1.29M	USD	1 Quarter
Interest expense	`InterestExpense`	$87.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.60K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.99K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.02K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.38M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-881.13K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-130.30K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-281.53K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-750.83K	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`	$-0.02	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	35.27M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	38.67M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares transferred	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-750.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.10M	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Amortization of right-of-use assets	`AmortizationOfRightofuseAssets`	-	USD	1 Quarter
Amortization of right-of-use assets	`AmortizationOfRightofuseAssets`	$17.95K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$36.14K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$25.43K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-130.30K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-281.53K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$58.56K	USD	1 Quarter
Payments made directly to our Contract Research Organization by an investor in partial satisfaction of their stock subscription receivable	`PaymentsMadeDirectlyByInvestorInPartialSatisfactionOfTheirStockSubscriptionReceivable`	$115.00K	USD	1 Quarter
Payments made directly to our Contract Research Organization by an investor in partial satisfaction of their stock subscription receivable	`PaymentsMadeDirectlyByInvestorInPartialSatisfactionOfTheirStockSubscriptionReceivable`	-	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-10.63K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.26K	USD	1 Quarter
Current portion of operating lease liability	`IncreaseDecreaseInCurrentPortionOfOperatingLeaseLiability`	-	USD	1 Quarter
Current portion of operating lease liability	`IncreaseDecreaseInCurrentPortionOfOperatingLeaseLiability`	$-19.28K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$51.60K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$4.60K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.04K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$54.19K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-25.58K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$36.02K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$34.92K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$102.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-492.43K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.07M	USD	1 Quarter
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of intangible asset	`PaymentsToAcquireIntangibleAssets`	$1.78K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.78K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.07M	USD	1 Quarter
Net Decrease in Cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-492.43K	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.78M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$2.85M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.74M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashAndCashEquivalentsAtCarryingValue`	$1.25M	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`	$2.85M	USD	Point-in-time
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$293.20K	USD	1 Quarter
Reduction in deferred lease liability	`ReductionInDeferredLeaseLiability`	$-9.96K	USD	1 Quarter
Reduction in deferred lease liability	`ReductionInDeferredLeaseLiability`	-	USD	1 Quarter
Operating lease liability	`OperatingLeaseLiabilities`	$303.16K	USD	1 Quarter
Operating lease liability	`OperatingLeaseLiabilities`	-	USD	1 Quarter
Recognize the exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	-	USD	1 Quarter
Recognize the exclusive license intangible asset acquired from CoNCERT	`RecognizeExclusiveLicenseIntangibleAssetAcquired`	$-11.04M	USD	1 Quarter
Recognize deferred tax liability for basis difference of Intangible asset	`RecognizationOfDeferredTaxLiability`	-	USD	1 Quarter
Recognize deferred tax liability for basis difference of 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 released by Promet to CoNCERT for Processa	`PaymentOfAdditionalPaidInCapitalForConsideration`	-	USD	1 Quarter
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	1 Quarter
Net	`NonCashInvestingAndFinancingActivitiesNet`	-	USD	1 Quarter
Net	`NonCashInvestingAndFinancingActivitiesNet`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Common stock, shares exchanged	`BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued`	2.09M	shares	1 Quarter
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$373.16K	USD	Point-in-time
Recognize the fair value of the license acquired from CoNCERT in exchange for 2,090,301 common shares of Processa held by Promet	`AdjustmentsToAdditionalPaidInCapitalOther`	$8.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$58.56K	USD	1 Quarter
Payments made directly by investor for clinical trial costs	`PaymentsMadeDirectlyByInvestorForClinicalTrialCosts`	$115.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-750.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.10M	USD	1 Quarter
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.12M	USD	Point-in-time
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.