10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-009002`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	pcsa-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 20 Cash Flow Statement 52 Stockholders Equity 14

Balance Sheet 74 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`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$142.28K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.49M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.49M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$691.54K	USD	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.49M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.49M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$28.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$186.25K	USD	Point-in-time
Common stock, shares deemed dividend payable	`CommonStockSharesDeemedDividendPayable`	28,971.00	shares	Point-in-time
Common stock, shares deemed dividend payable	`CommonStockSharesDeemedDividendPayable`	28,971.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$315.61K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.01M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$356.52K	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$19.74K	USD	Point-in-time
Software	`CapitalizedComputerSoftwareGross`	$19.74K	USD	Point-in-time
Office equipment	`MachineryAndEquipmentGross`	$9.33K	USD	Point-in-time
Office 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`	$22.25K	USD	Point-in-time
Less: accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$20.14K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.82K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.93K	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$219.07K	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$199.53K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.44M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$9.64M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$9.65M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$9.87M	USD	Point-in-time
Total Assets	`Assets`	$10.88M	USD	Point-in-time
Total Assets	`Assets`	$10.01M	USD	Point-in-time
Senior convertible notes, net of debt issuance costs	`SeniorNotesCurrent`	$802.50K	USD	Point-in-time
Senior convertible notes, net of debt issuance costs	`SeniorNotesCurrent`	$803.57K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$78.01K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$77.99K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$38.00K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$21.90K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$93.22K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$75.61K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$316.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$233.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$213.24K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.19M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.25M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$128.15K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$147.39K	USD	Point-in-time
Net deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.40M	USD	Point-in-time
Net deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.53M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.78M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.87M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.0001, 100,000,000 shares authorized; 5,486,476 issued and outstanding at both March 31, 2020 and December 31, 2019	`CommonStockValue`	$549.00	USD	Point-in-time
Common stock, par value $0.0001, 100,000,000 shares authorized; 5,486,476 issued and outstanding at both March 31, 2020 and December 31, 2019	`CommonStockValue`	$549.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.09M	USD	Point-in-time
Common stock deemed dividend payable: 28,971 shares at par value	`CommonStockDeemedDividendPayable`	$3.00	USD	Point-in-time
Common stock deemed dividend payable: 28,971 shares at par value	`CommonStockDeemedDividendPayable`	$3.00	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-11.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-10.98M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$7.23M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.70M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$8.01M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$9.12M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$10.88M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$10.01M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpense`	$484.75K	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$501.77K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$484.35K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$397.77K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-882.52K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-986.12K	USD	1 Quarter
Interest expense	`InterestExpense`	$17.17K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.60K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$829.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.99K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-881.13K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-128.13K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-130.30K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-750.83K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.53M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.52M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-750.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$17.95K	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$19.55K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.07K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-128.13K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-130.30K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$98.66K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$58.56K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-129.35K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.63K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$19.28K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$19.22K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$4.60K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$16.10K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$17.60K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.04K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueFromRelatedParties`	$28.31K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueFromRelatedParties`	$25.58K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$34.92K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$20.26K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-546.45K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-607.43K	USD	1 Quarter
Proceeds received in satisfaction of stock subscription receivable	`ProceedsFromIssuanceSubscriptionReceivable`	-	USD	1 Quarter
Proceeds received in satisfaction of stock subscription receivable	`ProceedsFromIssuanceSubscriptionReceivable`	$115.00K	USD	1 Quarter
Transaction costs related to anticipated 2020 offering	`TransactionCostsRelatedToAnticipatedOffering`	$2.81K	USD	1 Quarter
Transaction costs related to anticipated 2020 offering	`TransactionCostsRelatedToAnticipatedOffering`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$115.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.81K	USD	1 Quarter
Net Decrease in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-549.26K	USD	1 Quarter
Net Decrease in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-492.43K	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$691.54K	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.25M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.74M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.28K	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$691.54K	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.25M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.74M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.28K	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`	-	USD	1 Quarter
Reduction in deferred lease liability	`ReductionInDeferredLeaseLiability`	$-9.96K	USD	1 Quarter
Operating lease liability	`OperatingLeaseLiabilities`	$303.16K	USD	1 Quarter
Operating lease liability	`OperatingLeaseLiabilities`	-	USD	1 Quarter
Net	`NonCashleaseLiabilityNet`	-	USD	1 Quarter
Net	`NonCashleaseLiabilityNet`	-	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.12M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$58.56K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$98.66K	USD	1 Quarter
Payments made by investor for clinical trial costs	`AdjustmentsToAdditionalPaidInCapitalPaymentMadeByInvestorForClinicalTrialCosts`	$115.00K	USD	1 Quarter
Transaction costs related to anticipated 2020 offering	`AdjustmentToAdditionalPaidInCapitalTransactionCostsRelatedToAnticipatedOffering`	$-2.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-750.83K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.12M	USD	Point-in-time

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