Guardion Health Sciences, Inc. (“Guardion” or the “Company”)
(Nasdaq: GHSI), today announced its unaudited financial results for
the three months and nine months ended September 30, 2019.
RECENT HIGHLIGHTS:
- Revenue from Guardion’s flagship medical food Lumega-Z
increased 31% in the three months ended September 30, 2019 and 33%
in the nine months ended September 30, 2019, as compared to the
prior year’s comparable period revenue.
- Acquired certain assets of NutriGuard Research, Inc., a 30-year
old globally respected and physician-preferred nutraceuticals
brand, enabling Guardion to establish a branded direct-to-consumer
capability.
- Received approval from the United States Patent and Trademark
Office for expanded claims for the Company’s proprietary medical
device, the MapcatSF®.
- Completed development of the Company’s computer-generated
CSV-2000TM standardized contrast sensitivity test and introduced
the commercial product at Vision Expo West in September 2019.
- Announced statistically significant blood assay study results,
showing 40 times higher blood concentration levels of
Mesozeaxanthin from Lumega-Z, as compared to standard AREDS2
over-the-counter gel caps.
- Closed public offering August 15 consisting of 12,000,000
shares of common stock, pre-funded warrants exercisable for
1,000,000 shares of common stock, warrants to purchase up to an
aggregate of 13,000,000 shares of common stock, and an additional
1,950,000 warrants upon exercise of the underwriters’
over-allotment option, resulting in net proceeds of $4,944,340
after deducting underwriting discounts, commissions, and
expenses.
- Closed public offering October 30 consisting of 24,500,000
shares of common stock (including 1,700,000 pre-funded warrants to
purchase common stock in lieu thereof) and warrants to purchase up
to 24,500,000 shares of the Company’s common stock, resulting in
net proceeds of approximately $7.2 million after deducting
underwriting discounts, commissions and expenses.
- Management believes that with net proceeds raised of
approximately $12.1 million from the August and October offerings
that the Company has adequate funding to pursue its planned
business initiatives and operations through at least December 31,
2020.
MANAGEMENT COMMENTARY:
Michael Favish, Guardion’s Chief Executive
Officer, commented, “We are pleased with the progress we made in
the third-quarter, which was highlighted by revenue growth in our
flagship medical food Lumega-Z. As a result of the recent
commercial introduction of the VectorVision CSV-2000 device to the
marketplace in September 2019, we anticipate positive momentum from
this business in 2020.”
“Our team’s continued focus on successful
patient outcomes and product excellence has already resulted in a
strong start to the fourth quarter, with improving revenue in
October 2019 as compared to October 2018. We are focused on
expanding our position as one of the most trusted names in the
ocular health care field, consistently bringing new innovations to
market that can have a measurable impact on vision therapy and
preservation over many years. With no direct competition in the
glaucoma therapy market, and no effective treatments for
age-related macular degeneration, Guardion’s products represent
unique, market-leading treatments, and we are beginning to see this
realization through wider adoption of our products by physicians
and customers.”
“Furthermore, we anticipate that the NutriGuard
transaction will fast-track our direct-to- consumer platform,
enabling wider distribution and awareness of our products to
NutriGuard’s long-standing customer and doctor base. Overall, we
will continue to invest in our infrastructure to ensure that we are
able to properly scale operations in anticipation of the growing
demand for our products. I am enthusiastic about the long-term
growth prospects for our growing product portfolio and remain
committed to setting the industry’s bar for consistency and
execution in the dynamic and rapidly growing world of ocular
health,” concluded Mr. Favish.
FINANCIAL HIGHLIGHTS
(Unaudited):
Third Quarter - Three Months Ended
September 30, 2019:
- Total consolidated revenue was $161,162 for the three months
ended September 30, 2019, as compared to $294,230 for the three
months ended September 30, 2018, reflecting a decrease of $133,068
or 45%. This decrease was primarily due to a reduction in sales of
the VectorVision CSV-1000 device in the third quarter of 2019, as
the market awaited the release of the CSV-2000. The CSV-2000 will
be the only computer-generated vision testing instrument available
and provides the Company’s proprietary, industry-standard contrast
sensitivity test. While the CSV-1000 will continue to be sold, the
Company will be focusing its efforts on marketing the CSV-2000,
sales of which are planned to commence during the fourth quarter of
2019.
- Revenue from the Company’s Medical Foods segment was $112,957
for the three months ended September 30, 2019, as compared to
$86,082 for the three months ended September 30, 2018, reflecting
an increase of $26,875 or 31%. This increase reflects an increased
customer base for Lumega-Z, the Company’s flagship medical food,
which replenishes and restores the macular protective pigment, as
the Company expands into new clinics. The Company plans to continue
developing its medical foods segment and expects it to be a driving
force for future revenue and growth.
- Revenue from the Company’s Vision Testing Diagnostics segment
was $44,705 for the three months ended September 30, 2019, as
compared to $208,148 for the three months ended September 30, 2018,
reflecting a decrease of $163,443 or 79%. The decrease was
primarily due to the market’s anticipation of the new CSV-2000
VectorVision product discussed above.
- Gross profit for the three months ended September 30, 2019 was
$90,163, as compared to $168,824 for the three months ended
September 30, 2018, reflecting a decrease of $78,661 or 47%,
primarily due to the VectorVision product transition discussed
above. Gross profit represented 56% of revenue for the three months
ended September 30, 2019, as compared to 57% of revenue for the
three months ended September 30, 2018.
- Research and development costs for the three months ended
September 30, 2019 were $31,897, as compared to $4,793 for the
three months ended September 30, 2018, reflecting an increase of
$27,104. This increase was primarily due to engineering development
costs associated with the development of the Company’s CSV-2000
product.
- Sales and marketing costs for the three months ended September
30, 2019 were $448,387, as compared to $240,028 for the three
months ended September 30, 2018, reflecting an increase of $208,359
or 87%, primarily due to increases in marketing, website
development, professional services, and trade show expenses in the
three months ended September 30, 2019.
- General and administrative costs for the three months ended
September 30, 2019 were $2,022,367, as compared to $1,064,645 for
the three months ended September 30, 2018, reflecting an increase
of $957,722 or 90%, primarily due to increases in stock-based
compensation cost as well as increased consulting, professional
services, investor relations, legal fees, and corporate insurance.
Included in general and administrative costs were stock-based
compensation costs of $779,000 in 2019 as compared to $350,000 in
2018.
- Net loss for the three months ended September 30, 2019 was
$2,385,371, as compared to a net loss of $2,148,193 for the three
months ended September 30, 2018, reflecting an increase of $237,178
or 11%. The increase in net loss in 2019 as compared to 2018 was
primarily due to an increase in non-cash stock compensation costs
of approximately $429,000.
Nine Months Ended September 30,
2019:
- Total consolidated revenue was $664,669 for the nine months
ended September 30, 2019, as compared to $708,047 for the nine
months ended September 30, 2018, reflecting a decrease of $43,378
or 6%. This decrease was primarily due to a reduction in sales of
the VectorVision CSV-1000 device in the third quarter of 2019, as
the market awaited the release of the CVS-2000.
- Revenue from the Company’s Medical Foods segment was $317,338
for the nine months ended September 30, 2019, as compared to
$238,213 for the nine months ended September 30, 2018, reflecting
an increase of $79,125 or 33%. This increase reflects an increased
customer base for Lumega-Z.
- Revenue from the Company’s Vision Testing Diagnostics segment
were $337,531 for the nine months ended September 30, 2019, as
compared to $469,834 for the nine months ended September 30, 2018,
reflecting a decrease of $132,303 or 28%, primarily due to the
VectorVision product transition discussed above.
- Gross Profit for the nine months ended September 30, 2019 was
$403,122, as compared to $415,586 for the nine months ended
September 30, 2018, reflecting a decrease of $12,464 or 3%,
primarily due to the VectorVision product transition discussed
above. Gross profit represented 61% of revenue for the nine months
ended September 30, 2019, as compared to 59% of revenue for the
nine months ended September 30, 2018.
- Research and development costs for the nine months ended
September 30, 2019 were $138,613, as compared to $199,500 for the
nine months ended September 30, 2018, reflecting a decrease of
$60,887 or 31%. This decrease was due to reduced engineering
development costs associated with the Company’s MapcatSF® medical
device during 2019, which was partially offset by increased
engineering costs incurred with respect to the development of the
Company’s CSV-2000 product.
- Sales and marketing costs for the nine months ended September
30, 2019 were $1,246,846, as compared to $1,224,491 for the nine
months ended September 30, 2018, reflecting an increase of $22,355
or 2%.
- General and administrative costs for the nine months ended
September 30, 2019 were $5,427,573, as compared to $3,779,325 for
the nine months ended September 30, 2018, reflecting an increase of
$1,648,248 or 44%, primarily due to increases in stock-based
compensation cost as well as increased consulting, professional
services, investor relations, legal fees, corporate insurance, and
travel. Included in general and administrative costs for the nine
month periods were stock-based compensation costs of $2,088,000 in
2019 as compared to $1,405,000 in 2018.
- Net loss for the nine months ended September 30, 2019 was
$6,822,553, as compared to a net loss of $6,291,217 for the nine
months ended September 30, 2018, reflecting an increase of $531,336
or 8%. The increase in net loss in 2019 as compared to 2018 was
primarily due to an increase in non-cash stock compensation costs
of approximately $683,000.
Liquidity:
As of September 30, 2019, the Company had cash
of $5,554,960, working capital of $5,672,704, and total assets of
$8,955,046. On October 30, 2019, the Company completed an
underwritten public offering consisting of 24,500,000 shares of
common stock (or pre-funded warrants to purchase common stock in
lieu thereof) and Series B warrants to purchase up to 24,500,000
shares of the Company’s common stock, which generated net proceeds
to the Company of approximately $7,200,000.
About Guardion Health Sciences,
Inc.
Guardion is an ocular health sciences company
that develops, formulates and distributes condition-specific
medical foods supported by evidence-based protocols, with a lead
medical food product, Lumega-Z®, that addresses a depleted macular
protective pigment, a known risk factor for age-related macular
degeneration (“AMD”) and a significant component of functional
vision performance. Guardion has also developed a proprietary
medical device, the MapcatSF®, which accurately measures the
macular pigment density, thereby providing the only two-pronged
evidence-based protocol for the treatment of a depleted macular
protective pigment. Information and risk factors with respect to
Guardion and its business, including its ability to successfully
develop and commercialize its proprietary products and
technologies, may be obtained in the Company’s filings with the
Securities and Exchange Commission (“SEC”) at www.sec.gov.
About
VectorVision®
VectorVision®, operating through a wholly owned
subsidiary of the Company, specializes in the standardization of
contrast sensitivity, glare sensitivity, low contrast acuity, and
ETDRS acuity vision testing. Its patented standardization system
provides the practitioner or researcher the ability to delineate
very small changes in visual capability, either as compared to the
population or from visit to visit. VectorVision®’s CSV-1000 device
is considered the standard of care for clinical trials. The Company
recently completed the development of the CSV-2000, which will be
the only computer-generated vision testing instrument available
that can provide the Company’s proprietary, industry-standard
contrast sensitivity test.
Forward-Looking Statement
Disclaimer
With the exception of the historical information
contained in this news release, the matters described herein may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
involve unknown risks and uncertainties that may individually or
materially impact the matters discussed herein for a variety of
reasons that are outside the control of the Company, including, but
not limited to, the Company’s ability to raise sufficient financing
to implement its business plan and its ability to successfully
develop and commercialize its proprietary products and
technologies. Readers are cautioned not to place undue reliance on
these forward-looking statements, as actual results could differ
materially from those described in the forward-looking statements
contained herein. Readers are urged to read the risk factors set
forth in the Company’s filings with the SEC, which are available at
the SEC’s website (www.sec.gov). The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Company Contact:
Michael
Favish
Chief Executive Officer
Telephone: (858) 605-9055 x
201
E-mail: mfavish@guardionhealth.com
Investor Relations Contact:
Matthew AbenantePorter, LeVay & Rose, Inc.Telephone: (212)
564-4700E-mail: guardion@plrinvest.com
The following tables should be read in conjunction with the
footnotes accompanying the condensed consolidated financial
statements contained in the Quarterly Report on Form 10-Q filed
today with the Securities and Exchange Commission.
Guardion Health Sciences,
Inc.Condensed Consolidated Balance
Sheets
|
|
September 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
5,554,960 |
|
|
$ |
670,948 |
|
Accounts receivable |
|
|
21,927 |
|
|
|
28,203 |
|
Inventories |
|
|
320,355 |
|
|
|
357,997 |
|
Prepaid expenses |
|
|
234,384 |
|
|
|
47,773 |
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
|
6,131,626 |
|
|
|
1,104,921 |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,751 |
|
|
|
11,751 |
|
Property and equipment,
net |
|
|
389,074 |
|
|
|
274,804 |
|
Right of use asset, net |
|
|
563,948 |
|
|
|
- |
|
Deferred offering costs |
|
|
- |
|
|
|
270,000 |
|
Intangible assets, net |
|
|
295,127 |
|
|
|
456,104 |
|
Goodwill |
|
|
1,563,520 |
|
|
|
1,563,520 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
8,955,046 |
|
|
$ |
3,681,100 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
218,815 |
|
|
$ |
413,925 |
|
Accrued expenses and deferred rent |
|
|
63,964 |
|
|
|
81,412 |
|
Derivative warrant liability |
|
|
47,118 |
|
|
|
- |
|
Lease liability – current |
|
|
129,025 |
|
|
|
- |
|
Total current
liabilities |
|
|
458,922 |
|
|
|
495,337 |
|
|
|
|
|
|
|
|
|
|
Lease liability – long
term |
|
|
447,292 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
906,214 |
|
|
|
495,337 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value; 10,000,000 shares authorized |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par
value; 90,000,000 shares authorized; 50,482,562 and 20,564,328
shares issued and outstanding at September 30, 2019 and December
31, 2018, respectively |
|
|
50,483 |
|
|
|
20,564 |
|
Additional paid-in
capital |
|
|
49,454,265 |
|
|
|
37,798,562 |
|
Accumulated deficit |
|
|
(41,455,916 |
) |
|
|
(34,633,363 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’
equity |
|
|
8,048,832 |
|
|
|
3,185,763 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
|
$ |
8,955,046 |
|
|
$ |
3,681,100 |
|
Guardion Health Sciences,
Inc.Condensed Consolidated Statements of
Operations
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical foods |
|
$ |
112,957 |
|
|
$ |
86,082 |
|
|
$ |
317,338 |
|
|
$ |
238,213 |
|
Vision testing diagnostics |
|
|
44,705 |
|
|
|
208,148 |
|
|
|
337,531 |
|
|
|
469,834 |
|
Other |
|
|
3,500 |
|
|
|
- |
|
|
|
9,800 |
|
|
|
- |
|
Total
revenue |
|
|
161,162 |
|
|
|
294,230 |
|
|
|
664,669 |
|
|
|
708,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical foods |
|
|
41,655 |
|
|
|
37,076 |
|
|
|
120,608 |
|
|
|
110,462 |
|
Vision testing diagnostics |
|
|
27,922 |
|
|
|
88,330 |
|
|
|
136,958 |
|
|
|
181,999 |
|
Other |
|
|
1,422 |
|
|
|
- |
|
|
|
3,981 |
|
|
|
- |
|
Total cost of goods
sold |
|
|
70,999 |
|
|
|
125,406 |
|
|
|
261,547 |
|
|
|
292,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
90,163 |
|
|
|
168,824 |
|
|
|
403,122 |
|
|
|
415,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
31,897 |
|
|
|
4,793 |
|
|
|
138,613 |
|
|
|
199,500 |
|
Sales and marketing |
|
|
448,387 |
|
|
|
240,028 |
|
|
|
1,246,846 |
|
|
|
1,224,491 |
|
General and administrative |
|
|
2,022,367 |
|
|
|
1,064,645 |
|
|
|
5,427,573 |
|
|
|
3,779,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
2,502,651 |
|
|
|
1,309,466 |
|
|
|
6,813,032 |
|
|
|
5,203,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(2,412,488 |
) |
|
|
(1,140,642 |
) |
|
|
(6,409,910 |
) |
|
|
(4,787,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
4,205 |
|
|
|
545 |
|
|
|
255,842 |
|
|
|
2,090 |
|
Finance cost upon issuance of warrants |
|
|
- |
|
|
|
- |
|
|
|
415,955 |
|
|
|
- |
|
Change in fair value of derivative warrants |
|
|
(31,322 |
) |
|
|
- |
|
|
|
(259,154 |
) |
|
|
- |
|
Costs associated with extension of warrant expiration dates |
|
|
- |
|
|
|
1,007,006 |
|
|
|
- |
|
|
|
1,501,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (income)
expense |
|
|
(27,117 |
) |
|
|
1,007,551 |
|
|
|
412,643 |
|
|
|
1,503,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,385,371 |
) |
|
$ |
(2,148,193 |
) |
|
$ |
(6,822,553 |
) |
|
$ |
(6,291,217 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share –
basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.31 |
) |
Weighted average common shares
outstanding – basic and diluted |
|
|
36,035,309 |
|
|
|
20,164,761 |
|
|
|
26,483,713 |
|
|
|
20,162,354 |
|
Guardion Health Sciences,
Inc.Condensed Consolidated Statements of Cash
Flows
|
|
Nine Months EndedSeptember
30, |
|
|
|
2019 |
|
|
2018 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,822,553 |
) |
|
$ |
(6,291,217 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
209,813 |
|
|
|
223,014 |
|
Amortization of debt discount |
|
|
250,000 |
|
|
|
- |
|
Accrued interest expense included in notes payable |
|
|
788 |
|
|
|
- |
|
Amortization of right of use asset |
|
|
93,222 |
|
|
|
- |
|
Stock-based compensation |
|
|
299,684 |
|
|
|
1,405,222 |
|
Stock-based compensation – officer and director |
|
|
1,788,751 |
|
|
|
- |
|
Non-cash financing costs – derivative liability |
|
|
415,955 |
|
|
|
- |
|
Change in fair value of warrants – derivative liability |
|
|
(259,154 |
) |
|
|
- |
|
Costs associated with extension of warrant expiration dates |
|
|
- |
|
|
|
1,501,397 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase) decrease in - |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
6,275 |
|
|
|
55,761 |
|
Inventories |
|
|
37,642 |
|
|
|
(226,537 |
) |
Deposits and prepaid expenses |
|
|
(186,611 |
) |
|
|
77,147 |
|
Lease liability |
|
|
(86,902 |
) |
|
|
- |
|
Increase (decrease) in - |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
75,439 |
|
|
|
(43,117 |
) |
Accrued expenses and deferred rent |
|
|
(11,399 |
) |
|
|
10,390 |
|
|
|
|
|
|
|
|
|
|
Net cash used in operating
activities |
|
|
(4,189,050 |
) |
|
|
(3,287,940 |
) |
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(163,105 |
) |
|
|
(228,311 |
) |
Purchase of intellectual property |
|
|
- |
|
|
|
(50,000 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities |
|
|
(163,105 |
) |
|
|
(278,311 |
) |
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Proceeds from initial public offering |
|
|
3,888,000 |
|
|
|
- |
|
Proceeds from follow-on public offering |
|
|
4,944,340 |
|
|
|
- |
|
Proceeds from issuance of convertible notes |
|
|
250,000 |
|
|
|
- |
|
Proceeds from issuance of promissory note |
|
|
100,000 |
|
|
|
- |
|
Payments on promissory note |
|
|
(100,548 |
) |
|
|
- |
|
Payments on line of credit |
|
|
- |
|
|
|
(30,535 |
) |
Proceeds from exercise of warrants |
|
|
154,375 |
|
|
|
1,460 |
|
Decrease in due to related parties |
|
|
- |
|
|
|
(38,114 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in)
financing activities |
|
|
9,236,167 |
|
|
|
(67,189 |
) |
|
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
|
|
|
Net increase (decrease) |
|
|
4,884,012 |
|
|
|
(3,633,440 |
) |
Balance at beginning of
period |
|
|
670,948 |
|
|
|
4,735,230 |
|
Balance at end of
period |
|
$ |
5,554,960 |
|
|
$ |
1,101,790 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for- |
|
|
|
|
|
|
|
|
Interest |
|
$ |
- |
|
|
$ |
- |
|
Income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Non-cash financing
activities: |
|
|
|
|
|
|
|
|
Fair value of warrant liability issued in connection with issuance
of convertible notes |
|
$ |
436,034 |
|
|
$ |
- |
|
Recording of lease asset and liability upon adoption of ASU
2016-02 |
|
$ |
663,218 |
|
|
$ |
- |
|
Reclass of warrant liability to equity |
|
$ |
359,683 |
|
|
$ |
- |
|
Fair value of common stock issued upon conversion of common stock
and accrued interest |
|
$ |
250,788 |
|
|
$ |
- |
|
Reclass of deferred offering cost to equity |
|
$ |
270,000 |
|
|
$ |
- |
|
Guardion Health Sciences (NASDAQ:GHSI)
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From Apr 2023 to Apr 2024