Guardion Health Sciences, Inc. (Nasdaq: GHSI) (“Guardion” or the
“Company”), a clinical nutrition and diagnostics company that
develops clinically supported nutrition, medical foods, supplements
and medical devices, announced its financial results for the three
months and six months ended June 30, 2021. The Company also
provided a corporate update and overview of growth plans to
shareholders.
Financial highlights for the three months ended June 30, 2021,
include the following:
- Total revenue of
$1,223,720 for the three months ended June 30, 2021, as compared to
$1,190,909 for the three months ended June 30, 2020, an increase of
approximately 3%. Revenue for the three months ended June 30, 2020,
included product sales of $890,000 to a Malaysian distributor, but
there have been no repeat orders due to Covid-related impact on
demand. Although the Company has business initiatives in process in
Asia, the Company does not expect these to develop into revenues
until 2022 at the earliest. Total revenue for the three months
ended June 30, 2021 includes one month of Activ Nutritional’s
(“Activ”) contribution, which represented approximately 86% of the
total revenue for the period. The Company expects this performance
from Activ to continue and possibly accelerate in future
periods.
- Net loss for the
three months ended June 30, 2021, of $(4,540,288) or $(0.19) per
share, as compared to a net loss of $(707,160) or $(0.05) per share
for the three months ended June 30, 2020. The net loss for the
three months ended June 30, 2021 included one-time transaction
costs from the acquisition of Activ Nutritional, LLC. of
$2,103,680.
-
Cash and short-term investments balance of $12,502,677 and working
capital of $14,741,926 at June 30, 2021.
Corporate highlights for the three months ended
June 30, 2021 and subsequently include the following:
- Acquired Activ
Nutritional, LLC, including the Viactiv® line of supplement chews
for bone health, immune health and other applications, which are
profitably marketed through many of the nation’s largest retailers,
including, among others, Walmart (retail and online), Target and
Amazon. The integration of the Viactiv brand and business with the
Company’s other operations is proceeding satisfactorily.
- Appointed Craig
Sheehan as Chief Commercial Officer. Mr. Sheehan was the senior
executive responsible for the Viactiv brand for the last four years
with the prior owner. Prior to Viactiv, Mr. Sheehan spent 20 years
in key marketing leadership positions at Church & Dwight, where
he drove the growth of such iconic, science-backed brands as Arm
& Hammer®, First Response®, OxiClean®, and Vitafusion®.
- Appointed
Jeffrey Benjamin as the Company’s Chief Accounting Officer. Mr.
Benjamin is an experienced corporate controller with both public
and private company experience, and he will be responsible for the
Company’s accounting, financial and reporting functions.
- Initiated a
placebo-controlled clinical trial to study the impact on visual
function, as measured by visual field sensitivity, in patients with
glaucoma after a 12-week regimen of the Company’s GlaucoCetin®
product. The study also involves a new capsule delivery system for
the Company’s GlaucoCetin® product.
Bret Scholtes, Guardion’s President and Chief
Executive Officer, commented, “The three months ended June 30, 2021
marks the beginning of a new era for Guardion, as the acquisition
and integration of the Viactiv line of products has changed the
Company’s financial position, market profile and brand focus, and
has also expanded the Company’s search for additional business
opportunities in the short-term, both internal and external.”
The Company believes the Viactiv acquisition
adds valuable attributes, including (1) Viactiv’s brand awareness
and acceptance from the consumer; (2) experienced management; (3)
established distribution networks and relationships; (4) product
development potential; and (5) a long track record of
profitability.
- Brand awareness
– Viactiv was initially launched by well-respected industry leaders
Mead Johnson/Johnson & Johnson over twenty years ago, and this
history, along with the product’s marketing campaigns, taste
profile and receipt of consistently positive consumer reviews, have
led to strong consumer awareness and acceptance.
- Experienced
management – As part of the acquisition the Company appointed Craig
Sheehan as the Company’s Chief Commercial Officer. Mr. Sheehan was
the senior executive responsible for the Viactiv brand as a member
of the executive leadership team of Adare Pharmaceuticals.
- Established
distribution – Viactiv’s products are currently marketed through
many of the nation’s largest retailers, including, among others,
Walmart (retail and online), Target, CVS and Amazon.
- Product
development potential – The Viactiv brand has promising organic
growth potential through expanded product development, increased
marketing programs, and line extensions. Viactiv recently launched
its Calcium Plus Immune product and there are other complementary
products in development that the Company is considering bring to
market.
- Track record of
profitability – Viactiv generated net revenues of approximately
$11,900,000 in 2020 and operating income of approximately
$1,200,000 in 2020. For the three months and six months ended June
30, 2021, on a pro forma basis, Guardion’s total revenues would
have been $3,016,094 and $6,989,810, respectively, and the Viactiv
products would have accounted for 94% and 94%, respectively, of
Guardion’s pro forma total revenues for those periods. The Company
expects the acquisition of Viactiv to contribute increasing revenue
and consistent operating margins and profitability, as well as a
multitude of growth opportunities, to the Company. More detailed
financial information on Viactiv, including annual audited and
interim unaudited historical financial statements and related pro
forma financial information, is provided in the Company’s recently
filed Current Report on Form 8-K/A filed with the Securities and
Exchange Commission on August 10, 2021 and available at
www.sec.gov.
Mr. Scholtes continued, “Moving forward,
Guardion has the opportunity to benefit strategically from its
acquisition of Activ by applying the knowledge previously gained in
launching and commercializing those products, including the roles
of branding, e-commerce, digital marketing, and appropriate
collaboration with healthcare providers, to further grow the
Viactiv brand. Guardion also sees an opportunity to orient our
focus on clinically supported nutrition, backed by research, to the
nutrient categories where Viactiv is positioned. Guardion plans to
explore the potential for novel compounds that include unique
combinations of ingredients to support nutritional needs across a
wider range of health care applications.”
“Equally as important are the opportunities to
apply this knowledge to products Guardion owned prior to the
Viactiv acquisition. As discussed, Guardion acquired Viactiv to
accelerate its strategy of building a clinical nutrition company.
Management believes Viactiv’s widely recognizable brand and its
established distribution can benefit the other products in
Guardion’s portfolio. Guardion has commenced an evaluation of each
of these legacy products to understand the opportunities to
increase their contribution to the overall business plan by
leveraging Viactiv’s well established attributes.”
“Over the long-term, Guardion believes that its
success will depend on its ability to create value in
well-differentiated and robust brands through strong clinically
proven claims that address consumer needs in growing markets, both
domestically and internationally. Guardion is committed to bringing
compelling products to market under meaningful and differentiated
brands that are supported by strong science. Guardion is much
better positioned to create value for its shareholders as a result
of the Viactiv product acquisition.
Guardion is currently working on a number of
initiatives that it believes will achieve its long-term goals of
building a clinical nutrition business, including the
following:
Growth initiatives focused on increasing revenue
and bringing compelling products to market.
- Brand Strategy –
Brands are an important part of Guardion’s strategy, and Guardion’s
team is evaluating the best ways to manage its brand portfolio. In
particular, Guardion is seeking to develop a strategy that best
leverages Viactiv’s strong consumer awareness and acceptance.
- Scientific Work
– Guardion’s team continuously evaluates scientific journals and
clinical evidence to improve the science behind its existing
products and to drive the product development process. In addition,
Guardion is working with health care professionals to increase
clinical evidence on existing products.
- Product Strategy
– Guardion’s team is evaluating its current product portfolio and
seeking opportunities to improve its existing products that are
strategic to its business focus and present solid growth potential,
and to develop compelling, strategically focused products. Guardion
is focused on differentiated formulations, product taste,
compelling product formats, and competitive cost structures.
- Sales Channels –
Guardion’s team is evaluating opportunities to increase product
commercialization through better access to sales channels. The
Viactiv products enjoy established distribution through traditional
retailers and third-party eCommerce retailers. Guardion’s other
clinical nutrition products are sold directly to consumers via the
Company’s website. By leveraging Guardion’s collective experience
selling in these channels, Guardion seeks to increase distribution
of its products.
- Strengthening
Management – Guardion is continuing to seek and retain experienced
and qualified management resources who have demonstrated successful
track records in generating sustained, profitable growth in the
clinical nutrition industry.
Efficiency initiatives focused on increased
profitability.
- Logistics – The
Guardion team is evaluating the way its products are handled,
stored and transported.
- Office costs –
The Company has moved its executive offices to Houston, Texas, in
part because the Company’s Chief Executive Officer is located
there. The Company is evaluating options to further decrease costs
as a result of this relocation, and the Company’s successful use of
virtual management.
- Portfolio and
Business Line evaluation – The Company is evaluating its entire
product portfolio and related business lines, with the objective
being to identify efficiencies and insuring fit with the Company’s
strategic direction. The Company intends to focus on those products
and technologies that possess the greatest opportunity for
commercial success within a reasonable period of time and with a
reasonable deployment of capital.
- Information
Technology – The Guardion team is implementing a number of
information technology projects designed to increase efficiency and
marketing effectiveness, and to manage risk.
“In addition to the commercialization and
business development activities described above, Guardion is also
seeking opportunities to utilize mergers and acquisitions and
similar transactions to advance its business strategy. Targets that
would advance Guardion’s business strategy and focus, include
companies with an established brand presence, strong distribution
channels and/or profitable sales, commercialized products that
could strengthen our product portfolio, and present strong growth
opportunities, and unique science or technology, profiles. In the
meantime, the Guardion management is looking forward to increasing
the frequency of shareholder communications to be able to report on
achieving measurable and tangible milestones as part of the
Company’s overall long-term progress,” concluded Mr. Scholtes.”
Financial Results
Three Months Ended June 30, 2021 and
2020
Total revenue for the three months ended June
30, 2021 increased by approximately 2.8% to $1,223,720, as compared
total revenue for the three months ended June 30, 2020 of
$1,190,909. The relatively flat overall performance in 2021 as
compared to 2020 was impacted by two major considerations: (1)
revenue for the three months ended June 30, 2020 included $890,000
of product sales to a Malaysian distributor, and (2) revenue for
the three months ended June 30, 2021 included one month of sales
$1,049,803 generated as a result of the Company’s acquisition of
the Activ brand and product line on June 1, 2021.
Operating expenses for the three months ended
June 30, 2021 were $5,099,055, as compared to operating expenses
for the three months ended June 30, 2020 of $1,254,556. Excluding
(1) the transaction costs associated with the Activ acquisition in
2021, (2) the costs associated with the resignation of the
Company’s former Chairman and Chief Executive Officer, and (3) the
impairment loss on equipment held for sale in 2020, operating costs
increased by $719,544 or approximately 31.6% in 2021 as compared to
2020, the majority of which were reflected in general and
administrative expenses.
Net loss for the three months ended March 31,
2021 was $(4,540,288), as compared to net loss for the three months
ended March 31, 2020 of $(707,160).
Six Months Ended June 30, 2021 and 2020
Total revenue for the six months ended June 30,
2021 increased by approximately 1.4% to $1,457,017, as compared
total revenue for the six months ended June 30, 2020 of $1,436,633.
The relatively flat overall performance in 2021 as compared to 2020
was impacted by two major considerations: (1) revenue for the six
months ended June 30, 2020 included $890,000 of product sales to a
Malaysian distributor, and (2) revenue for the six months ended
June 30, 2021 included one month of sales $1,049,803 generated as a
result of the Company’s acquisition of the Activ brand and product
line on June 1, 2021.
Operating expenses for the six months ended June
30, 2021 were $7,868,841, as compared to operating expenses for the
six months ended June 30, 2020 of $3,727,392. Excluding (1) the
transaction costs associated with the Activ acquisition in 2021,
(2) the costs associated with the resignation of the Company’s
former Chairman and Chief Executive Officer, and (3) the impairment
loss on equipment held for sale in 2020, operating costs increased
by $1,452,781 or approximately 33.7% in 2021 as compared to 2020,
the majority of which were reflected in general and administrative
expenses.
Net loss for the six months ended June 30, 2021
was $(7,209,813), as compared to net loss for the six months ended
June 30, 2020 of $(3,054,073).
About Guardion Health Sciences,
Inc.
Guardion Health Sciences, Inc. (Nasdaq: GHSI),
is a clinical nutrition and diagnostics company. Guardion’s
portfolio of science-based, clinically supported nutrition, medical
foods, and diagnostic products support healthcare professionals,
their patients, and consumers in achieving health goals. Guardion’s
commercial and developmental initiatives are supported by equally
impressive scientific and medical advisory boards, led by seasoned
business executives and physicians with many years of experience.
This combination of expertise and scientific knowledge forms the
foundation of Guardion’s growing position within the eye care
industry and the clinical nutrition marketplace. 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 U. S. Securities and Exchange Commission
(the “SEC”) at www.sec.gov.
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. Statements
preceded by, followed by or that otherwise include the words
“believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans,” “hopes” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could” are generally forward- looking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. 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, the
integration of new management team members, the implementation of
new financial, management, accounting and business software
systems, the integration of the Viactiv acquisition and possibly
additional acquisition targets, the impact of the COVID-19 pandemic
on the Company’s business, operations and the economy in general,
the Company’s ability to successfully develop and commercialize its
proprietary products and technologies, and the Company’s ability to
maintain compliance with Nasdaq’s listing requirements. 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.
Investor Relations Contact:CORE IRScott
Arnold516-222-2560scotta@coreir.com
Media Relations Contact:Jules AbrahamDirector
of Public RelationsCORE IR917-885-7378julesa@coreir.com
Guardion Health Sciences,
Inc.Condensed Consolidated Balance
Sheets
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
5,502,411 |
|
|
$ |
8,518,732 |
|
Short-term investments |
|
|
7,000,266 |
|
|
|
- |
|
Accounts receivable |
|
|
1,884,782 |
|
|
|
11,248 |
|
Inventories |
|
|
956,259 |
|
|
|
384,972 |
|
Prepaid expenses |
|
|
1,203,169 |
|
|
|
179,931 |
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
|
16,546,887 |
|
|
|
9,094,883 |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
11,751 |
|
|
|
11,751 |
|
Prepaid expense |
|
|
302,331 |
|
|
|
- |
|
Property and equipment,
net |
|
|
245,711 |
|
|
|
285,676 |
|
Right of use asset, net |
|
|
339,262 |
|
|
|
418,590 |
|
Intangible assets, net |
|
|
11,850,833 |
|
|
|
50,000 |
|
Goodwill |
|
|
11,988,050 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
41,284,825 |
|
|
$ |
9,860,900 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
768,338 |
|
|
$ |
608,313 |
|
Accrued expenses |
|
|
867,923 |
|
|
|
127,637 |
|
Operating lease liability – current |
|
|
168,700 |
|
|
|
162,845 |
|
Payable to former officer |
|
|
- |
|
|
|
148,958 |
|
Derivative warrant liability |
|
|
- |
|
|
|
25,978 |
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
|
1,804,961 |
|
|
|
1,073,731 |
|
|
|
|
|
|
|
|
|
|
Operating lease liability –
long term |
|
|
186,427 |
|
|
|
271,903 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
1,991,388 |
|
|
|
1,345,634 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par
value; 10,000,000 shares authorized, no shares issued and
outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par
value; 250,000,000 shares authorized; 24,426,993 shares and
15,170,628 shares issued and outstanding at June 30, 2021 and
December 31, 2020, respectively |
|
|
24,427 |
|
|
|
15,171 |
|
Additional paid-in
capital |
|
|
100,535,886 |
|
|
|
62,583,423 |
|
Accumulated deficit |
|
|
(61,266,876 |
) |
|
|
(54,083,328 |
) |
|
|
|
|
|
|
|
|
|
Total stockholders’
equity |
|
|
39,293,437 |
|
|
|
8,515,266 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
|
$ |
41,284,825 |
|
|
$ |
9,860,900 |
|
Guardion Health Sciences,
Inc.Condensed Consolidated Statements of
Operations (Unaudited)
|
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical nutrition |
|
$ |
1,171,445 |
|
|
$ |
1,152,894 |
|
|
$ |
1,333,588 |
|
|
$ |
1,304,028 |
|
Diagnostics equipment |
|
|
52,275 |
|
|
|
35,315 |
|
|
|
123,429 |
|
|
|
126,505 |
|
Other |
|
|
- |
|
|
|
2,700 |
|
|
|
- |
|
|
|
6,100 |
|
Total
revenue |
|
|
1,223,720 |
|
|
|
1,190,909 |
|
|
|
1,457,017 |
|
|
|
1,436,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clinical nutrition |
|
|
639,188 |
|
|
|
628,205 |
|
|
|
724,105 |
|
|
|
695,291 |
|
Diagnostics equipment |
|
|
26,031 |
|
|
|
15,278 |
|
|
|
74,150 |
|
|
|
55,920 |
|
Other |
|
|
- |
|
|
|
1,096 |
|
|
|
- |
|
|
|
2,477 |
|
Total cost of goods
sold |
|
|
665,219 |
|
|
|
644,579 |
|
|
|
798,255 |
|
|
|
753,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
558,501 |
|
|
|
546,330 |
|
|
|
658,762 |
|
|
|
682,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
16,756 |
|
|
|
44,581 |
|
|
|
37,364 |
|
|
|
75,769 |
|
Sales and marketing |
|
|
440,793 |
|
|
|
519,067 |
|
|
|
898,520 |
|
|
|
1,007,913 |
|
General and administrative |
|
|
2,537,826 |
|
|
|
1,712,183 |
|
|
|
4,829,277 |
|
|
|
3,228,698 |
|
Transaction costs related to acquisition of Activ Nutritional,
LLC |
|
|
2,103,680 |
|
|
|
- |
|
|
|
2,103,680 |
|
|
|
- |
|
Costs related to resignation of former officer (including the
reversal of previously recognized stock compensation expense of
$1,401,582 and $965,295 during the three months and six months
ended June 30, 2020, respectively) |
|
|
- |
|
|
|
(1,052,223 |
) |
|
|
- |
|
|
|
(615,936 |
) |
Impairment loss on equipment held for sale |
|
|
- |
|
|
|
30,948 |
|
|
|
- |
|
|
|
30,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
5,099,055 |
|
|
|
1,254,556 |
|
|
|
7,868,841 |
|
|
|
3,727,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(4,540,554 |
) |
|
|
(708,226 |
) |
|
|
(7,210,079 |
) |
|
|
(3,044,447 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
- |
|
|
|
(1,790 |
) |
|
|
- |
|
|
|
(3,538 |
) |
Interest income |
|
|
266 |
|
|
|
- |
|
|
|
266 |
|
|
|
- |
|
Change in fair value of derivative liability |
|
|
- |
|
|
|
2,856 |
|
|
|
- |
|
|
|
(6,088 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
(expense) |
|
|
266 |
|
|
|
1,066 |
|
|
|
266 |
|
|
|
(9,626 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,540,288 |
) |
|
$ |
(707,160 |
) |
|
$ |
(7,209,813 |
) |
|
$ |
(3,054,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share –
basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
Weighted average common shares
outstanding – basic and diluted |
|
|
24,426,993 |
|
|
|
14,427,869 |
|
|
|
22,897,683 |
|
|
|
13,766,465 |
|
|
|
For the Three Months Ended June 30, 2021 |
|
|
|
Corporate |
|
|
Clinical Nutrition |
|
|
Diagnostics Equipment |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
- |
|
|
$ |
1,171,445 |
|
|
$ |
52,275 |
|
|
$ |
1,223,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
- |
|
|
|
639,188 |
|
|
|
26,031 |
|
|
|
665,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
- |
|
|
|
532,257 |
|
|
|
26,244 |
|
|
|
558,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
expense |
|
|
343,092 |
|
|
|
- |
|
|
|
- |
|
|
|
343,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
2,759,319 |
|
|
|
1,938,799 |
|
|
|
57,845 |
|
|
|
4,755,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(3,102,411 |
) |
|
$ |
(1,406,542 |
) |
|
$ |
(31,601 |
) |
|
$ |
(4,540,554 |
) |
|
|
For the Three Months Ended June 30, 2020 |
|
|
Corporate |
|
|
Clinical Nutrition |
|
|
Diagnostics Equipment |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
2,700 |
|
|
$ |
1,152,894 |
|
|
$ |
35,315 |
|
|
$ |
1,190,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
1,096 |
|
|
|
628,205 |
|
|
|
15,278 |
|
|
|
644,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
1,604 |
|
|
|
524,689 |
|
|
|
20,037 |
|
|
|
546,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
expense |
|
|
(1,335,441) |
|
|
|
- |
|
|
|
- |
|
|
|
(1,335,441) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
1,423,869 |
|
|
|
1,072,508 |
|
|
|
93,620 |
|
|
|
2,589,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(86,824 |
) |
|
$ |
(547,819 |
) |
|
$ |
(73,583 |
) |
|
$ |
(708,226) |
|
|
For the Six Months Ended June 30, 2021 |
|
|
|
Corporate |
|
|
Clinical Nutrition |
|
|
Diagnostics Equipment |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
- |
|
|
$ |
1,333,588 |
|
|
$ |
123,429 |
|
|
$ |
1,457,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
- |
|
|
|
724,105 |
|
|
|
74,150 |
|
|
|
798,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
- |
|
|
|
609,483 |
|
|
|
49,279 |
|
|
|
658,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
expense |
|
|
730,707 |
|
|
|
- |
|
|
|
- |
|
|
|
730,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
3,909,898 |
|
|
|
3,114,926 |
|
|
|
113,310 |
|
|
|
7,138,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(4,640,605 |
) |
|
$ |
(2,505,443 |
) |
|
$ |
(64,031 |
) |
|
$ |
(7,210,079 |
) |
|
|
For the Six Months Ended June 30, 2020 |
|
|
|
Corporate |
|
|
Clinical Nutrition |
|
|
Diagnostics Equipment |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
6,100 |
|
|
$ |
1,304,028 |
|
|
$ |
126,505 |
|
|
$ |
1,436,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
|
2,477 |
|
|
|
695,291 |
|
|
|
55,920 |
|
|
|
753,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
3,623 |
|
|
|
608,737 |
|
|
|
70,585 |
|
|
|
682,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation
expense |
|
|
(831,573) |
|
|
|
- |
|
|
|
- |
|
|
|
(831,573) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
1,004,484 |
|
|
|
3,344,411 |
|
|
|
210,070 |
|
|
|
4,558,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(169,288 |
) |
|
$ |
(2,735,674 |
) |
|
$ |
(139,485 |
) |
|
$ |
(3,044,447 |
) |
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