UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

 

For the quarterly period ended June 30, 2023

 

Commission File No. 000-22179

 

GUIDED THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

58-2029543

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

5835 Peachtree Corners East, Suite B

Peachtree Corners, Georgia 30092

(Address of principal executive offices) (Zip Code)

 

(770242-8723

(Registrant’s telephone number, including area code)     

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No☐

 

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large Accelerated filer

Accelerated filer

Non-accelerated Filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes No ☒

 

As of August 10, 2023, the registrant had 51,288,937 shares of Common Stock, $0.001 par value per share, outstanding.

 

 

 

 

PART I — FINANCIAL INFORMATION

 

 

 

Page

 

Item 1.

Financial Statements

 

3

 

 

Condensed Consolidated Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022 (Audited)

 

3

 

 

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022

 

4

 

 

Unaudited Condensed Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2023 and 2022

 

5

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022

 

13

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

14

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

37

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

45

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

45

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

Item 1.

Legal Proceedings

 

46

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

46

 

 

 

 

 

 

Item 6.

Exhibits

 

47

 

 

 

 

 

 

Signatures

 

48

 

 

 
2

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(in thousands)

 

 

 

(Unaudited)

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$1,358

 

 

$2,313

 

Accounts receivable, net of allowance for doubtful accounts of $2 and $48 at June 30, 2023 and December 31, 2022, respectively

 

 

7

 

 

 

6

 

Inventory, net of reserves of $818 at June 30, 2023 and December 31, 2022

 

 

573

 

 

 

548

 

Other current assets

 

 

91

 

 

 

137

 

Total current assets

 

 

2,029

 

 

 

3,004

 

 

 

 

 

 

 

 

 

 

Non-Current Assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

36

 

 

 

42

 

Operating lease right-of-use assets, net of amortization

 

 

266

 

 

 

303

 

Other assets

 

 

17

 

 

 

17

 

Total non-current assets

 

 

319

 

 

 

362

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$2,348

 

 

$3,366

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$2,128

 

 

$2,186

 

Accounts payable, related parties

 

 

29

 

 

 

39

 

Accrued liabilities

 

 

971

 

 

 

1,247

 

Deferred revenue

 

 

445

 

 

 

509

 

Current portion of lease liability

 

 

85

 

 

 

79

 

Current portion of long-term debt

 

 

-

 

 

 

17

 

Current portion of long-term debt, related parties

 

 

38

 

 

 

504

 

Short-term notes payable

 

 

-

 

 

 

57

 

Short-term notes payable, related parties

 

 

-

 

 

 

1

 

Short-term convertible debt

 

 

1,240

 

 

 

230

 

Total current liabilities

 

 

4,936

 

 

 

4,869

 

 

 

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

 

 

Long-term lease liability

 

 

202

 

 

 

246

 

Derivative liability, at fair value

 

 

-

 

 

 

5

 

Long-term convertible debt

 

 

-

 

 

 

1,046

 

Long-term debt, related parties

 

 

525

 

 

 

83

 

Total long-term liabilities

 

 

727

 

 

 

1,380

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

5,663

 

 

 

6,249

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series C convertible preferred stock, $0.001 par value; 9.0 shares authorized, 0.3 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $286 at June 30, 2023 and December 31, 2022.

 

 

105

 

 

 

105

 

Series C1 convertible preferred stock, $0.001 par value; 20.3 shares authorized, 1.0 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $1,049 at June 30, 2023 and December 31, 2022.

 

 

170

 

 

 

170

 

Series C2 convertible preferred stock, $0.001 par value; 5,000 shares authorized, 2.7 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $2,700 at June 30, 2023 and December 31, 2022.

 

 

439

 

 

 

439

 

Series D convertible preferred stock, $0.001 par value; 6.0 shares authorized, 0.4 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $438 at June 30, 2023 and December 31, 2022.

 

 

159

 

 

 

159

 

Series E convertible preferred stock, $0.001 par value; 5.0 shares authorized, 0.9 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $883 and $888 at June 30, 2023 and December 31, 2022, respectively.

 

 

834

 

 

 

839

 

Series F convertible preferred stock, $0.001 par value; 1.5 shares authorized, 1.0 and 1.1 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. Liquidation preference of $1,006 and $1,056 at June 30, 2023 and December 31, 2022, respectively.

 

 

838

 

 

 

880

 

Series F-2 convertible preferred stock, $0.001 par value; 5.0 shares authorized, 0.5 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Liquidation preference of $520 and $535 at June 30, 2023 and December 31, 2022, respectively.

 

 

475

 

 

 

489

 

Common stock, $0.001 par value; 500,000 shares authorized, 51,011 and 48,596 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.

 

 

3,438

 

 

 

3,437

 

Additional paid-in capital

 

 

140,291

 

 

 

138,090

 

Treasury stock at cost

 

 

(132)

 

 

(132)

Accumulated deficit

 

 

(149,932)

 

 

(147,359)

 

 

 

 

 

 

 

 

 

Total stockholders’ deficit

 

 

(3,315)

 

 

(2,883)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$2,348

 

 

$3,366

 

 

The accompanying notes are an integral part of these condensed consolidated statements.

 

 
3

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales - devices and disposables

 

$44

 

 

$5

 

 

$66

 

 

$10

 

Cost of goods sold

 

 

33

 

 

 

1

 

 

 

42

 

 

 

2

 

Gross profit

 

 

11

 

 

 

4

 

 

 

24

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

66

 

 

 

9

 

 

 

73

 

 

 

31

 

Sales and marketing

 

 

61

 

 

 

37

 

 

 

134

 

 

 

77

 

General and administrative

 

 

1,389

 

 

 

675

 

 

 

2,166

 

 

 

1,062

 

Total operating expenses

 

 

1,516

 

 

 

721

 

 

 

2,373

 

 

 

1,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(1,505)

 

 

(717)

 

 

(2,349)

 

 

(1,162)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(69)

 

 

(256)

 

 

(134)

 

 

(357)

Change in fair value of derivative liability

 

 

-

 

 

 

14

 

 

 

5

 

 

 

8

 

Gain from extinguishment of debt

 

 

17

 

 

 

34

 

 

 

52

 

 

 

75

 

Other income (expenses)

 

 

-

 

 

 

(1)

 

 

-

 

 

 

4

 

Total other income (expense)

 

 

(52)

 

 

(209)

 

 

(77)

 

 

(270)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(1,557)

 

 

(926)

 

 

(2,426)

 

 

(1,432)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(1,557)

 

 

(926)

 

 

(2,426)

 

 

(1,432)

Deemed dividend for warrant exchanges

 

 

-

 

 

 

-

 

 

 

(65)

 

 

-

 

Preferred stock dividends

 

 

(47)

 

 

(81)

 

 

(82)

 

 

(629)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

$(1,604)

 

$(1,007)

 

$(2,573)

 

$(2,061)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$(0.03)

 

$(0.04)

 

$(0.05)

 

$(0.09)

Diluted

 

$(0.03)

 

$(0.04)

 

$(0.05)

 

$(0.09)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,970

 

 

 

26,337

 

 

 

50,138

 

 

 

23,526

 

Diluted

 

 

50,970

 

 

 

26,337

 

 

 

50,138

 

 

 

23,526

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
4

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2023

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$858

 

 

 

3

 

 

$475

 

Common stock warrants exercised

 

 

-

 

 

 

 -

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20)

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

 

 
5

Table of Contents

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at March 31, 2023

 

 

50,814

 

 

$3,438

 

 

$139,127

 

 

$(132)

 

$(148,328)

 

$(2,855)

Common stock warrants exercised

 

 

48

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

-

 

 

 

9

 

Issuance of common stock for payment of Series D preferred dividends

 

 

33

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

36

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

-

 

 

 

9

 

Conversion of Series F preferred stock to common stock

 

 

80

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

1,119

 

 

 

-

 

 

 

-

 

 

 

1,119

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(47)

 

 

(48)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,557)

 

 

(1,557)

Balance at June 30, 2023

 

 

51,011

 

 

$3,438

 

 

$140,291

 

 

$(132)

 

$(149,932)

 

$(3,315)

  

The accompanying notes are an integral part of these condensed consolidated statements.

 

 
6

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE SIX MONTHS ENDED JUNE 30, 2023

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$880

 

 

 

3

 

 

$489

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

(5)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(42)

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14)

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

 

 
7

Table of Contents

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

Shares

 

 

Amount

 

 

 Capital

 

 

 Stock

 

 

Deficit

 

 

Total

 

Balance at December 31, 2022

 

 

48,596

 

 

$3,437

 

 

$138,090

 

 

$(132)

 

$(147,359)

 

$(2,883)

Common stock warrants exercised

 

 

1,120

 

 

 

1

 

 

 

230

 

 

 

-

 

 

 

-

 

 

 

231

 

Issuance of common stock for payment of Series D preferred dividends

 

 

59

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Issuance of common stock for payment of Series E preferred dividends

 

 

26

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series F preferred dividends

 

 

233

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

-

 

 

 

53

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

121

 

 

 

-

 

 

 

29

 

 

 

-

 

 

 

-

 

 

 

29

 

Conversion of Series E preferred stock to common stock

 

 

20

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

200

 

 

 

-

 

 

 

42

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

60

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

178

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

-

 

 

 

59

 

Stock-based compensation

 

 

400

 

 

 

-

 

 

 

1,683

 

 

 

-

 

 

 

-

 

 

 

1,683

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

65

 

 

 

-

 

 

 

(65)

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(82)

 

 

(83)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,426)

 

 

(2,426)

Balance at June 30, 2023

 

 

51,011

 

 

$3,438

 

 

$140,291

 

 

$(132)

 

$(149,932)

 

$(3,315)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
8

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2022

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$276

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(117)

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2022

 

 

1

 

 

$914

 

 

 

1

 

 

$1,174

 

 

 

3

 

 

$2,963

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

(75)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(282)

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(427)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$892

 

 

 

3

 

 

$2,536

 

 

 
9

Table of Contents

   

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Common Stock

 

Paid-In

Treasury

Accumulated

 

 

 

Shares

 

 

Amount

 

 

 Capital

 

 

 Stock

 

 

Deficit

 

 

Total

 

Balance at March 31, 2022

 

 

22,315

 

 

$3,411

 

 

$129,041

 

 

$(132)

 

$(143,441)

 

$(4,988)

Common stock warrants exercised

 

 

650

 

 

 

1

 

 

 

129

 

 

 

-

 

 

 

-

 

 

 

130

 

Issuance of common stock for payment of Series D preferred dividends

 

 

25

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Issuance of common stock for payment of Series E preferred dividends

 

 

51

 

 

 

-

 

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

Issuance of common stock for payment of Series F preferred dividends

 

 

4

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

2

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

19

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

12

 

Conversion of Series D preferred stock to common stock

 

 

975

 

 

 

1

 

 

 

117

 

 

 

-

 

 

 

-

 

 

 

1

 

Conversion of Series E preferred stock to common stock

 

 

320

 

 

 

-

 

 

 

75

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

1,360

 

 

 

1

 

 

 

282

 

 

 

-

 

 

 

-

 

 

 

1

 

Conversion of Series F-2 preferred stock to common stock

 

 

1,864

 

 

 

2

 

 

 

425

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

44

 

 

 

-

 

 

 

-

 

 

 

44

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(81)

 

 

(81)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(926)

 

 

(926)

Balance at June 30, 2022

 

 

27,583

 

 

$3,416

 

 

$130,166

 

 

$(132)

 

$(144,448)

 

$(5,766)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
10

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2021

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$276

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for Series F and Series F-2 one-time 15% dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(117)

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2021

 

 

2

 

 

$1,639

 

 

 

1

 

 

$1,187

 

 

 

3