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 September 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 November 9, 2023, the registrant had 52,096,121 shares of Common Stock, $0.001 par value per share, outstanding.

 

 

 

   

PART I — FINANCIAL INFORMATION

 

 

 

 

Page

 

Item 1.

Financial Statements

 

3

 

 

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

 

3

 

 

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

 

5

 

 

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

 

6

 

 

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

 

15

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

16

 

 

 

 

 

 

Item 2.

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

 

39

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

46

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

46

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

47

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

 

 

 

 

 

 

Item 6.

Exhibits

 

48

 

 

 

 

 

 

Signatures

 

 

49

 

 

 
2

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited in thousands)

 

 

 

 

 

 

 

 

 

September 30,

 

 

 December 31, 

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$731

 

 

$2,313

 

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

 

 

7

 

 

 

6

 

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

 

 

648

 

 

 

548

 

Other current assets

 

 

192

 

 

 

137

 

Total current assets

 

 

1,578

 

 

 

3,004

 

 

 

 

 

 

 

 

 

 

 Non-Current Assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

35

 

 

 

42

 

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

 

 

247

 

 

 

303

 

Other assets

 

 

17

 

 

 

17

 

Total non-current assets

 

 

299

 

 

 

362

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS 

 

$1,877

 

 

$3,366

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable 

 

$2,153

 

 

$2,186

 

Accounts payable, related parties

 

 

31

 

 

 

39

 

Accrued liabilities

 

 

807

 

 

 

1,247

 

Deferred revenue

 

 

451

 

 

 

509

 

Current portion of lease liability

 

 

88

 

 

 

79

 

Current portion of long-term debt

 

 

-

 

 

 

17

 

Current portion of long-term debt, related parties

 

 

39

 

 

 

504

 

Short-term notes payable

 

 

94

 

 

 

57

 

Short-term notes payable, related parties

 

 

-

 

 

 

1

 

Short-term convertible debt

 

 

1,171

 

 

 

230

 

Total current liabilities

 

 

4,834

 

 

 

4,869

 

 

 

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

 

 

Long-term lease liability

 

 

179

 

 

 

246

 

Derivative liability

 

 

-

 

 

 

5

 

Long-term convertible debt

 

 

-

 

 

 

1,046

 

Long-term debt, related parties

 

 

514

 

 

 

83

 

Total long-term liabilities

 

 

693

 

 

 

1,380

 

 

 

 

 

 

 

 

 

 

Total liabilities 

 

 

5,527

 

 

 

6,249

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES (Note 7)

 

 

 

 

 

 

 

 

 

 
3

Table of Contents

 

Series C convertible preferred stock, $0.001 par value; 9.0 shares authorized, 0.3 shares issued and outstanding as of September 30, 2023 and December 31, 2022. Liquidation preference of $286 at September 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 September 30, 2023 and December 31, 2022. Liquidation preference of $1,049 at September 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 September 30, 2023 and December 31, 2022. Liquidation preference of $2,700 at September 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 September 30, 2023 and December 31, 2022. Liquidation preference of $438 at September 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 September 30, 2023 and December 31, 2022. Liquidation preference of $883 and $888 at September 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 September 30, 2023 and December 31, 2022, respectively. Liquidation preference of $1,006 and $1,056 at September 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 September 30, 2023 and December 31, 2022. Liquidation preference of $520 and $535 at September 30, 2023 and December 31, 2022, respectively.

 

 

475

 

 

 

489

 

Common stock, $0.001 par value; 500,000 shares authorized, 52,042 and 48,596 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

 

 

3,439

 

 

 

3,437)

Additional paid-in capital

 

 

140,672

 

 

 

138,090)

Treasury stock at cost

 

 

(132)

 

 

(132)

Accumulated deficit

 

 

(150,649)

 

 

(147,359)

 

 

 

 

 

 

 

 

 

Total stockholders’ deficit

 

 

(3,650)

 

 

(2,883)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$1,877

 

 

$3,366

 

 

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

 

 
4

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales - devices and disposables

 

$-

 

 

$3

 

 

$66

 

 

$13

 

Cost of goods sold

 

 

4

 

 

 

-

 

 

 

46

 

 

 

2

 

Gross profit

 

 

(4)

 

 

3

 

 

 

20

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

69

 

 

 

8

 

 

 

142

 

 

 

38

 

Sales and marketing

 

 

69

 

 

 

52

 

 

 

203

 

 

 

129

 

General and administrative

 

 

481

 

 

 

1,167

 

 

 

2,647

 

 

 

2,229

 

Total operating expenses

 

 

619

 

 

 

1,227

 

 

 

2,992

 

 

 

2,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(623)

 

 

(1,224)

 

 

(2,972)

 

 

(2,385)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(71)

 

 

(155)

 

 

(206)

 

 

(512)

Change in fair value of derivative liability

 

 

-

 

 

 

5

 

 

 

5

 

 

 

13

 

Gain from extinguishment of debt

 

 

17

 

 

 

270

 

 

 

69

 

 

 

345

 

Other income (expenses)

 

 

-

 

 

 

2

 

 

 

1

 

 

 

5

 

Total other income (expense)

 

 

(54)

 

 

122

 

 

 

(131)

 

 

(149)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(677)

 

 

(1,102)

 

 

(3,103)

 

 

(2,534)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(677)

 

 

(1,102)

 

 

(3,103)

 

 

(2,534)

Deemed dividend for warrant exchanges

 

 

-

 

 

 

-

 

 

 

(65)

 

 

-

 

Preferred stock dividends

 

 

(40)

 

 

48

 

 

 

(122)

 

 

(581)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

$(717)

 

$(1,054)

 

$(3,290)

 

$(3,115)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$(0.01)

 

$(0.03)

 

$(0.07)

 

$(0.11)

Diluted

 

$(0.01)

 

$(0.03)

 

$(0.07)

 

$(0.11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,473

 

 

 

34,829

 

 

 

50,588

 

 

 

27,335

 

Diluted

 

 

51,473

 

 

 

34,829

 

 

 

50,588

 

 

 

27,335

 

 

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

 

 
5

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED SEPTEMBER 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 June 30, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

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 interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 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 June 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

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 interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

  

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Common Stock

 

Paid-In

Treasury

Accumulated

 

 

 

Shares

 

 

Amount

 

 

 Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at June 30, 2023

 

 

51,011

 

 

$3,438

 

 

$140,291

 

 

$(132)

 

$(149,932)

 

$(3,315)

Issuance of common stock for payment of Series D preferred dividends

 

 

38

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series E preferred dividends

 

 

353

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

-

 

 

 

53

 

Issuance of common stock for payment of interest

 

 

240

 

 

 

-

 

 

 

60

 

 

 

-

 

 

 

-

 

 

 

60

 

Settlement of previously accrued professional fees through common stock issuance

 

 

400

 

 

 

1

 

 

 

50

 

 

 

-

 

 

 

-

 

 

 

51

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

210

 

 

 

-

 

 

 

-

 

 

 

210

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(40)

 

 

(40)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(677)

 

 

(677)

Balance at September 30, 2023

 

 

52,042

 

 

$3,439

 

 

$140,672

 

 

$(132)

 

$(150,649)

 

$(3,650)

 

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 NINE MONTHS ENDED SEPTEMBER 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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

 

 
7

Table of Contents

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

Common Stock

 

 

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

 

 

97

 

 

 

-

 

 

 

22

 

 

 

-

 

 

 

-

 

 

 

22

 

Issuance of common stock for payment of Series E preferred dividends

 

 

379

 

 

 

-

 

 

 

61

 

 

 

-

 

 

 

-

 

 

 

61

 

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

 

 

418

 

 

 

-

 

 

 

119

 

 

 

-

 

 

 

-

 

 

 

119

 

Settlement of previously accrued professional fees through common stock issuance

 

 

800

 

 

 

1

 

 

 

167

 

 

 

-

 

 

 

-

 

 

 

168

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

1,776

 

 

 

-

 

 

 

-

 

 

 

1,776

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

65

 

 

 

-

 

 

 

(65)

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(122)

 

 

(123)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,103)

 

 

(3,103)

Balance at September 30, 2023

 

 

52,042

 

 

$3,439

 

 

$140,672

 

 

$(132)

 

$(150,649)

 

$(3,650)

 

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 SEPTEMBER 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 June 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

Issuance of common stock to investors

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

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 interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued Preferred Dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 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 June 30, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$892

 

 

 

3

 

 

$2,536

 

Issuances of common stock to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

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 interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3)

 

 

(2,047)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued Preferred Dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 30, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$892

 

 

 

-

 

 

$489

 

 

 
9

Table of Contents

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Common Stock

 

Paid-In

Treasury

Accumulated

 

 

 

Shares

 

 

Amount

 

 

 Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at June 30, 2022

 

 

27,583

 

 

$3,416

 

 

$130,166

 

 

$(132)

 

$(144,448)

 

$(5,766)

Issuance of common stock to investors

 

 

6,637

 

 

 

7

 

 

 

1,389

 

 

 

-

 

 

 

-

 

 

 

1,396

 

Issuance of warrants to investors

 

 

-

 

 

 

-

 

 

 

1,796

 

 

 

-

 

 

 

-

 

 

 

1,796

 

Issuance of common stock for payment of Series D preferred dividends

 

 

17

 

 

 

-

 

 

 

10

 

 

 

-

 

 

 

-

 

 

 

10

 

Issuance of common stock for payment of Series E preferred dividends

 

 

117

 

 

 

-

 

 

 

67

 

 

 

-

 

 

 

-

 

 

 

67

 

Issuance of common stock for payment of interest

 

 

121

 

 

 

-

 

 

 

70

 

 

 

-

 

 

 

-

 

 

 

70

 

Conversion of Series F-2 preferred stock to common stock

 

 

8,944

 

 

 

9

 

 

 

2,038

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

44

 

 

 

-

 

 

 

-

 

 

 

44

 

Issuances of warrants to consultants

 

 

-

 

 

 

-

 

 

 

786

 

 

 

-

 

 

 

-

 

 

 

786

 

Accrued Preferred Dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

48

 

 

 

48

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,102)

 

 

(1,102)

Balance at September 30, 2022

 

 

43,419

 

 

$3,432

 

 

$136,366

 

 

$(132)

 

$(145,502)

 

$(2,651)

 

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 NINE MONTHS ENDED SEPTEMBER 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 to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at September 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

 

 
11

Table of Contents

  

 

 

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

 

 

$2,963

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to investors

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-