EBR Systems Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
EBRCZStored price and day change unavailable
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Cash flows from operating activities: | ||||
| Net loss | $(30,700,608) | $(24,728,735) | ||
| Adjustment to reconcile net loss to cash used in operating activities: | ||||
| Depreciation and amortization | 496,844 | 572,882 | ||
| Amortization of deferred loan costs and discount on notes payable | 461,362 | 321,349 | ||
| Lease amortization | 277,784 | 310,138 | ||
| Stock-based compensation | 1,256,026 | 873,597 | ||
| Provision for doubtful accounts | 4,520 | 40,485 | ||
| Accretion of discount on marketable securities | (1,371,339) | (853,951) | ||
| Changes in operating assets and liabilities: | ||||
| Non-trade receivables and unbilled reimbursements | 172,721 | 119,075 | ||
| Prepaid expenses | 645,011 | 1,139,478 | ||
| Other assets | (1,019,739) | 418,799 | ||
| Accounts payable | 28,912 | (825,526) | ||
| Accrued expenses and other liabilities | (203,056) | (433,054) | ||
| Interest payable | (976) | 131,611 | ||
| Operating lease liability | (290,234) | (305,079) | ||
| Net cash used in operating activities | (30,242,772) | (23,218,931) | ||
| Cash flows from investing activities: | ||||
| Purchase of property and equipment | (207,898) | (245,620) | ||
| Purchase of marketable securities | (29,933,502) | (40,015,409) | ||
| Maturities of marketable securities | 51,300,000 | 50,000,000 | ||
| Sales of marketable securities | 1,125,676 | 1,684,407 | ||
| Net cash provided by investing activities | 22,284,276 | 11,423,378 | ||
| Cash flows from financing activities: | ||||
| Proceeds from notes payable | 82,029 | 20,000,000 | ||
| Repayment of notes payable | (22,371) | - | ||
| Payments of deferred loan costs | - | (200,000) | ||
| Proceeds from exercise of stock options | 131,633 | 45,459 | ||
| Proceeds from issuance of common stock | 31,259,992 | 21,615,075 | ||
| Payment of common stock issuance costs | (1,649,207) | (987,041) | ||
| Net cash provided by financing activities | 29,802,076 | 40,473,493 | ||
| Effect of exchange rate change on cash | (11,118) | (49,326) | ||
| Net change in cash and cash equivalents | 21,832,462 | 28,628,614 | ||
| Cash and cash equivalents, beginning of the period | 14,578,752 | 15,456,338 | ||
| Cash and cash equivalents, end of the period | $36,411,214 | $44,084,952 | ||
| Supplemental disclosure of cash flow information | ||||
| Cash paid for interest expense | $4,099,504 | $2,526,511 | ||
| Cash paid for state income taxes | $1,625 | $750 | ||
| Supplemental disclosure of non-cash investing and financing activities: | ||||
| Remeasurement of lease liabilities | $410,797 | $ | - | |
| Common stock to be issued | $2,761,558 | $ | - | |
| Accrued issuance costs | $292,657 | $ | - | |
| Purchases of property and equipment not yet paid | $ | - | $3,841 | |
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