IMPACT BIOMEDICAL 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
IBO$4.33+5.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
Condensed Consolidated Balance Sheets
| September 30, 2024 (unaudited) | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $2,668,000 | $1,000 |
| Accounts receivable, net | - | 128,000 |
| Current portion of notes receivable | 142,000 | 203,000 |
| Prepaid expenses and other current assets | 365,000 | - |
| Total current assets | 3,175,000 | 332,000 |
| Property, plant and equipment, net | 282,000 | 287,000 |
| Notes receivable | 59,000 | - |
| Goodwill | 25,093,000 | 25,093,000 |
| Other intangible assets, net | 18,086,000 | 18,921,000 |
| Total assets | $46,695,000 | $44,633,000 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,001,000 | $832,000 |
| Accrued expenses and deferred revenue | 102,000 | 230,000 |
| Current portion note payable, related party | 35,000 | 12,074,000 |
| Total current liabilities | 1,138,000 | 13,136,000 |
| Long-term portion note payable, related party | 7,971,000 | - |
| Deferred tax liability, net | 3,235,000 | 3,235,000 |
| Total liabilities | 12,344,000 | 16,371,000 |
| Commitments and contingencies (Note 11) | - | - |
| Stockholders’ equity | ||
| Preferred stock, $.001 par value; 100,000,000 shares authorized, 60,496,041 shares issued and outstanding (60,496,041 on December 31, 2023); Liquidation value $0.001 per share, $60,000 aggregate. $60,000 on December 31, 2023). | 60,000 | 60,000 |
| Common stock, $.001 par value; 4,000,000,000 shares authorized, 11,503,955 shares issued and outstanding (10,000,000 on December 31, 2023) | 11,000 | 10,000 |
| Additional paid-in capital | 41,838,000 | 38,113,000 |
| Accumulated deficit | (10,561,000) | (12,961,000) |
| Total stockholders’ equity of the Company | 31,348,000 | 25,222,000 |
| Non-controlling interest in subsidiaries | 3,003,000 | 3,040,000 |
| Total stockholders’ equity | 34,351,000 | 28,262,000 |
| Total liabilities and stockholders’ equity | $46,695,000 | $44,633,000 |
Condensed Consolidated Statements of Operations
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Costs and expenses: | ||||
| Sales, general and administrative compensation | 132,000 | 101,000 | 424,000 | 182,000 |
| Sales and marketing | 461,000 | 17,000 | 487,000 | 44,000 |
| Professional Fees | 122,000 | 317,000 | 313,000 | 750,000 |
| Research and development | 82,000 | 357,000 | 386,000 | 1,055,000 |
| Depreciation and Amortization | 281,000 | 280,000 | 840,000 | 840,000 |
| Rent and utilities | 4,000 | - | 14,000 | - |
| Other operating expenses | 45,000 | 6,000 | 58,000 | 18,000 |
| Total costs and expenses | 1,127,000 | 1,078,000 | 2,522,000 | 2,889,000 |
| Operating loss | (1,127,000) | (1,078,000) | (2,522,000) | (2,889,000) |
| Other income (expense): | ||||
| Interest income | 3,000 | 3,000 | 10,000 | 10,000 |
| Change in fair value of embedded derivative | 5,670,000 | - | 5,670,000 | - |
| Other income (expense) | - | - | - | 52,000 |
| Interest expense | (305,000) | (102,000) | (795,000) | (319,000) |
| Income (loss) from operations before income taxes | 4,241,000 | (1,177,000) | 2,363,000 | (3,146,000) |
| Income tax benefit | - | - | - | - |
| Net income (loss) | $4,241,000 | $(1,177,000) | $2,363,000 | $(3,146,000) |
| Loss from operations attributed to noncontrolling interest | 6,000 | 15,000 | 37,000 | 45,000 |
| Income (loss) attributable to common stockholders | $4,247,000 | $(1,162,000) | $2,400,000 | $(3,101,000) |
| Income (loss) per common share: | ||||
| Basic | $0.37 | $(0.02) | $0.23 | $(0.04) |
| Diluted | $0.06 | $(0.02) | $0.03 | $(0.04) |
| Shares used in computing loss per common share: | ||||
| Basic | 11,503,955 | 70,496,041 | 10,506,394 | 70,496,041 |
| Diluted | 71,999,996 | 70,496,041 | 71,002,435 | 70,496,041 |
Condensed Consolidated Statements of Stockholder’s Equity
| Common Stock · Preferred Stock · Additional Paid-in · Accumulated · Total Impact · Non- controlling Interest in | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount · Capital · Deficit · Equity · Subsidiary · Total | ||||||||||
| Balance, December 31, 2022 | 70,496,041 | $70,000 | - | $ | - | $38,113,000 | $(8,567,000) | $29,616,000 | 3,111,000 | $32,727,000 |
| Net loss | - | - | - | - | - | (3,101,000) | (3,101,000) | (45,000) | (3,146,000) | |
| Balance, September 30, 2023 | 70,496,041 | $70,000 | - | $ | - | $38,113,000 | $(11,668,000) | $26,515,000 | $3,066,000 | $29,581,000 |
| Balance, December 31, 2023 | 10,000,000 | $10,000 | 60,496,041 | $60,000 | $38,113,000 | $(12,961,000) | $25,222,000 | $3,040,000 | $28,262,000 | |
| Issuance of common stock, net of expenses | 1,500,000 | 1,000 | - | - | 3,725,000 | - | 3,726,000 | - | 3,726,000 | |
| Fractional shares as a result of reverse stock split | 3,955 | - | - | - | - | - | - | - | - | |
| Net income (loss) | - | - | - | - | - | 2,400,000 | 2,400,000 | (37,000) | 2,363,000 | |
| Balance, September 30, 2024 | 11,503,955 | $11,000 | 60,496,041 | $60,000 | $41,838,000 | $(10,561,000) | $31,348,000 | $3,003,000 | $34,351,000 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.