22nd Century Group Inc
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 28, 2024
XXII$1.42-12.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations and Comprehensive Loss
| | |
|---|---|
| 22nd CENTURY GROUP, INC. AND SUBSIDIARIES | |
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(amounts in thousands, except per-share data) | |
| | |
| | | | | | |
|---|---|---|---|---|---|
| | Year Ended | ||||
| | December 31, | ||||
| · 2023 · 2022 | |||||
| Revenues, net | $32,204 | | $40,501 | ||
| Cost of goods sold | 40,900 | | 38,654 | ||
| Gross (loss) profit | (8,696) | | 1,847 | ||
| Operating expenses: | | | | ||
| Sales, general and administrative | 31,064 | | 32,231 | ||
| Research and development | 2,644 | | 3,578 | ||
| Other operating expense (income), net | 2,527 | | (327) | ||
| Total operating expenses | 36,235 | | 35,482 | ||
| Operating loss from continuing operations | (44,931) | | (33,635) | ||
| Other income (expense): | | | | ||
| Realized loss on Panacea investment | | — | | | (2,789) |
| Other income (expense), net | 334 | | (366) | ||
| Loss on transfer of promissory note | (895) | | — | ||
| Interest income, net | 219 | | 313 | ||
| Interest expense | (9,366) | | (55) | ||
| Total other expense | (9,708) | | (2,897) | ||
| Loss from continuing operations before income taxes | (54,639) | | | (36,532) | |
| Provision for income taxes | 47 | | 21 | ||
| Net loss from continuing operations | $(54,686) | | $(36,553) | ||
| | | | | | |
| Discontinued operations: | | | | | |
| Loss from discontinued operations before income taxes | | (85,634) | | | (23,703) |
| Provision (benefit) for income taxes | | 455 | | | (455) |
| Net loss from discontinued operations | $(86,089) | | $(23,248) | ||
| | | | | | |
| Net loss | $(140,775) | | $(59,801) | ||
| Deemed dividends | | (9,992) | | | — |
| Net loss available to common shareholders | $(150,767) | | $(59,801) | ||
| | | | | | |
| Basic and diluted loss per common share from continuing operations | $(2.64) | | $(2.84) | ||
| Basic and diluted loss per common share from discontinued operations | $(4.16) | | $(1.81) | ||
| Basic and diluted loss per common share from deemed dividends | $(0.48) | | $— | ||
| Basic and diluted loss per common share | $(7.28) | | $(4.65) | ||
| Weighted average common shares outstanding - basic and diluted | | 20,711 | | | 12,856 |
| | | | | | |
| | | | | | |
| Net loss | $(140,775) | | $(59,801) | ||
| Other comprehensive income: | | | | ||
| Unrealized gain (loss) on short-term investment securities | 71 | | (316) | ||
| Foreign currency translation | (1) | | 1 | ||
| Reclassification of realized losses to net loss | 41 | | 366 | ||
| Other comprehensive income | | 111 | | | 51 |
| Comprehensive loss | $(140,664) | | $(59,750) | ||
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