10-Q Filing

NEXGEL, INC. CIK: 1468929 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-061272`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	topp-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 28 Cash Flow Statement 42 Stockholders Equity 13

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$220.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$261.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$210.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.00K	USD	Point-in-time
Inventory	`InventoryNet`	$113.00K	USD	Point-in-time
Inventory	`InventoryNet`	$124.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$60.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$37.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	73.01M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	73.01M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$513.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$614.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	57.51M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	57.51M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$273.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$282.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$282.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$890.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$917.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$178.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$178.00K	USD	Point-in-time
Total assets	`Assets`	$1.89M	USD	Point-in-time
Total assets	`Assets`	$1.96M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$383.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$510.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$27.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$72.00K	USD	Point-in-time
Warrant liability	`ConvertibleNotesPayableCurrent`	$56.00K	USD	Point-in-time
Warrant liability	`ConvertibleNotesPayableCurrent`	$54.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$207.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$207.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$716.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$800.00K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$683.00K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$710.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.40M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, par value $0.001 per share, 5,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, par value $0.001 per share, 100,000,000 shares authorized; 73,005,208 and 57,505,208 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$73.00K	USD	Point-in-time
Common Stock, par value $0.001 per share, 100,000,000 shares authorized; 73,005,208 and 57,505,208 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$57.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$561.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-238.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-746.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$225.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$380.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$281.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$556.00K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.89M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.96M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$129.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$240.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$237.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$173.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$67.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$-108.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$504.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$576.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$504.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$576.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-612.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-509.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-612.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	64.52M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.01M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.52M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.01M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-508.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-612.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$34.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$64.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-44.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$108.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$9.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$11.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$25.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-19.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-123.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$5.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$43.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-660.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-556.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$620.00K	USD	1 Quarter
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net contributions from Former Parent	`ProceedsFromContributionsFromFormerParent`	$556.00K	USD	1 Quarter
Net contributions from Former Parent	`ProceedsFromContributionsFromFormerParent`	-	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$556.00K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$620.00K	USD	1 Quarter
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	-	USD	1 Quarter
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-41.00K	USD	1 Quarter
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$220.00K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$261.00K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$261.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$220.00K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$225.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$281.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$64.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$620.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-612.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Net contributions from Former Parent	`NetContributionsFromFormerParent`	$556.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$225.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$281.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.