10-Q Filing

NEXGEL, INC. CIK: 1468929 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-095502`
Period End Date	20200630
Filing Date	20200814
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	topp-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 62 Cash Flow Statement 55 Stockholders Equity 28

Balance Sheet 73 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
Cash	`CashAndCashEquivalentsAtCarryingValue`	$261.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$233.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$97.00K	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$168.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$113.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$16.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$37.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$514.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	57.51M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$513.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	82.38M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	57.51M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$282.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	82.38M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$338.00K	USD	Point-in-time
Goodwill	`Goodwill`	$367.00K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$917.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$862.00K	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`	$2.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$510.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$416.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$81.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$27.00K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	$147.00K	USD	Point-in-time
Note payable	`NotesPayableCurrent`	-	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$56.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$52.00K	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`	$903.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$800.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$260.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	-	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$710.00K	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$655.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.51M	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, 3,000,000,000 shares authorized; 82,380,208 and 57,505,208 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	`CommonStockValue`	$82.00K	USD	Point-in-time
Common Stock, par value $0.001 per share, 3,000,000,000 shares authorized; 82,380,208 and 57,505,208 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	`CommonStockValue`	$57.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$561.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-238.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$281.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-59.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$556.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$441.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$380.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$225.00K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.89M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.26M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$91.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$125.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$331.00K	USD	2 Qtrs
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$254.00K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$428.00K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$349.00K	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$176.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$191.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$-174.00K	USD	2 Qtrs
Gross (loss)/profit	`GrossProfit`	$-85.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$-18.00K	USD	2 Qtrs
Gross (loss)/profit	`GrossProfit`	$-66.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.51M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$455.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.03M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$455.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.03M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.51M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-540.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.07M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.69M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.05M	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$1.00K	USD	2 Qtrs
Other income	`OtherIncome`	$8.00K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	2 Qtrs
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$8.00K	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-4.00K	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$11.00K	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$10.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-530.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.04M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-612.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.69M	USD	2 Qtrs
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.21	USD	1 Quarter
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.34	USD	2 Qtrs
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net income (loss) per common share - basic	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$-0.34	USD	2 Qtrs
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$-0.21	USD	1 Quarter
Net income (loss) per common share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Weighted average shares used in computing net income (loss) per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	76.34M	shares	1 Quarter
Weighted average shares used in computing net income (loss) per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	70.45M	shares	2 Qtrs
Weighted average shares used in computing net income (loss) per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.01M	shares	2 Qtrs
Weighted average shares used in computing net income (loss) per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.01M	shares	1 Quarter
Weighted average shares used in computing net income (loss) per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	76.34M	shares	1 Quarter
Weighted average shares used in computing net income (loss) per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	70.45M	shares	2 Qtrs
Weighted average shares used in computing net income (loss) per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.01M	shares	2 Qtrs
Weighted average shares used in computing net income (loss) per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.01M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.04M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.69M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$45.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$104.00K	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-4.00K	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$38.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$34.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$39.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-19.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-125.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-106.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$339.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$94.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$53.00K	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	2 Qtrs
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-980.00K	USD	2 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$76.00K	USD	2 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.00K	USD	2 Qtrs
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$620.00K	USD	2 Qtrs
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$408.00K	USD	2 Qtrs
Net contributions from Former Parent	`ProceedsFromContributionsFromFormerParent`	$1.34M	USD	2 Qtrs
Net contributions from Former Parent	`ProceedsFromContributionsFromFormerParent`	-	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.03M	USD	2 Qtrs
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.34M	USD	2 Qtrs
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-28.00K	USD	2 Qtrs
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$186.00K	USD	2 Qtrs
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.00K	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`	$186.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$233.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$186.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$261.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Interest	`InterestPaidNet`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Common shares issued for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$375.00K	USD	1 Quarter
Common shares issued for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	2 Qtrs
Common shares issued for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$375.00K	USD	2 Qtrs
Inventory acquired from acquisition	`NoncashOrPartNoncashAcquisitionInventoryAcquired1`	-	USD	2 Qtrs
Inventory acquired from acquisition	`NoncashOrPartNoncashAcquisitionInventoryAcquired1`	$21.00K	USD	2 Qtrs
Accounts payable acquired from acquisition	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	-	USD	2 Qtrs
Accounts payable acquired from acquisition	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$13.00K	USD	2 Qtrs

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$281.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-59.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$441.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$225.00K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.69M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.04M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-612.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-530.00K	USD	1 Quarter
Net contributions from Former Parent	`NetContributionsFromFormerParent`	$556.00K	USD	1 Quarter
Transfer from parent	`TransfersFromParent`	$789.00K	USD	1 Quarter
Reclassification of parent's net investment in connection with spin-off, June 21, 2019	`AdjustmentToAdditionalPaidInCapitalReclassificationOfNetParentInvestmentInConnectionWithSpinOff`	-	USD	1 Quarter
Common stock distributed in connection with spin-off, June 21, 2019	`AdjustmentToAdditionalPaidInCapitalCommonStockDistributedInConnectionWithSpinoff`	-	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$40.00K	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$64.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$620.00K	USD	1 Quarter
Issuance of common stock for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$375.00K	USD	1 Quarter
Issuance of common stock for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	-	USD	2 Qtrs
Issuance of common stock for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$375.00K	USD	2 Qtrs
Balance	`StockholdersEquity`	$281.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$-59.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$441.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$225.00K	USD	Point-in-time

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