10-Q Filing

NEXGEL, INC. CIK: 1468929 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-067614`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	topp-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 36 Cash Flow Statement 65 Stockholders Equity 17

Balance Sheet 83 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`	$1.07M	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`	$32.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$96.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$73.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$233.00K	USD	Point-in-time
Inventory	`InventoryNet`	$252.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$32.00K	USD	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
Total current assets	`AssetsCurrent`	$1.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$363.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	99.33M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	102.89M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	102.89M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	99.33M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00	USD	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$47.00K	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$44.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$796.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$553.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$775.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$805.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$50.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$178.00K	USD	Point-in-time
Total assets	`Assets`	$2.26M	USD	Point-in-time
Total assets	`Assets`	$3.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$644.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$658.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$90.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$89.00K	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	$38.00K	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	$38.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$92.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$59.00K	USD	Point-in-time
Current portion of debt	`ConvertibleDebtCurrent`	$10.00K	USD	Point-in-time
Current portion of debt	`ConvertibleDebtCurrent`	$10.00K	USD	Point-in-time
Note payable - PPP	`PaycheckProtectionProgramCaresActNotesPayableCurrent`	$275.00K	USD	Point-in-time
Note payable - PPP	`PaycheckProtectionProgramCaresActNotesPayableCurrent`	$147.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$247.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$123.00K	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`	$1.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.60M	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$256.00K	USD	Point-in-time
Notes payable	`LongTermNotesPayable`	$256.00K	USD	Point-in-time
Lease liability, long term	`OperatingLeaseLiabilityNoncurrent`	$598.00K	USD	Point-in-time
Lease liability, long term	`OperatingLeaseLiabilityNoncurrent`	$568.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$854.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$824.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.19M	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; 102,893,779 and 99,331,279 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$99.00K	USD	Point-in-time
Common Stock, par value $0.001 per share, 3,000,000,000 shares authorized; 102,893,779 and 99,331,279 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$103.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$556.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$380.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$71.00K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.43M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$240.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$267.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$173.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$309.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$-42.00K	USD	1 Quarter
Gross (loss)/profit	`GrossProfit`	$67.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$478.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$576.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$576.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$478.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-520.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-509.00K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$148.00K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$1.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	1 Quarter
Debt discount costs	`AmortizationOfDebtDiscountPremium`	$17.00K	USD	1 Quarter
Debt discount costs	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-184.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-508.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-704.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-704.00K	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	100.56M	shares	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 - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.56M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.52M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-704.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-508.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$90.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$64.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-2.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$108.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	1 Quarter
Beneficial conversion feature in excess of face value	`BeneficialConversionFeatureInExcessOfFaceValue`	$51.00K	USD	1 Quarter
Beneficial conversion feature in excess of face value	`BeneficialConversionFeatureInExcessOfFaceValue`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$23.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$108.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$19.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$11.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-121.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$25.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-123.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-14.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$43.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-345.00K	USD	Point-in-time
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-345.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-660.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$1.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$267.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-267.00K	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`	$285.00K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$15.00K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	$15.00K	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	$128.00K	USD	1 Quarter
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	-	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	$1.34M	USD	1 Quarter
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	$100.00K	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.65M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$620.00K	USD	1 Quarter
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-41.00K	USD	1 Quarter
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.04M	USD	1 Quarter
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.00K	USD	Point-in-time
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`	$1.07M	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
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.07M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.00K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Fair value of beneficial conversion and warrant features of Convertible Notes Payable	`FairValueOfBeneficialConversionAndWarrant`	-	USD	1 Quarter
Fair value of beneficial conversion and warrant features of Convertible Notes Payable	`FairValueOfBeneficialConversionAndWarrant`	$1.28M	USD	1 Quarter
Original issue discounts recognized on Convertible Notes Payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	-	USD	1 Quarter
Original issue discounts recognized on Convertible Notes Payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	$343.00K	USD	1 Quarter
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	$130.00K	USD	1 Quarter
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$71.00K	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$69.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$64.00K	USD	1 Quarter
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$21.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$285.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$620.00K	USD	1 Quarter
Warrants issued for equity raising costs	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$18.00K	USD	1 Quarter
Beneficial conversion and warrant features of convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithBeneficialConversionFeatureAndWarrantFeature`	$1.28M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-704.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-508.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$556.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time
Balance	`StockholdersEquity`	$71.00K	USD	Point-in-time

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