10-K Filing

NEXGEL, INC. CIK: 1468929 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001410578-22-000442`
Period End Date	20211231
Filing Date	20220321
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	topp-20211231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 73 Stockholders Equity 20

Balance Sheet 80 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`	$32.00K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$13.35M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$209.00K	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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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
Inventory	`InventoryNet`	$291.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$233.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$77.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$13.93M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.57M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.84M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$363.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	2.84M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	5.57M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$47.00K	USD	Point-in-time
Intangibles	`IntangibleAssetsNetExcludingGoodwill`	$33.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$723.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$553.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.93M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$805.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$178.00K	USD	Point-in-time
Total assets	`Assets`	$16.98M	USD	Point-in-time
Total assets	`Assets`	$2.26M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$254.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$658.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$62.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$90.00K	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	-	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	$38.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$59.00K	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$2.04M	USD	Point-in-time
Note payable, current portion	`NotesPayableExcludingConvertibleNotesAndPaycheckProtectionProgramNotesCurrent`	$10.00K	USD	Point-in-time
Note payable, current portion	`NotesPayableExcludingConvertibleNotesAndPaycheckProtectionProgramNotesCurrent`	$10.00K	USD	Point-in-time
Note payable - PPP	`PaycheckProtectionProgramCaresActNotesPayableCurrent`	-	USD	Point-in-time
Note payable - PPP	`PaycheckProtectionProgramCaresActNotesPayableCurrent`	$147.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$123.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$318.00K	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`	$2.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.33M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.74M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$598.00K	USD	Point-in-time
Notes payable, net of current portion	`NotesPayableExcludingConvertibleNotesAndPaycheckProtectionProgramNotesNoncurrent`	$266.00K	USD	Point-in-time
Notes payable, net of current portion	`NotesPayableExcludingConvertibleNotesAndPaycheckProtectionProgramNotesNoncurrent`	$256.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.19M	USD	Point-in-time
Commitments and Contingencies (Note 17)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 17)	`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, 750,000,000 shares authorized; 5,572,234 and 2,838,047 shares issued and outstanding as of December 31, 2021 and 2020, respectively	`CommonStockValue`	$3.00K	USD	Point-in-time
Common Stock, par value $0.001 per share, 750,000,000 shares authorized; 5,572,234 and 2,838,047 shares issued and outstanding as of December 31, 2021 and 2020, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.09M	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`	$16.98M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$2.26M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.55M	USD	Annual
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$674.00K	USD	Annual
Cost of revenues	`CostOfRevenue`	$1.54M	USD	Annual
Cost of revenues	`CostOfRevenue`	$965.00K	USD	Annual
Gross (loss)/profit	`GrossProfit`	$-291.00K	USD	Annual
Gross (loss)/profit	`GrossProfit`	$9.00K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$31.00K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.55M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.97M	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.97M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.58M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.26M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.57M	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$2.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-8.00K	USD	Annual
Forgiveness of debt	`GainLossOnForgivenessOfDebt`	$275.00K	USD	Annual
Debt discount costs	`AmortizationOfDebtDiscountPremium`	$2.00K	USD	Annual
Debt discount costs	`AmortizationOfDebtDiscountPremium`	$68.00K	USD	Annual
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	Annual
Interest expense	`InterestExpensesDebtExcludingAmortization`	$1.93M	USD	Annual
Interest expense	`InterestExpensesDebtExcludingAmortization`	$8.00K	USD	Annual
Other income	`OtherIncome`	$8.00K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.74M	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-4.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.26M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.31M	USD	Annual
Net loss per common share - basic	`EarningsPerShareBasic`	$-1.45	USD	Annual
Net loss per common share - basic	`EarningsPerShareBasic`	$-1.05	USD	Annual
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-1.05	USD	Annual
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-1.45	USD	Annual
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.25M	shares	Annual
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.98M	shares	Annual
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.98M	shares	Annual
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.25M	shares	Annual

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.26M	USD	Annual
Net loss	`ProfitLoss`	$-4.31M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$50.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$113.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$285.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$232.00K	USD	Annual
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$2.00K	USD	Annual
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-8.00K	USD	Annual
Forgiveness of debt	`GainLossOnForgivenessOfDebtOperatingActivities`	$275.00K	USD	Annual
Forgiveness of debt	`GainLossOnForgivenessOfDebtOperatingActivities`	-	USD	Annual
Change in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	-	USD	Annual
Change in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	$25.00K	USD	Annual
Loss of extinguishment of debt	`GainLossOnExtinguishmentOfDebtOperatingActivities`	$-25.00K	USD	Annual
Loss of extinguishment of debt	`GainLossOnExtinguishmentOfDebtOperatingActivities`	-	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$2.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.93M	USD	Annual
Beneficial conversion feature in excess of face value	`BeneficialConversionFeatureInExcessOfFaceValue`	$52.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-29.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$137.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$58.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$99.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-63.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-405.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$137.00K	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$62.00K	USD	Annual
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-18.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$38.00K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-38.00K	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.80M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.75M	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$312.00K	USD	Annual
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$269.00K	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-312.00K	USD	Annual
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-269.00K	USD	Annual
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$13.20M	USD	Point-in-time
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$1.37M	USD	Annual
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$13.47M	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$414.00K	USD	Annual
Proceeds from notes payable	`ProceedsFromNotesPayable`	$15.00K	USD	Annual
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	$100.00K	USD	Annual
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	$2.96M	USD	Annual
Payment of financing costs	`PaymentOfFinancingCosts`	$-115.00K	USD	Annual
Principal payment of notes payable	`RepaymentsOfNotesPayable`	-	USD	Annual
Principal payment of notes payable	`RepaymentsOfNotesPayable`	$15.00K	USD	Annual
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	$100.00K	USD	Annual
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	Annual
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	$127.00K	USD	Annual
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	-	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$16.34M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.88M	USD	Annual
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$13.32M	USD	Annual
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-229.00K	USD	Annual
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$261.00K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.00K	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.35M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.35M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$32.00K	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$261.00K	USD	Point-in-time
Fair value of beneficial conversion and warrant features of Convertible Notes Payable	`FairValueOfBeneficialConversionAndWarrant`	-	USD	Annual
Fair value of beneficial conversion and warrant features of Convertible Notes Payable	`FairValueOfBeneficialConversionAndWarrant`	$2.59M	USD	Annual
Original issue discounts recognized on Convertible Notes Payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	$653.00K	USD	Annual
Original issue discounts recognized on Convertible Notes Payable	`OriginalIssueDiscountsRecognizedOnConvertibleNotesPayable`	-	USD	Annual
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	-	USD	Annual
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	$203.00K	USD	Annual
Operating lease, ROU assets and liabilities	`OperatingLeaseRouAssetsAndLiabilities`	-	USD	Annual
Operating lease, ROU assets and liabilities	`OperatingLeaseRouAssetsAndLiabilities`	$2.05M	USD	Annual
Common Shares issued for acquisition	`StockIssued1`	$375.00K	USD	Annual
Common Shares issued for acquisition	`StockIssued1`	-	USD	Annual
Inventory acquired from acquisition	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	-	USD	Annual
Inventory acquired from acquisition	`NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1`	$21.00K	USD	Annual
Accounts payable assumed from acquisition	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	-	USD	Annual
Accounts payable assumed from acquisition	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$13.00K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$71.00K	USD	Point-in-time
Issuances of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$1.37M	USD	Annual
Issuances of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$13.47M	USD	Annual
Issuance of common stock for acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$375.00K	USD	Annual
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$61.00K	USD	Annual
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	Annual
Restricted stock vesting (in shares)	`StockIssuedDuringPeriodSharesRestrictedStockAwardGross`	39,924.00	shares	Annual
Warrants issued for equity raising costs	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$65.00K	USD	Annual
Beneficial conversion and warrant features of convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithBeneficialConversionFeatureAndWarrantFeature`	$2.59M	USD	Annual
Beneficial conversion and warrant features of convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithBeneficialConversionFeatureAndWarrantFeature`	$43.00K	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$223.00K	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$232.00K	USD	Annual
Derivative liability - COVA	`AdjustmentToAdditionalPaidInCapitalDerivativeLiability`	$-18.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.26M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.31M	USD	Annual
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$380.00K	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.