10-Q Filing

NEXGEL, INC. CIK: 1468929 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001410578-22-001396`
Period End Date	20220331
Filing Date	20220513
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	topp-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 38 Cash Flow Statement 67 Stockholders Equity 16

Balance Sheet 78 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`	$13.35M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$10.52M	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$209.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$132.00K	USD	Point-in-time
Inventory	`InventoryNet`	$280.00K	USD	Point-in-time
Inventory	`InventoryNet`	$291.00K	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`	750.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$167.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	750.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$77.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.10M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.57M	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, Outstanding	`CommonStockSharesOutstanding`	5.57M	shares	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Goodwill	`Goodwill`	$311.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	5.57M	shares	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$33.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$30.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$698.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$723.00K	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.93M	USD	Point-in-time
Operating lease - right of use asset	`OperatingLeaseRightOfUseAsset`	$1.88M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$63.00K	USD	Point-in-time
Total assets	`Assets`	$16.98M	USD	Point-in-time
Total assets	`Assets`	$14.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$183.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$254.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$62.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$57.00K	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	-	USD	Point-in-time
Deferred Revenue	`DeferredIncomeCurrent`	-	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$2.04M	USD	Point-in-time
Convertible notes payable	`ConvertibleNotesPayableCurrent`	$894.00K	USD	Point-in-time
Note payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$14.00K	USD	Point-in-time
Note payable, current portion	`NotesPayableExcludingConvertibleNotesPayableCurrent`	$10.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$318.00K	USD	Point-in-time
Warrant liability	`WarrantLiabilityCurrent`	$449.00K	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`	$1.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.89M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.71M	USD	Point-in-time
Operating lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.74M	USD	Point-in-time
Notes payable, net of current portion	`NotesPayableExcludingConvertibleNotesPayableNonCurrent`	$265.00K	USD	Point-in-time
Notes payable, net of current portion	`NotesPayableExcludingConvertibleNotesPayableNonCurrent`	$266.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$2.01M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$1.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.90M	USD	Point-in-time
Commitments and Contingencies (Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 15)	`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 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Common Stock, par value $0.001 per share, 750,000,000 shares authorized; 5,572,234 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.89M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$10.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$71.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.00M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.08M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.98M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$396.00K	USD	1 Quarter
Revenues, net	`RevenueFromContractWithCustomerIncludingAssessedTax`	$267.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$418.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$309.00K	USD	1 Quarter
Gross loss	`GrossProfit`	$-22.00K	USD	1 Quarter
Gross loss	`GrossProfit`	$-42.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$24.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$766.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$471.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$478.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$790.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-520.00K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-812.00K	USD	1 Quarter
Interest income (expense), net	`InterestExpensesDebtExcludingAmortization`	$744.00K	USD	1 Quarter
Interest income (expense), net	`InterestExpensesDebtExcludingAmortization`	$148.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-150.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-25.00K	USD	1 Quarter
Debt discount costs	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Debt discount costs	`AmortizationOfDebtDiscountPremium`	$17.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$130.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.02M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-184.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.84M	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`	$-704.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.33	USD	1 Quarter
Net loss per common share - basic	`EarningsPerShareBasic`	$-0.25	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Net loss per common share - diluted	`EarningsPerShareDiluted`	$-0.33	USD	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.57M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.87M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.87M	shares	1 Quarter
Weighted average shares used in computing net loss per common share - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.57M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.84M	USD	1 Quarter
Net loss	`ProfitLoss`	$-704.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.00K	USD	1 Quarter
Changes in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	$10.00K	USD	1 Quarter
Changes in ROU asset and operating lease liability	`ChangeInRightOfUseAssetAndOperatingLeaseLiability`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$55.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$90.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$130.00K	USD	1 Quarter
Changes in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-6.00K	USD	1 Quarter
Loss of extinguishment of debt	`GainLossOnExtinguishmentOfDebtOperatingActivities`	$-150.00K	USD	1 Quarter
Loss of extinguishment of debt	`GainLossOnExtinguishmentOfDebtOperatingActivities`	$-25.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$108.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$741.00K	USD	1 Quarter
Beneficial conversion feature in excess of face value	`BeneficialConversionFeatureInExcessOfFaceValue`	-	USD	1 Quarter
Beneficial conversion feature in excess of face value	`BeneficialConversionFeatureInExcessOfFaceValue`	$51.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$23.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-77.00K	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`	$90.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-71.00K	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`	$-2.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-345.00K	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-797.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	-	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$267.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-267.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$285.00K	USD	1 Quarter
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$13.20M	USD	Point-in-time
Issuance of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$15.00K	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	$15.00K	USD	1 Quarter
Principle payment of notes payable	`RepaymentsOfNotesPayable`	$2.03M	USD	1 Quarter
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	-	USD	1 Quarter
Proceeds from notes payable (PPP)	`ProceedsFromNotesPayablePaycheckProtectionProgram`	$128.00K	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	$1.34M	USD	1 Quarter
Proceeds from convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	$100.00K	USD	1 Quarter
Principal payment on convertible notes	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.65M	USD	1 Quarter
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.03M	USD	1 Quarter
Net Increase in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.83M	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`	$13.35M	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.07M	USD	Point-in-time
Cash - Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.52M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.52M	USD	Point-in-time
Cash - End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.07M	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
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`	-	USD	1 Quarter
Warrants issued for debt and equity financing costs	`WarrantsIssuedEquityIssuanceCost`	$130.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$71.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$55.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$69.00K	USD	1 Quarter
Restricted stock vesting	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$20.00K	USD	1 Quarter
Issuances of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$285.00K	USD	1 Quarter
Warrants issued for debt issuance	`AdjustmentsToAdditionalPaidInCapitalWarrantIssuedForDebtIssuance`	$17.00K	USD	1 Quarter
Beneficial conversion and warrant features of convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithBeneficialConversionFeatureAndWarrantFeature`	$1.28M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-704.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$12.09M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Balance	`StockholdersEquity`	$71.00K	USD	Point-in-time
Balance	`StockholdersEquity`	$1.00M	USD	Point-in-time

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