10-Q Filing

INSIGHT MOLECULAR DIAGNOSTICS INC. CIK: 1642380 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001493152-20-008385`
Period End Date	20200331
Filing Date	20200512
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ocx-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 34 Cash Flow Statement 76 Comprehensive Income 6

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	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`	-	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.58M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$13.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Marketable equity securities	`EquitySecuritiesFvNi`	$379.00K	USD	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, no par value	`CommonStockNoParValue`	-	USD	Point-in-time
Marketable equity securities	`EquitySecuritiesFvNi`	$325.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$505.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.22M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	85.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	57.03M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	62.48M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$22.96M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	62.48M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	57.03M	shares	Point-in-time
Right-of-use assets, machinery and equipment, net	`RightofuseAssetsMachineryAndEquipmentNet`	$4.30M	USD	Point-in-time
Right-of-use assets, machinery and equipment, net	`RightofuseAssetsMachineryAndEquipmentNet`	$3.73M	USD	Point-in-time
Equity method investment in Razor	`EquityMethodInvestments`	$10.96M	USD	Point-in-time
Equity method investment in Razor	`EquityMethodInvestments`	$10.63M	USD	Point-in-time
Goodwill	`Goodwill`	$9.19M	USD	Point-in-time
Goodwill	`Goodwill`	$9.19M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$15.07M	USD	Point-in-time
Deposits and other noncurrent assets	`DepositsAndOtherNoncurrentAssets`	$2.17M	USD	Point-in-time
Deposits and other noncurrent assets	`DepositsAndOtherNoncurrentAssets`	$2.21M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$59.50M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$39.86M	USD	Point-in-time
Amount due to Lineage and affiliates	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Amount due to Lineage and affiliates	`DueToRelatedPartiesCurrent`	$6.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$469.00K	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$2.61M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$3.42M	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$1.50M	USD	Point-in-time
Loan payable, current	`LoansPayableCurrent`	$1.12M	USD	Point-in-time
Right-of-use and financing lease liabilities, current	`RightofuseAndFinancingLeaseLiabilitiesCurrent`	$373.00K	USD	Point-in-time
Right-of-use and financing lease liabilities, current	`RightofuseAndFinancingLeaseLiabilitiesCurrent`	$230.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.44M	USD	Point-in-time
Loan payable, net of deferred financing costs, noncurrent	`LongTermLoansPayable`	$1.56M	USD	Point-in-time
Loan payable, net of deferred financing costs, noncurrent	`LongTermLoansPayable`	$1.91M	USD	Point-in-time
Financing lease and right of use liabilities, noncurrent	`RightofuseAndFinancingLeaseLiabilitiesNoncurrent`	$3.10M	USD	Point-in-time
Financing lease and right of use liabilities, noncurrent	`RightofuseAndFinancingLeaseLiabilitiesNoncurrent`	$2.68M	USD	Point-in-time
Contingent consideration liabilities	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$11.13M	USD	Point-in-time
Contingent consideration liabilities	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	-	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$158.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$22.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$9.02M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value, 5,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 5,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value, 85,000 shares authorized; 62,484 and 57,032 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$138.10M	USD	Point-in-time
Common stock, no par value, 85,000 shares authorized; 62,484 and 57,032 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$124.58M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-101.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-93.75M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$30.84M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.42M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$36.62M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$38.19M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$59.50M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$39.86M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.00K	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$173.00K	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.34M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.62M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.45M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$205.00K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.49M	USD	1 Quarter
Total costs and operating expenses	`OperatingExpenses`	$8.45M	USD	1 Quarter
Total costs and operating expenses	`OperatingExpenses`	$4.00M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.43M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.00M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-19.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-22.00K	USD	1 Quarter
Unrealized gain (loss) on marketable equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$178.00K	USD	1 Quarter
Unrealized gain (loss) on marketable equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-53.00K	USD	1 Quarter
Pro rata loss from equity method investment in Razor	`IncomeLossFromEquityMethodInvestments`	$-329.00K	USD	1 Quarter
Pro rata loss from equity method investment in Razor	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Other income (expenses), net	`OtherNonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Other income (expenses), net	`OtherNonoperatingIncomeExpense`	$8.00K	USD	1 Quarter
Total other income (expenses), net	`NonoperatingIncomeExpense`	$-396.00K	USD	1 Quarter
Total other income (expenses), net	`NonoperatingIncomeExpense`	$133.00K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.83M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.86M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$1.09M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-3.86M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-7.73M	USD	1 Quarter
Net loss per share; basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Net loss per share; basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Weighted average shares outstanding; basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	46,647.00	shares	1 Quarter
Weighted average shares outstanding; basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	61,459.00	shares	1 Quarter

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.73M	USD	1 Quarter
Depreciation expense	`Depreciation`	$60.00K	USD	1 Quarter
Depreciation expense	`Depreciation`	$110.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$15.00K	USD	1 Quarter
Amortization of right-of-use assets and liabilities	`AmortizationOfRightOfUseAssetsAndLiabilities`	-	USD	1 Quarter
Amortization of right-of-use assets and liabilities	`AmortizationOfRightOfUseAssetsAndLiabilities`	$152.00K	USD	1 Quarter
Pro rata loss from equity method investment in Razor	`IncomeLossFromEquityMethodInvestments`	$-329.00K	USD	1 Quarter
Pro rata loss from equity method investment in Razor	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Amortization of prepaid maintenance	`AmortizationOfPrepaidMaintenance`	$36.00K	USD	1 Quarter
Amortization of prepaid maintenance	`AmortizationOfPrepaidMaintenance`	$9.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$686.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$937.00K	USD	1 Quarter
Unrealized (gain) loss on marketable equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$178.00K	USD	1 Quarter
Unrealized (gain) loss on marketable equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-53.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$35.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$12.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.09M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	-	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$26.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Amount due to Lineage and affiliates	`IncreaseDecreaseInDueToRelatedParties`	$-6.00K	USD	1 Quarter
Amount due to Lineage and affiliates	`IncreaseDecreaseInDueToRelatedParties`	$-2.10M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$909.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$950.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-468.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.25M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.87M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.72M	USD	1 Quarter
Acquisition of Insight Genetics, net of cash acquired	`PaymentsToAcquireEquityMethodInvestments`	$6.19M	USD	1 Quarter
Acquisition of Insight Genetics, net of cash acquired	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	1 Quarter
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.00K	USD	1 Quarter
Security deposit and other	`PaymentsToSecurityDepositAndOther`	$-54.00K	USD	1 Quarter
Security deposit and other	`PaymentsToSecurityDepositAndOther`	$-42.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.19M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$47.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$943.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from sale of common shares	`ProceedsFromIssuanceOfCommonStock`	$7.60M	USD	1 Quarter
Proceeds from sale of common shares	`ProceedsFromIssuanceOfCommonStock`	$40.25M	USD	1 Quarter
Financing costs to issue common shares	`PaymentsOfStockIssuanceCosts`	$1.00K	USD	1 Quarter
Financing costs to issue common shares	`PaymentsOfStockIssuanceCosts`	$2.96M	USD	1 Quarter
Common shares received and retired for employee taxes paid	`CommonSharesReceivedAndRetiredForEmployeeTaxesPaid`	$14.00K	USD	1 Quarter
Common shares received and retired for employee taxes paid	`CommonSharesReceivedAndRetiredForEmployeeTaxesPaid`	-	USD	1 Quarter
Repayment of loan payable	`RepaymentsOfDebt`	$200.00K	USD	1 Quarter
Repayment of loan payable	`RepaymentsOfDebt`	-	USD	1 Quarter
Repayment of financing lease obligations	`FinanceLeasePrincipalPayments`	$17.00K	USD	1 Quarter
Repayment of financing lease obligations	`FinanceLeasePrincipalPayments`	$134.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$37.89M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.57M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.50M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$31.22M	USD	1 Quarter
At beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.03M	USD	Point-in-time
At beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.26M	USD	Point-in-time
At beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.77M	USD	Point-in-time
At beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.28M	USD	Point-in-time
At end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.03M	USD	Point-in-time
At end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$39.26M	USD	Point-in-time
At end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.77M	USD	Point-in-time
At end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$18.28M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$30.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$43.00K	USD	1 Quarter
Common stock issued for acquisition of Insight Genetics	`CommonStockIssuedForAcquisition`	-	USD	1 Quarter
Common stock issued for acquisition of Insight Genetics	`CommonStockIssuedForAcquisition`	$5.00M	USD	1 Quarter
Initial fair value of contingent consideration at acquisition date	`InitialFairValueOfContingentConsiderationAtAcquisitionDate`	$11.13M	USD	1 Quarter
Initial fair value of contingent consideration at acquisition date	`InitialFairValueOfContingentConsiderationAtAcquisitionDate`	-	USD	1 Quarter
Holdback liability	`HoldbackLiability`	-	USD	1 Quarter
Holdback liability	`HoldbackLiability`	$600.00K	USD	1 Quarter
Deferred final commitment fee for bank loan	`DeferredFinalCommitmentFeeForBankLoan`	$35.00K	USD	1 Quarter
Deferred final commitment fee for bank loan	`DeferredFinalCommitmentFeeForBankLoan`	-	USD	1 Quarter
Equipment purchased under financing leases	`EquipmentPurchasedUnderFinancingLeases`	-	USD	1 Quarter
Equipment purchased under financing leases	`EquipmentPurchasedUnderFinancingLeases`	-	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
NET LOSS	`NetIncomeLoss`	$-3.86M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-7.73M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-7.73M	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-3.86M	USD	1 Quarter

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