10-Q Filing

ENVERIC BIOSCIENCES, INC. CIK: 890821 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-016990`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 36 Cash Flow Statement 54 Stockholders Equity 20

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`Cash`	$17.72M	USD	Point-in-time
Cash	`Cash`	$12.56M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$708.05K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.28M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.43M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$677.49K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$638.93K	USD	Point-in-time
Right-of-use operating lease asset	`OperatingLeaseRightOfUseAsset`	$63.82K	USD	Point-in-time
Right-of-use operating lease asset	`OperatingLeaseRightOfUseAsset`	$37.04K	USD	Point-in-time
Intangible assets, net	`Goodwill`	$337.50K	USD	Point-in-time
Intangible assets, net	`Goodwill`	$379.69K	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$1.01M	USD	Point-in-time
Total other assets	`AssetsNoncurrent`	$1.12M	USD	Point-in-time
Total assets	`Assets`	$19.55M	USD	Point-in-time
Total assets	`Assets`	$15.85M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$463.27K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.79M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.71M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.03M	USD	Point-in-time
Current portion of right-of-use operating lease obligation	`OperatingLeaseLiabilityCurrent`	$37.04K	USD	Point-in-time
Current portion of right-of-use operating lease obligation	`OperatingLeaseLiabilityCurrent`	$63.82K	USD	Point-in-time
Investment option liability	`OtherLiabilitiesCurrent`	$731.50K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Investment option liability	`OtherLiabilitiesCurrent`	$851.01K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Warrant liability	`WarrantLiabilitiesCurrent`	$134.56K	USD	Point-in-time
Warrant liability	`WarrantLiabilitiesCurrent`	$185.22K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$727.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.08M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.08M	shares	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$714.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.08M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.08M	shares	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.00M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series C redeemable preferred stock, $0.01 par value, 100,000 shares authorized, and 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Series C redeemable preferred stock, $0.01 par value, 100,000 shares authorized, and 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$1.01M	USD	Point-in-time
Redeemable non-controlling interest	`RedeemableNoncontrollingInterestEquityCarryingAmount`	$885.03K	USD	Point-in-time
Total mezzanine equity	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$1.01M	USD	Point-in-time
Total mezzanine equity	`TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests`	$885.03K	USD	Point-in-time
Preferred stock, $0.01 par value, 20,000,000 shares authorized; Series B preferred stock, $0.01 par value, 3,600,000 shares authorized, 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 20,000,000 shares authorized; Series B preferred stock, $0.01 par value, 3,600,000 shares authorized, 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,078,271 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`CommonStockValue`	$20.78K	USD	Point-in-time
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,078,271 shares issued and outstanding as of March 31, 2023 and December 31, 2022	`CommonStockValue`	$20.78K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$94.81M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$94.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-83.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-536.73K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-534.77K	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$22.31M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$24.44M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$10.41M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$14.67M	USD	Point-in-time
Total liabilities, mezzanine equity, and shareholders equity	`LiabilitiesAndStockholdersEquity`	$19.55M	USD	Point-in-time
Total liabilities, mezzanine equity, and shareholders equity	`LiabilitiesAndStockholdersEquity`	$15.85M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
General and administrative	`GeneralAndAdministrativeExpense`	$2.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.78M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.96M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$69.27K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$86.49K	USD	1 Quarter
Total operating expenses	`OperatingCostsAndExpenses`	$4.86M	USD	1 Quarter
Total operating expenses	`OperatingCostsAndExpenses`	$4.80M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.80M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.86M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-50.66K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-275.97K	USD	1 Quarter
Change in fair value of investment option liability	`GainLossOnInvestments`	$119.50K	USD	1 Quarter
Change in fair value of investment option liability	`GainLossOnInvestments`	-	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$13.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$11.00	USD	1 Quarter
Interest expense	`InterestExpense`	$4.14K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$271.83K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$183.15K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.68M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.52M	USD	1 Quarter
Less preferred dividends attributable to non-controlling interest	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Less preferred dividends attributable to non-controlling interest	`PreferredStockDividendsIncomeStatementImpact`	$12.33K	USD	1 Quarter
Less deemed dividends attributable to accretion of embedded derivative at redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	-	USD	1 Quarter
Less deemed dividends attributable to accretion of embedded derivative at redemption value	`TemporaryEquityAccretionToRedemptionValueAdjustment`	$110.99K	USD	1 Quarter
Net loss attributable to shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.80M	USD	1 Quarter
Net loss attributable to shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.52M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$88.71K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.97K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.44M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.80M	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-2.31	USD	1 Quarter
Net loss per share - basic and diluted	`EarningsPerShareBasic`	$-5.34	USD	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	2.08M	shares	1 Quarter
Weighted average shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	847,136.00	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.68M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.52M	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-50.66K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-275.97K	USD	1 Quarter
Change in fair value of investment option liability	`GainLossOnInvestments`	$119.50K	USD	1 Quarter
Change in fair value of investment option liability	`GainLossOnInvestments`	-	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	-	USD	1 Quarter
Change in fair value of derivative liability	`DerivativeGainLossOnDerivativeNet`	$13.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$532.84K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$768.62K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$26.85K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$34.45K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$42.19K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$42.19K	USD	1 Quarter
Depreciation expense	`Depreciation`	$44.30K	USD	1 Quarter
Depreciation expense	`Depreciation`	$27.08K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$588.98K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.55M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$6.02K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$653.71K	USD	1 Quarter
Right-of-use operating lease liability	`IncreaseDecreaseInRightOfUseOperatingLeaseLiability`	$-38.34K	USD	1 Quarter
Right-of-use operating lease liability	`IncreaseDecreaseInRightOfUseOperatingLeaseLiability`	$-26.85K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.14M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.55M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.17K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$505.51K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-505.51K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.17K	USD	1 Quarter
Proceeds from sale of common stock, warrants, and investment options, net of offering costs	`ProceedsFromWarrantExercises`	$9.40M	USD	1 Quarter
Proceeds from sale of common stock, warrants, and investment options, net of offering costs	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.40M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-4.90K	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-19.89K	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.34M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.16M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.56M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.69M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.72M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.36M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.56M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.69M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.72M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.36M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$11.00	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$4.14K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Warrants issued in conjunction with common stock issuance	`WarrantsIssuedInConjunctionWithNotesPayable`	-	USD	1 Quarter
Warrants issued in conjunction with common stock issuance	`WarrantsIssuedInConjunctionWithNotesPayable`	$3.60M	USD	1 Quarter
Preferred dividends attributable to redeemable non-controlling interest	`PreferredDividendsAttributableToRedeemableNoncontrollingInterest`	$12.33K	USD	1 Quarter
Preferred dividends attributable to redeemable non-controlling interest	`PreferredDividendsAttributableToRedeemableNoncontrollingInterest`	-	USD	1 Quarter
Accretion of embedded derivative to redemption value	`AccretionOfEmbeddedDerivativeToRedemptionValue`	$110.99K	USD	1 Quarter
Accretion of embedded derivative to redemption value	`AccretionOfEmbeddedDerivativeToRedemptionValue`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$22.31M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$24.44M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$10.41M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$14.67M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$532.84K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$768.62K	USD	1 Quarter
Preferred dividends attributable to redeemable non-controlling interest	`PreferredDividendsAttributableToRedeemableNoncontrollingInterest`	$12.33K	USD	1 Quarter
Preferred dividends attributable to redeemable non-controlling interest	`PreferredDividendsAttributableToRedeemableNoncontrollingInterest`	-	USD	1 Quarter
Accretion of embedded derivative to redemption value	`AccretionOfEmbeddedDerivativeToRedemptionValue`	$110.99K	USD	1 Quarter
Accretion of embedded derivative to redemption value	`AccretionOfEmbeddedDerivativeToRedemptionValue`	-	USD	1 Quarter
Foreign exchange translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$88.71K	USD	1 Quarter
Foreign exchange translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.97K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.68M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.52M	USD	1 Quarter
February 2022 registered direct offering	`StockIssuedDuringPeriodValueRegisteredDirectOffering`	$5.80M	USD	1 Quarter
Conversion of RSUs into common shares	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$22.31M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$24.44M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$10.41M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$14.67M	USD	Point-in-time

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