Enochian Biosciences Inc
NASDAQ: ENOB $5.7 8.37%
Balance Sheet
March 31, 2019 (Unaudited) June 30, 2018
ASSETS
Current Assets:
Cash 10,272,198 15,600,865
Other receivables 1,941 122,866
Prepaid expenses 232,383 38,284
Total Current Assets 10,506,522 15,762,015
Property and Equipment, Net 743,522 27,402
OTHER ASSETS
Definite Life Intangible Assets, Net 146,277,564 152,095,459
Deposits 138,084 137,550
Goodwill 11,640,000 11,640,000
Total Other Assets 158,055,648 163,873,009
TOTAL ASSETS 169,305,692 179,662,426
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
Accounts Payable Trade 1,035,329 571,809
Accounts Payable - Related Party 235,000 235,000
Accrued Expenses 248,799 66,913
Total Current Liabilities 1,519,128 873,722
Contingent Consideration Liability 23,818,000 22,891,000
Total Liabilities 25,337,128 23,764,722
STOCKHOLDERS EQUITY:
Preferred stock, $0.0001 par value; 10,000,000 shares
authorized; no shares issued and outstanding
Common stock, par value $0.0001, 100,000,000 shares authorized, 38,789,310
shares issued and outstanding at March 31, 2019; 36,163,924 issued and outstanding
at June 30, 2018 3,878 3,616
Additional Paid-In Capital 206,361,883 193,283,798
Accumulated Deficit -62,596,019 -37,595,389
Other Comprehensive Income 198,822 205,679
Total Stockholders Equity 143,968,564 155,897,704
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 169,305,692 179,662,426
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Statements of Income
For the Three Months Ended March 31, For the Nine Months Ended March 31,
2019 2018 2019 2018
Revenues 0 0 0 0
Cost of Goods Sold 0 0 0 0
Gross profit (Loss) 0 0 0 0
Operating Expenses
General and Administrative Expenses 1,951,685 1,979,609 6,750,939 3,049,393
Research and Development Expenses 730,255 137,916 2,012,778 511,537
Depreciation and Amortization 1,979,701 761,250 5,834,817 769,150
Consulting Expenses 0 359,783 94,760 815,881
Total Operating Expense 4,661,641 3,238,558 14,693,294 5,145,961
LOSS FROM OPERATIONS -4,661,641 -3,238,558 -14,693,294 -5,145,961
Other Income (Expense)
Change in Fair Value of Contingent Consideration -217,000 0 -10,342,390 0
Interest Income (Expense) -43 1,183 -130 -12,060
Interest Income (Expense) Related Party 0 183,511 0 779,943
Gain (Loss) on Currency Transactions 164,114 87,817 -37,347 87,817
Interest and Other Income 8,724 1,153 72,531 16,081
Total Other (Expense) Income -44,205 273,664 -10,307,336 871,781
Loss Before Income Taxes -4,705,846 -2,964,894 -25,000,630 -4,274,180
Income Tax Benefit 0 -4,729 0 -11,301
NET LOSS -4,705,846 -2,960,165 -25,000,630 -4,262,879
BASIC AND DILUTED LOSS PER SHARE -0.13 -0.12 -0.67 -0.25
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES
OUTSTANDING - BASIC AND DILUTED 37,070,152 24,790,153 37,070,152 17,303,255
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Cash Flows
For the Nine Months Ended March 31,
2019 2018
NET LOSS -25,000,630 -4,262,879
ADJUSTMENT TO RECONCILE NET LOSS TO NET
CASH USED IN OPERATING ACTIVITIES:
Depreciation and Amortization 5,842,448 769,150
Change in Contingent Consideration Liability 10,342,390 0
Stock Based Compensation Expense 1,962,958 217,837
Accrued Interest on Notes Receivable 0 -10,874
Loss on Forgiveness on Note Receivable 0 457,813
Gain on Forgiveness of Debt, Related Party 0 -87,817
Accretion of Discount on Notes Payable 0 11,997
CHANGES IN ASSETS AND LIABILITIES:
Other Receivables 120,391 192,507
Prepaid Expenses/Deposits -194,101 -11,874
Accounts Payable 463,520 219,507
Accrued Expenses 181,890 -222,111
NET CASH USED IN OPERATINGACTIVITIES -6,281,134 -2,726,744
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash held in escrow 0 2,067
Notes receivables 0 -250,799
Purchase of property and equipment -733,176 -30,000
NET CASH USED IN INVESTING ACTIVITIES -733,176 -278,732
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock issuances 0 16,712,715
Proceeds from exercise of options by related party 1,700,000 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,700,000 16,712,715
(Loss) on Currency Translation -14,357 -630,548
NET CHANGE IN CASH -5,328,667 13,076,781
CASH, BEGINNING OF PERIOD 15,600,865 3,941,712
CASH, END OF PERIOD 10,272,198 17,018,493
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Non-cash investing and financing Activities:
Contingent Shares issued in connection with Acquisition Agreement 9,415,388 0
Amortization of discount on Convertible Notes Payable 0 11,997
Stock issued in exchange for services 0 217,837
Convertible notes payable converted to 183,356 common shares 0 401,673
Common stock issued and contingent common shares to acquire EBI 0 127,764,437
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