i
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2019
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No.: 001-35527
EMMAUS LIFE SCIENCES, INC.
(Exact name of Registrant as specified in its charter)
Delaware |
|
87-0419387 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
21250 Hawthorne Boulevard, Suite 800, Torrance, California |
|
90503 |
(Address of principal executive offices) |
|
(Zip code) |
(310) 214-0065
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, $0.001 par value |
EMMA |
OTCQB |
Common Stock Purchase Warrants |
EMMAW |
OTC Pink |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
Emerging growth company |
☐ |
|
|
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 48,471,446 shares of common stock, par value $0.001 per share, outstanding as of November 11, 2019.
For the Quarterly Period Ended September 30, 2019
INDEX
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Page |
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Part I. Financial Information |
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Item 1. |
4 |
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(a)Consolidated Balance Sheets as of September 30, 2019 (Unaudited) and December 31, 2018 |
4 |
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5 |
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6 |
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8 |
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9 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
26 |
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Item 3. |
33 |
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Item 4. |
34 |
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Part II Other Information |
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Item 1. |
36 |
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Item 1A. |
36 |
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Item 2. |
36 |
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Item 3. |
36 |
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Item 4. |
36 |
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Item 5. |
36 |
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Item 6. |
37 |
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39 |
This Quarterly Report is filed by Emmaus Life Sciences, Inc. (“Emmaus,” “we,” “us,” “our,” or the “Company”), formerly known as MYnd Analytics, Inc. As of and for the period ending June 30, 2019, the Company was a predictive analytics company that had developed a decision support tool to help physicians reduce trial and error treatment in mental health and provide more personalized care to patients. As reported in its Current Report on Form 8-K filed with the SEC on July 22, 2019 and as discussed in more detail in this Quarterly Report, on July 17, 2019, the Company completed its merger transaction with EMI Holding, Inc., formerly known as Emmaus Life Sciences, Inc. (“EMI”), pursuant to which EMI became a wholly-owned subsidiary of the Company (the “Merger”). On July 17, 2019, immediately after completion of the Merger, the Company changed its name to “Emmaus Life Sciences, Inc.”
The Merger was treated as a reverse recapitalization with EMI being deemed the acquiring company for accounting purposes under the acquisition method of accounting in accordance with accounting principles generally accepted in the United States. The Merger is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.
In connection with and prior to the Merger, the Company contributed and transferred to Telemynd, Inc. (“Telemynd”), a newly formed, wholly owned subsidiary of the Company, all or substantially all of the Company’s business, assets and liabilities. On July 15, 2019, the board of directors of the Company declared a dividend with respect to the shares of the Company common stock outstanding at the close of business on that day of one share of the Telemynd common stock held by the Company for each outstanding share of the Company common stock after giving effect to a 1-for-6 reverse stock split of the Company’s common stock effected by the Company on July 17, 2019. The dividend, which together with the contribution and transfer of the Company’s historical business, assets and liabilities described above, is referred to as the “Spin-Off.” Prior to the Spin-Off, Telemynd engaged in no business or operations.
As a result of the Spin-Off and the Merger, since July 17, 2019 the Company has operated through EMI and its direct and indirect subsidiaries and the ongoing business of the Company is the EMI business. EMI is a commercial-stage biopharmaceutical company focused on the development, marketing and sale of innovative treatments and therapies, including those in the rare and orphan disease categories. For more information, please visit www.emmausmedical.com. The information contained on, or accessible through, our website is not incorporated by reference into this Quarterly Report and should not be considered a part of this Quarterly Report.
On August 14, 2019, the Company filed an amendment on Form 8-K/A to its Current Report on Form 8-K relating to the completion of the Merger and the Spin-Off which includes financial statements of EMI as of and for the three months and six months ended June 30, 2019 and certain pro forma financial information. This Quarterly Report should be read in conjunction with the information in the Form 8-K/A.
3
EMMAUS LIFE SCIENCES, INC.
(In thousands, except share and per share amounts)
|
|
As of |
|
|||||
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
|
(unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents ($12,220 and $13,175 attributable to the VIE) |
|
$ |
13,546 |
|
|
$ |
17,080 |
|
Accounts receivable, net |
|
|
1,900 |
|
|
|
1,351 |
|
Inventories, net |
|
|
7,491 |
|
|
|
4,705 |
|
Investment in marketable securities |
|
|
27,643 |
|
|
|
49,343 |
|
Marketable securities, pledged to creditor |
|
|
— |
|
|
|
238 |
|
Prepaid expenses and other current assets ($610 and $273 attributable to the VIE) |
|
|
1,194 |
|
|
|
743 |
|
Total current assets |
|
|
51,774 |
|
|
|
73,460 |
|
PROPERTY AND EQUIPMENT, NET |
|
|
163 |
|
|
|
152 |
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
Long-term investment at cost |
|
|
— |
|
|
|
538 |
|
Intangibles, net |
|
|
44 |
|
|
|
54 |
|
Right of use assets |
|
|
4,118 |
|
|
|
— |
|
Deposits and other assets |
|
|
383 |
|
|
|
352 |
|
Total other assets |
|
|
4,545 |
|
|
|
944 |
|
Total assets |
|
$ |
56,482 |
|
|
$ |
74,556 |
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses ($148 and $0 attributable to the VIE) |
|
$ |
10,706 |
|
|
$ |
9,122 |
|
Deferred rent |
|
|
— |
|
|
|
19 |
|
Operating lease liabilities |
|
|
844 |
|
|
|
— |
|
Other current liabilities |
|
|
5,412 |
|
|
|
5,181 |
|
Embedded conversion option liabilities |
|
|
264 |
|
|
|
— |
|
Notes payable, net |
|
|
3,886 |
|
|
|
6,394 |
|
Notes payable to related party, net |
|
|
193 |
|
|
|
468 |
|
Convertible debentures |
|
|
11,000 |
|
|
|
— |
|
Convertible notes payable, net |
|
|
2,928 |
|
|
|
11,253 |
|
Convertible notes payable to related parties, net |
|
|
— |
|
|
|
5,089 |
|
Total current liabilities |
|
|
35,233 |
|
|
|
37,526 |
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Deferred rent |
|
|
— |
|
|
|
268 |
|
Operating lease liabilities |
|
|
3,714 |
|
|
|
— |
|
Other long-term liabilities |
|
|
34,556 |
|
|
|
36,222 |
|
Warrant derivative liabilities |
|
|
— |
|
|
|
1,399 |
|
Embedded conversion option liabilities |
|
|
29 |
|
|
|
— |
|
Notes payable, net |
|
|
— |
|
|
|
1,021 |
|
Convertible debentures |
|
|
1,200 |
|
|
|
— |
|
Convertible notes payable, net |
|
|
— |
|
|
|
5,485 |
|
Convertible notes payable to related parties, net |
|
|
— |
|
|
|
8,529 |
|
Total long-term liabilities |
|
|
39,499 |
|
|
|
52,924 |
|
Total liabilities |
|
|
74,732 |
|
|
|
90,450 |
|
STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Preferred stock — par value $0.001 per share, 15,000,000 shares authorized, none issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock — par value $0.001 per share, 250,000,000 shares authorized, 47,671,446 shares and 37,341,393 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively |
|
|
47 |
|
|
|
37 |
|
Additional paid-in capital |
|
|
199,395 |
|
|
|
140,903 |
|
Accumulated other comprehensive income (loss) |
|
|
(51 |
) |
|
|
(69 |
) |
Accumulated deficit |
|
|
(216,916 |
) |
|
|
(156,668 |
) |
Total stockholders’ equity (deficit) |
|
|
(17,525 |
) |
|
|
(15,797 |
) |
Noncontrolling interest |
|
|
(725 |
) |
|
|
(97 |
) |
Total liabilities & stockholders’ equity (deficit) |
|
$ |
56,482 |
|
|
$ |
74,556 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share amounts) (Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
REVENUES, NET |
|
$ |
6,084 |
|
|
$ |
4,882 |
|
|
$ |
17,260 |
|
|
|
8,235 |
|
COST OF GOODS SOLD |
|
|
178 |
|
|
|
141 |
|
|
|
573 |
|
|
|
497 |
|
GROSS PROFIT |
|
|
5,906 |
|
|
|
4,741 |
|
|
|
16,687 |
|
|
|
7,738 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
725 |
|
|
|
466 |
|
|
|
1,778 |
|
|
|
1,273 |
|
Selling |
|
|
1,789 |
|
|
|
1,224 |
|
|
|
5,177 |
|
|
|
3,663 |
|
General and administrative |
|
|
6,991 |
|
|
|
5,182 |
|
|
|
14,523 |
|
|
|
12,130 |
|
Total operating expenses |
|
|
9,505 |
|
|
|
6,872 |
|
|
|
21,478 |
|
|
|
17,066 |
|
LOSS FROM OPERATIONS |
|
|
(3,599 |
) |
|
|
(2,131 |
) |
|
|
(4,791 |
) |
|
|
(9,328 |
) |
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
— |
|
|
|
738 |
|
|
|
— |
|
|
|
738 |
|
Loss on debt extinguishment |
|
|
(6,427 |
) |
|
|
— |
|
|
|
(6,427 |
) |
|
|
(3,245 |
) |
Impairment loss on long-term investment |
|
|
— |
|
|
|
— |
|
|
|
(524 |
) |
|
|
— |
|
Change in fair value of warrant derivative liabilities |
|
|
424 |
|
|
|
19,456 |
|
|
|
623 |
|
|
|
20,351 |
|
Change in fair value of embedded conversion option |
|
|
342 |
|
|
|
— |
|
|
|
342 |
|
|
|
466 |
|
Net loss on investment in marketable securities |
|
|
(5,248 |
) |
|
|
2,023 |
|
|
|
(21,718 |
) |
|
|
(31,627 |
) |
Transaction cost |
|
|
(309 |
) |
|
|
— |
|
|
|
(309 |
) |
|
|
— |
|
Notes conversion expense |
|
|
(3,906 |
) |
|
|
— |
|
|
|
(3,906 |
) |
|
|
— |
|
Interest and other income (loss) |
|
|
(17 |
) |
|
|
8 |
|
|
|
146 |
|
|
|
43 |
|
Interest expense |
|
|
(7,318 |
) |
|
|
(5,525 |
) |
|
|
(22,757 |
) |
|
|
(16,269 |
) |
Total other income (expense) |
|
|
(22,459 |
) |
|
|
16,700 |
|
|
|
(54,530 |
) |
|
|
(29,543 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
(26,058 |
) |
|
|
14,569 |
|
|
|
(59,321 |
) |
|
|
(38,871 |
) |
INCOME TAXES |
|
|
25 |
|
|
|
— |
|
|
|
242 |
|
|
|
2 |
|
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTEREST |
|
|
(26,083 |
) |
|
|
14,569 |
|
|
|
(59,563 |
) |
|
|
(38,873 |
) |
Net (income) loss attributable to noncontrolling interest |
|
|
(54 |
) |
|
|
— |
|
|
|
620 |
|
|
|
— |
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
|
|
(26,137 |
) |
|
|
14,569 |
|
|
|
(58,943 |
) |
|
|
(38,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
11 |
|
|
|
(5 |
) |
|
|
10 |
|
|
|
11 |
|
Other comprehensive income (loss) |
|
|
11 |
|
|
|
(5 |
) |
|
|
10 |
|
|
|
11 |
|
COMPREHENSIVE INCOME (LOSS) |
|
|
(26,072 |
) |
|
|
14,564 |
|
|
|
(59,553 |
) |
|
|
(38,862 |
) |
Amounts attributable to noncontrolling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) loss attributable to noncontrolling interest |
|
|
(54 |
) |
|
|
— |
|
|
|
620 |
|
|
|
— |
|
Foreign currency translation adjustments |
|
|
(6 |
) |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
Comprehensive (income) loss attributable to noncontrolling interest |
|
|
(60 |
) |
|
|
— |
|
|
|
628 |
|
|
|
— |
|
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
|
$ |
(26,132 |
) |
|
$ |
14,564 |
|
|
$ |
(58,925 |
) |
|
$ |
(38,862 |
) |
NET INCOME (LOSS) PER COMMON SHARE - BASIC |
|
$ |
(0.60 |
) |
|
$ |
0.40 |
|
|
$ |
(1.49 |
) |
|
$ |
(1.06 |
) |
NET INCOME (LOSS) PER COMMON SHARE - DILUTIVE |
|
$ |
(0.60 |
) |
|
$ |
(0.13 |
) |
|
$ |
(1.49 |
) |
|
$ |
(1.58 |
) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING |
|
|
46,020,507 |
|
|
|
36,719,892 |
|
|
|
40,474,847 |
|
|
|
36,644,377 |
|
The accompanying notes are an integral part of these consolidated financial statements.
5
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share and per share amounts) (Unaudited)
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Shares |
|
|
Amount |
|
|
Additional Paid-In Capital |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Accumulated Deficit |
|
|
Total Emmaus Stockholders' Equity / (Deficit) |
|
|
Non-controlling Interest |
|
|
Total Equity / (Deficit) |
|
||||||||
Balance at January 1, 2019 |
|
|
37,341,393 |
|
|
$ |
37 |
|
|
$ |
140,903 |
|
|
$ |
(69 |
) |
|
$ |
(156,668 |
) |
|
$ |
(15,797 |
) |
|
$ |
(97 |
) |
|
$ |
(15,894 |
) |
Cumulative effect adjustment on adoption of ASC 842 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29 |
) |
|
|
(29 |
) |
|
|
— |
|
|
|
(29 |
) |
Beneficial conversion feature relating to convertible notes payable |
|
|
— |
|
|
|
— |
|
|
|
2,039 |
|
|
|
— |
|
|
|
— |
|
|
|
2,039 |
|
|
|
— |
|
|
|
2,039 |
|
Exercise of warrants |
|
|
525 |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
Common stock issued for cash (net of issuance cost) |
|
|
322,920 |
|
|
|
— |
|
|
|
2,530 |
|
|
|
— |
|
|
|
— |
|
|
|
2,530 |
|
|
|
|
|
|
|
2,530 |
|
Conversion of notes payable to common stock |
|
|
85,410 |
|
|
|
— |
|
|
|
329 |
|
|
|
— |
|
|
|
— |
|
|
|
329 |
|
|
|
— |
|
|
|
329 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
536 |
|
|
|
— |
|
|
|
— |
|
|
|
536 |
|
|
|
— |
|
|
|
536 |
|
Exercise of stock options |
|
|
175 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Foreign currency translation effect |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
1 |
|
|
|
8 |
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,167 |
) |
|
|
(14,167 |
) |
|
|
14 |
|
|
|
(14,153 |
) |
Balance, March 31, 2019 |
|
|
37,750,423 |
|
|
$ |
37 |
|
|
$ |
146,343 |
|
|
$ |
(62 |
) |
|
$ |
(170,864 |
) |
|
$ |
(24,546 |
) |
|
$ |
(82 |
) |
|
$ |
(24,628 |
) |
Beneficial conversion feature relating to convertible notes payable |
|
|
— |
|
|
|
— |
|
|
|
5,391 |
|
|
|
— |
|
|
|
— |
|
|
|
5,391 |
|
|
|
— |
|
|
|
5,391 |
|
Exercise of warrants |
|
|
53,032 |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
|
|
— |
|
|
|
181 |
|
|
|
— |
|
|
|
181 |
|
Common stock issued for cash (net of issuance cost) |
|
|
76,755 |
|
|
|
— |
|
|
|
730 |
|
|
|
— |
|
|
|
— |
|
|
|
730 |
|
|
|
— |
|
|
|
730 |
|
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
438 |
|
|
|
— |
|
|
|
— |
|
|
|
438 |
|
|
|
— |
|
|
|
438 |
|
Foreign currency translation effect |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
6 |
|
|
|
(15 |
) |
|
|
(9 |
) |
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,639 |
) |
|
|
(18,639 |
) |
|
|
(688 |
) |
|
|
(19,327 |
) |
Balance, June 30, 2019 |
|
|
37,880,210 |
|
|
$ |
37 |
|
|
$ |
153,083 |
|
|
$ |
(56 |
) |
|
$ |
(189,503 |
) |
|
$ |
(36,439 |
) |
|
$ |
(785 |
) |
|
$ |
(37,224 |
) |
Common stock issued for cash (net of issuance cost) |
|
|
477,338 |
|
|
|
1 |
|
|
|
2,949 |
|
|
|
— |
|
|
|
— |
|
|
|
2,950 |
|
|
|
— |
|
|
|
2,950 |
|
Conversion of convertible notes payable and notes payable to common stock |
|
|
6,983,350 |
|
|
|
7 |
|
|
|
35,502 |
|
|
|
— |
|
|
|
— |
|
|
|
35,509 |
|
|
|
— |
|
|
|
35,509 |
|
Notes conversion expense |
|
|
— |
|
|
|
— |
|
|
|
3,906 |
|
|
|
— |
|
|
|
— |
|
|
|
3,906 |
|
|
|
— |
|
|
|
3,906 |
|
Reclassification of warrant liability to equity |
|
|
— |
|
|
|
— |
|
|
|
776 |
|
|
|
— |
|
|
|
— |
|
|
|
776 |
|
|
|
— |
|
|
|
776 |
|
Common stock issued in merger |
|
|
2,330,548 |
|
|
|
2 |
|
|
|
(1,644 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,642 |
) |
|
|
— |
|
|
|
(1,642 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
|
129 |
|
|
|
— |
|
|
|
129 |
|
Fair value of replacement equity awards |
|
|
— |
|
|
|
— |
|
|
|
2,438 |
|
|
|
— |
|
|
|
— |
|
|
|
2,438 |
|
|
|
— |
|
|
|
2,438 |
|
Fair value of placement agent warrant including down-round protection adjustments |
|
|
— |
|
|
|
— |
|
|
|
2,256 |
|
|
|
— |
|
|
|
(1,276 |
) |
|
|
980 |
|
|
|
— |
|
|
|
980 |
|
Foreign currency translation effect |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
|
6 |
|
|
|
11 |
|
Net income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,137 |
) |
|
|
(26,137 |
) |
|
|
54 |
|
|
|
(26,083 |
) |
Balance, September 30, 2019 |
|
|
47,671,446 |
|
|
$ |
47 |
|
|
$ |
199,395 |
|
|
$ |
(51 |
) |
|
$ |
(216,916 |
) |
|
$ |
(17,525 |
) |
|
$ |
(725 |
) |
|
$ |
(18,250 |
) |
6
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
(In thousands, except share and per share amounts) (Unaudited)
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Shares |
|
|
Amount |
|
|
Additional Paid-In Capital |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Treasury Stock, at Cost |
|
|
Accumulated Deficit |
|
|
Total Emmaus Stockholders' Equity / (Deficit) |
|
|
Non-controlling Interest |
|
|
Total Equity / (Deficit) |
|
|||||||||
Balance at January 1, 2018 |
|
|
36,634,856 |
|
|
$ |
37 |
|
|
$ |
113,110 |
|
|
$ |
41,276 |
|
|
$ |
— |
|
|
$ |
(140,132 |
) |
|
$ |
14,291 |
|
|
$ |
— |
|
|
$ |
14,291 |
|
Cumulative effect adjustment on adoption of ASU 2016-01 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41,362 |
) |
|
|
— |
|
|
|
41,362 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Beneficial conversion feature relating to convertible notes payable |
|
|
— |
|
|
|
— |
|
|
|
3,638 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,638 |
|
|
|
— |
|
|
|
3,638 |
|
Common stock issued for cash |
|
|
26,254 |
|
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
275 |
|
|
|
— |
|
|
|
275 |
|
Repurchase of stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,314 |
) |
|
|
— |
|
|
|
(1,314 |
) |
|
|
— |
|
|
|
(1,314 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
710 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
710 |
|
|
|
— |
|
|
|
710 |
|
Foreign currency translation effect |
|
|
— |
|
|
|
— |
|
|
|
— |
|