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Sunday, April 05, 2020 10:51:40 PM
AYTU Does not have 50 million in the bank. https://irdirect.net/AYTU/financials Consolidated Statements of Cash Flows (Unaudited) - USD ($) 6 Months Ended Dec. 31, 2018 Dec. 31, 2017 Cash flows from operating activities Net loss $ (8,104,145) $ (7,917,720) Adjustments to reconcile net loss to cash used in operating activities Stock-based compensation expense 106,671 275,688 Issuance of restricted stock 239,505 103,635 Depreciation, amortization and accretion 1,230,671 1,315,063 Issuance of common stock to employee 11,690 0 Derivative (income) (67,989) (817,785) Changes in operating assets and liabilities: (Increase) in accounts receivable (903,708) (849,397) (Increase) in inventory (305,888) (67,585) (Increase) in prepaid expenses and other (504,757) (454,595) Increase in accounts payable and other 252,113 1,124,558 Increase (decrease) in accrued liabilities 746,808 (524,905) Increase in accrued compensation 203,160 497,586 Increase in interest payable 36,164 0 Increase in deferred revenue 13,990 0 (Decrease) in deferred rent (1,450) (3,337) Net cash used in operating activities (7,047,165) (7,318,794) Cash flows used in investing activities Deposits 2,888 0 Purchases of property and equipment (12,954) (12,195) Contingent consideration payment (50,221) 0 Purchase of assets (800,000) 0 Net cash used in investing activities (860,287) (12,195) Cash flows from financing activities Issuance of preferred, common stock and warrants 15,180,000 11,839,995 Issuance costs related to preferred, common stock and warrants (1,479,963) (1,402,831) Issuance of debt 5,000,000 0 Net cash provided by financing activities 18,700,037 10,437,164 Net change in cash, cash equivalents and restricted cash 10,792,585 3,106,175 Cash, cash equivalents and restricted cash at beginning of period 7,112,527 877,542 Cash, cash equivalents and restricted cash at end of period 17,905,112 3,983,717 Fair value of warrants issued to investors and underwriters 1,888,652 0 Issuance of preferred stock related to purchase of asset 519,600 0 Contingent consideration 8,833,219 0 Warrants issued to investors and underwriters (see Note 6) 0 4,117,997 Revenue share payment to Jazz included in accounts payable 0 7,385 Earn-out payment to Nuelle Shareholders 0 250,000 Fixed assets included in accounts payable $ 0 $ 62,512 Plus DILUTION If you invest in this offering, your ownership interest will be immediately diluted to the extent of the difference between the offering price per share of common stock and the as adjusted net tangible book value per share of common stock after this offering. As of December 31, 2019, we had a net tangible book value of $17,090,240, or $0.82 per share of common stock. Our net tangible book value per share of common stock represents total tangible assets less total liabilities, divided by the number of shares of common stock outstanding at December 31, 2019 (20,733,052 shares of common stock were outstanding as of December 31, 2019). After giving effect to the issuance and sale by us of 16,000,000 shares of common stock in this offering and Warrants to purchase up to 16,000,000 shares of common stock in the aggregate amount of $20.0 million in this offering at an offering price of $1.25 per share of common stock deducting placement agent fees, our as adjusted net tangible book value as of December 31, 2019 would have been approximately $35,590,240, or approximately $0.97 per share of common stock (assuming 36,733,052 shares of common stock outstanding as of December 31, 2019 after giving effect to the issuance of 16,000,000 shares of common stock in this offering). This amount represents an immediate increase in net tangible book value of $0.15 per share of common stock to our existing shareholders and an immediate dilution in as adjusted net tangible book value of approximately $0.28 per share of common stock to new investors purchasing securities of in this offering. Dilution per share of common stock to new investors is determined by subtracting as adjusted net tangible book value per share of common stock after this offering from the offering price per share of common stock paid by new investors. The following table illustrates this dilution on a per share of common stock basis: Offering price per share of common stock $ 1.25 Net tangible book value per share of common stock as of December 31, 2019 $ 0.82 Increase in net tangible book value per share of common stock attributable to this offering 0.15 As adjusted net tangible book value per share of common stock after this offering $ 0.97 Dilution per share of common stock to new investors participating in this offering $ 0.28 Assuming the Warrants and Placement Agent Warrants were immediately exercised, this would result in an as adjusted net tangible book value as of December 31, 2019 would have been $57,215,240 or approximately $1.06 per share of common stock (assuming 53,773,052 shares of common stock outstanding as of December 31, 2019 after giving effect to the issuance of 16,000,000 shares of common stock in this offering, the exercise of the Warrants for 16,000,000 shares of common stock issued in this offering and the exercise of the Placement Agent Warrants for 1,040,000 shares of common stock issued in this offering),which represents an immediate dilution per share to new investors of $0.19 per share of common stock, and an increase in net tangible book value per share to existing shareholders of $0.24 per share of common stock. The discussion of dilution, and the table quantifying it, assumes the sale of all shares covered by this prospectus supplement and no exercise of any outstanding options or warrants or other potentially dilutive securities. The exercise of potentially dilutive securities having an exercise price less than the offering price would increase the dilutive effect to new investors. The above discussion and table are based on 20,733,052 common shares outstanding as of December 31, 2019, which does not include the following: ? 1,482 common shares issuable upon the exercise of stock options outstanding as of December 31, 2019 at a weighted average exercise price of $325.54 per share of common stock. As of March 10, 2020, there were 13,937 common shares issuable upon the exercise of stock options outstanding as of March 10, 2020 with a weighted exercise price of 34.69. ? 26,459,663 common shares issuable upon the exercise of warrants outstanding as of December 31, 2019, at a weighted average exercise price of $2.92 per share of common stock, of which 17,030,191 remain outstanding at March 12, 2020 with a weighted average exercise price of $3.76. ? an additional 403,209 common shares that are available for future issuance under our stock option plan, which was subsequently increased by 2,000,000 shares upon receiving shareholder approval on February 13, 2020. ? 17,040,000 shares issuable upon the exercise of the 1,040,000 Placement Agent Warrants or the 16,000,000 Warrants. ? 4,450,000 shares of common stock to be issued in connection with the expected closing of the First RD Offering on March 13, 2020. ? 3,376,087 shares of common stock issuable upon the exercise of the pre-funded warrants to be issued in connection with the First RD Offering on March 13, 2020. ? 508,696 shares of common stock issuable upon the exercise of the warrants issued to H.C. Wainwright & Co., LLC or its assignees in connection with the First RD Offering on March 13, 2020. ? To the extent any of these outstanding options or warrants are exercised, there will be further dilution
Recent AYTU News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 09:09:09 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 06/18/2024 08:30:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/18/2024 12:05:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 08:12:30 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 05/10/2024 08:07:40 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/10/2024 08:07:04 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 05/10/2024 08:06:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:12:26 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 09:25:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 09:37:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/17/2023 09:10:23 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 09:05:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/26/2023 12:05:16 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/12/2023 06:50:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/06/2023 08:30:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 08:37:00 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/29/2023 08:15:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/27/2023 08:20:15 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/18/2023 10:27:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2023 12:57:06 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2023 11:49:08 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2023 11:39:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2023 11:38:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2023 11:34:57 PM
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