ENDRA Life Sciences Inc

NASDAQ:NDRAUnited States

Mar 28, 2024

Show headlines and story abstract

• ENDRA Life Sciences Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update, from 4:05PM ET on Thursday Mar 28, 2024 by Business Wire

  4:05PM ET on Thursday Mar 28, 2024 by Business Wire
  Companies Mentioned: NDRA

  ENDRA Life Sciences Inc. (NASDAQ: NDRA), a pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS(R)), today reports financial results for the three months and year ended December 31, 2023 and provides a business update.

• ENDRA Life Sciences Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update, from 4:05PM ET on Thursday Mar 28, 2024 by Dow Jones

  4:05PM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: NDRA
  
  [Financial Tables Follow]
  ENDRA Life Sciences Inc. Condensed Consolidated Balance Sheets December 31, December 31, Assets 2023 2022 ----------------------------------- ----------- ----------- Current Assets Cash and cash equivalents $ 2,833,907 $ 4,889,098 Prepaid expenses 198,905 490,299 ----------- ----------- Total Current Assets 3,032,812 5,379,397 Non-Current Assets Inventory 2,622,865 2,644,717 Fixed assets, net 111,782 235,655 Right of use assets 354,091 505,816 Prepaid expenses, long term 626,610 502,576 Other assets 5,986 5,986 ----------- ----------- Total Assets $ 6,754,146 $ 9,274,147 ----------- ----------- Liabilities and Stockholders' Equity ----------------------------------- Current Liabilities Accounts payable and accrued liabilities $ 700,754 $ 1,523,012 Lease liabilities, current portion 173,857 152,228 Loans 28,484 28,484 ----------- ----------- Total Current Liabilities 903,095 1,703,724 Long Term Debt Loans, long term - - Lease liabilities 192,062 365,919 ----------- ----------- Total Long Term Debt 192,062 365,919 Total Liabilities 1,095,157 2,069,643 ----------- ----------- Stockholders' Equity Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 141.397 shares issued and outstanding 1 1 Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding - - Series C Convertible Preferred Stock, $0.0001 par value; 100,000 shares authorized; no shares issued and outstanding - - Common stock, $0.0001 par value; 80,000,000 shares authorized; 10,390,150 and 3,169,103 shares issued and outstanding, respectively 1,039 317 Additional paid in capital 97,582,868 89,068,015 Stock payable 5,233 6,073 Accumulated deficit (91,930,152) (81,869,902) ----------- ----------- Total Stockholders' Equity 5,658,989 7,204,504 ----------- ----------- Total Liabilities and Stockholders' Equity $ 6,754,146 $ 9,274,147 ----------- ----------- ENDRA Life Sciences Inc. Condensed Consolidated Statements of Operations Year Ended Year Ended December 31, December 31, 2023 2022 ----------- ----------- Operating Expenses Research and development $ 5,003,695 $ 6,554,194 Sales and marketing 820,554 1,429,150 General and administrative 4,696,486 5,174,215 ----------- ----------- Total operating expenses 10,520,735 13,157,559 ----------- ----------- Operating loss (10,520,735) (13,157,559) ----------- ----------- Other Income (Expenses) Other income (expenses) 460,485 (21,533) ----------- ----------- Total other income (expenses) 460,485 (21,533) ----------- ----------- Loss from operations before income taxes (10,060,250) (13,179,092) Provision for income taxes - - Net Loss $(10,060,250) $(13,179,092) ----------- ----------- Net loss per share -- basic and diluted $ (1.58) $ (4.56) ----------- ----------- Weighted average common shares -- basic and diluted 6,363,759 2,891,292 ----------- ----------- ENDRA Life Sciences Inc. Condensed Consolidated Statements of Cash Flows Year Ended Year Ended December 31, December 31, 2023 2022 ----------- ----------- Cash Flows from Operating Activities Net loss $(10,060,250) $(13,179,092) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 123,726 96,661 Fixed assets write off 24,868 1,391 Inventory reserve 138,045 - Stock compensation expense including common stock issued for RSUs 996,430 1,199,838 Amortization of right of use assets 151,725 137,597 Changes in operating assets and liabilities: Decrease in prepaid expenses 167,360 355,128 Increase in inventory (116,193) (1,360,139) Decrease in accounts payable and accrued liabilities (822,258) 111,575 Decrease in lease liability (152,228) (132,330) ----------- ----------- Net cash used in operating activities (9,548,775) (12,769,371) ----------- ----------- Cash Flows from Investing Activities Purchases of fixed assets (33,884) (202,577) Proceeds from sale of fixed assets 9,163 - ----------- ----------- Net cash used in investing activities (24,721) (202,577) ----------- ----------- Cash Flows from Financing Activities Proceeds from issuance of common stock 6,483,393 8,399,512 Proceeds from issuance of warrants 20,053 - Proceeds from warrant exercise 1,014,859 - ----------- ----------- Net cash provided by financing activities 7,518,305 8,399,512 ----------- ----------- Net decrease in cash (2,055,191) (4,572,436) Cash, beginning of year 4,889,098 9,461,534 Cash, end of year $ 2,833,907 $ 4,889,098 ----------- ----------- Supplemental disclosures of cash items Interest paid $ 44,985 $ 59,113 ----------- ----------- Income tax paid $ - $ - ----------- ----------- Supplemental disclosures of non-cash items Stock dividend payable $ 840 $ 7,790 ----------- ----------- Right of use asset $ 354,091 $ 505,816 ----------- -----------
  

• Press Release: ENDRA Life Sciences Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update, from 4:05PM ET on Thursday Mar 28, 2024 by Dow Jones

  4:05PM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: NDRA
  
  as otherwise required by law.
  
  [Financial Tables Follow]
  ENDRA Life Sciences Inc. Condensed Consolidated Balance Sheets December 31, December 31, Assets 2023 2022 ----------------------------------- ----------- ----------- Current Assets Cash and cash equivalents $ 2,833,907 $ 4,889,098 Prepaid expenses 198,905 490,299 ----------- ----------- Total Current Assets 3,032,812 5,379,397 Non-Current Assets Inventory 2,622,865 2,644,717 Fixed assets, net 111,782 235,655 Right of use assets 354,091 505,816 Prepaid expenses, long term 626,610 502,576 Other assets 5,986 5,986 ----------- ----------- Total Assets $ 6,754,146 $ 9,274,147 ----------- ----------- Liabilities and Stockholders' Equity ----------------------------------- Current Liabilities Accounts payable and accrued liabilities $ 700,754 $ 1,523,012 Lease liabilities, current portion 173,857 152,228 Loans 28,484 28,484 ----------- ----------- Total Current Liabilities 903,095 1,703,724 Long Term Debt Loans, long term - - Lease liabilities 192,062 365,919 ----------- ----------- Total Long Term Debt 192,062 365,919 Total Liabilities 1,095,157 2,069,643 ----------- ----------- Stockholders' Equity Series A Convertible Preferred Stock, $0.0001 par value; 10,000 shares authorized; 141.397 shares issued and outstanding 1 1 Series B Convertible Preferred Stock, $0.0001 par value; 1,000 shares authorized; no shares issued and outstanding - - Series C Convertible Preferred Stock, $0.0001 par value; 100,000 shares authorized; no shares issued and outstanding - - Common stock, $0.0001 par value; 80,000,000 shares authorized; 10,390,150 and 3,169,103 shares issued and outstanding, respectively 1,039 317 Additional paid in capital 97,582,868 89,068,015 Stock payable 5,233 6,073 Accumulated deficit (91,930,152) (81,869,902) ----------- ----------- Total Stockholders' Equity 5,658,989 7,204,504 ----------- ----------- Total Liabilities and Stockholders' Equity $ 6,754,146 $ 9,274,147 ----------- ----------- ENDRA Life Sciences Inc. Condensed Consolidated Statements of Operations Year Ended Year Ended December 31, December 31, 2023 2022 ----------- ----------- Operating Expenses Research and development $ 5,003,695 $ 6,554,194 Sales and marketing 820,554 1,429,150 General and administrative 4,696,486 5,174,215 ----------- ----------- Total operating expenses 10,520,735 13,157,559 ----------- ----------- Operating loss (10,520,735) (13,157,559) ----------- ----------- Other Income (Expenses) Other income (expenses) 460,485 (21,533) ----------- ----------- Total other income (expenses) 460,485 (21,533) ----------- ----------- Loss from operations before income taxes (10,060,250) (13,179,092) Provision for income taxes - - Net Loss $(10,060,250) $(13,179,092) ----------- ----------- Net loss per share -- basic and diluted $ (1.58) $ (4.56) ----------- ----------- Weighted average common shares -- basic and diluted 6,363,759 2,891,292 ----------- ----------- ENDRA Life Sciences Inc. Condensed Consolidated Statements of Cash Flows Year Ended Year Ended December 31, December 31, 2023 2022 ----------- ----------- Cash Flows from Operating Activities Net loss $(10,060,250) $(13,179,092) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 123,726 96,661 Fixed assets write off 24,868 1,391 Inventory reserve 138,045 - Stock compensation expense including common stock issued for RSUs 996,430 1,199,838 Amortization of right of use assets 151,725 137,597 Changes in operating assets and liabilities: Decrease in prepaid expenses 167,360 355,128 Increase in inventory (116,193) (1,360,139) Decrease in accounts payable and accrued liabilities (822,258) 111,575 Decrease in lease liability (152,228) (132,330) ----------- ----------- Net cash used in operating activities (9,548,775) (12,769,371) ----------- ----------- Cash Flows from Investing Activities Purchases of fixed assets (33,884) (202,577) Proceeds from sale of fixed assets 9,163 - ----------- ----------- Net cash used in investing activities (24,721) (202,577) ----------- ----------- Cash Flows from Financing Activities Proceeds from issuance of common stock 6,483,393 8,399,512 Proceeds from issuance of warrants 20,053 - Proceeds from warrant exercise 1,014,859 - ----------- ----------- Net cash provided by financing activities 7,518,305 8,399,512 ----------- ----------- Net decrease in cash (2,055,191) (4,572,436) Cash, beginning of year 4,889,098 9,461,534 Cash, end of year $ 2,833,907 $ 4,889,098 ----------- ----------- Supplemental disclosures of cash items Interest paid $ 44,985 $ 59,113 ----------- ----------- Income tax paid $ - $ - ----------- ----------- Supplemental disclosures of non-cash items Stock dividend payable $ 840 $ 7,790 ----------- ----------- Right of use asset $ 354,091 $ 505,816 ----------- -----------