Quarterly report pursuant to Section 13 or 15(d)

Organization (Tables)

v3.23.1
Organization (Tables)
6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Effect of Restatement on Financial Statements

The following table summarizes the effect of the restatement on the Company’s unaudited consolidated financial statements for the three- and six- months ended June 30, 2022:

 

Schedule of Effect of Restatement on Financial Statements 

Oragenics, Inc.

Consolidated Balance Sheets

June 30, 2022

 

   

As Previously

Reported

   

Adjustment

    As Restated  
    (Unaudited)              
Assets                              
Current assets:                        
Cash and cash equivalents   $ 17,867,483             $ 17,867,483  
Other receivables     -               -  
Prepaid expenses and other current assets     102,498      

1,887,551

      1,990,049  
Total current assets     17,969,981               19,857,532  
Property and equipment, net     109,780               109,780  
Operating lease right-of-use assets     385,361               385,361  
Total assets   $ 18,465,122             $ 20,352,673  
Liabilities and Shareholders’ Equity                        
Current liabilities:                        
Accounts payable and accrued expenses   $ 1,279,598             $ 1,279,598  
Short-term notes payable     -               -  
Operating lease liabilities     180,824               180,824  
Total current liabilities     1,460,422               1,460,422  
                         
Long-term liabilities:                        
Operating lease liabilities     217,353               217,353  
Total long-term liabilities     217,353               217,353  
                         
Shareholders’ equity:                        
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 Series A shares, 6,600,000 Series B shares, issued and outstanding at June 30, 2022 and December 31, 2021, respectively     2,656,713               2,656,713  
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively     116,395               116,395  
Additional paid-in capital     195,356,454               195,356,454  
Accumulated deficit     (181,342,215 )     1,887,551       (179,454,664 )
Total shareholders’ equity     16,787,347               18,674,898  
Total liabilities and shareholders’ equity   $ 18,465,122             $ 20,352,673  

 

 

Oragenics, Inc.

Consolidated Statements of Operations

(Unaudited)

 

             
       
   

For the Three Months

Ended June 30, 2022

 
   

As Previously

Reported

    Adjustment     As Restated  
Grant revenue   $ 30,391             $ 30,391  
                         
Operating expenses:                        
Research and development     3,033,182       (443,150 )     2,590,032  
General and administrative     1,044,334               1,044,334  
Total operating expenses     4,077,516               3,634,366  
Loss from operations     (4,047,125 )             (3,603,975 )
Other income (expense):                        
Interest income     15,369               15,369  
Interest expense     (816 )             (816 )
Local business tax     (490 )             (490 )
Miscellaneous income     369               369  
Total other income, net     14,432               14,432  
Loss before income taxes     (4,032,693 )             (3,589,543 )
Income tax benefit     -               -  
Net loss   $ (4,032,693 )           $ (3,589,543 )
Basic and diluted net loss per share   $ (0.03 )           $ (0.03 )
Shares used to compute basic and diluted net loss per share     116,394,806               116,394,806  

 

 

Oragenics, Inc.

Consolidated Statements of Operations

(Unaudited)

 

    As Previously Reported    

 

Adjustment

    As Restated  
   

For the Six Months

Ended June 30, 2022

 
   

As Previously

Reported

   

Adjustment

    As Restated  
Grant revenue   $ 45,474                       $ 45,474  
                         
Operating expenses:                        
Research and development     7,771,244      

(1,887,551

)     5,883,693  
General and administrative     2,375,883               2,375,883  
Total operating expenses     10,147,127               8,259,576  
Loss from operations     (10,101,653 )             (8,214,102 )
Other income (expense):                        
Interest income     27,275               27,275  
Interest expense     (4,062 )             (4,062 )
Local business tax     (980 )             (980 )
Miscellaneous income     11,333               11,333  
Total other income, net     33,566               33,566  
Loss before income taxes     (10,068,087 )             (8,180,536 )
Income tax benefit     -               -  
Net loss   $ (10,068,087 )           $ (8,180,536 )
Basic and diluted net loss per share   $ (0.09 )           $ (0.07 )
Shares used to compute basic and diluted net loss per share     116,394,806               116,394,806  

 

 

Oragenics, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

   

As Previously Reported

   

Adjustment

    As Restated  
   

For the Six Months

Ended June 30, 2022

 
   

As Previously

Reported

   

 

Adjustment

    As Restated  
Cash flows from operating activities:                              
Net loss   $ (10,068,087 )     1,887,551     $ (8,180,536 )
Adjustments to reconcile net loss to net cash used in operating activities:                        
Depreciation and amortization     18,847               18,847  
Gain on sale of property and equipment     (10,964 )             (10,964 ) 
Stock-based compensation expense     369,235               369,235  
Changes in operating assets and liabilities:                   -  
Other receivables     6,987               6,987  
Prepaid expenses and other current assets    

332,201

      (1,887,551 )      (1,555,350 ) 
Accounts payable and accrued expenses     332,024               332,024  
Net cash used in operating activities     (9,019,757 )             (9,019,757 )
Cash flows from investing activities:                        
Proceeds from sale of property and equipment     12,000               12,000  
Purchase of property and equipment     (87,047 )             (87,047 ) 
Net cash used in investing activities     (75,047 )             (75,047 ) 
Cash flows from financing activities:                        
Payments on short-term notes payable     (303,416 )             (303,416 )
Redemption of Series C Preferred stock     -               -
Proceeds from issuance of common stock for option exercise     -               -  
Proceeds from issuance of common stock for warrant exercise     -               -  
Net proceeds from issuance of common stock     -               -  
Net cash provided by (used in) financing activities     (303,416 )             (303,416 ) 
Net increase (decrease) in cash and cash equivalents     (9,398,220 )             (9,398,220  )
Cash and cash equivalents at beginning of period     27,265,703             27,265,703  
Cash and cash equivalents at end of period   $

17,867,483

          $

17,867,483

 
Supplemental disclosure of cash flow information:                    
Interest paid   $ 4,062             $ 4,062   
Non-cash investing and financing activities:     -               -  
Stock dividend on Series C Preferred stock   $ -             $ -