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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ULURU Inc (GM) | USOTC:ULUR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.000001 | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
41-2118656
|
(State or Other Jurisdiction of
|
(I.R.S. Employer Identification No.)
|
Incorporation or Organization)
|
|
4410 Beltway Drive
Addison, Texas
|
75001
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|||
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☑
|
|||
Emerging growth company
|
☐
|
Page
|
||
September 30, 2018
|
December 31, 2017
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
2,813,043
|
$
|
3,710,882
|
||||
Accounts receivable, net
|
172,593
|
256,123
|
||||||
Inventory
|
422,425
|
497,461
|
||||||
Prepaid expenses and deferred charges
|
133,712
|
170,686
|
||||||
Total Current Assets
|
3,541,773
|
4,635,152
|
||||||
Property, Equipment and Leasehold Improvements, net
|
37,282
|
53,723
|
||||||
Other Assets
|
||||||||
Intangible asset - patents, net
|
152,030
|
179,737
|
||||||
Intangible asset - licensing rights, net
|
3,345,264
|
3,656,636
|
||||||
Deposits
|
4,666
|
18,069
|
||||||
Total Other Assets
|
3,501,960
|
3,854,442
|
||||||
TOTAL ASSETS
|
$
|
7,081,015
|
$
|
8,543,317
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
1,167,976
|
$
|
1,213,246
|
||||
Accrued liabilities
|
165,050
|
163,969
|
||||||
Accrued interest
|
193,151
|
99,658
|
||||||
Convertible notes payable, current portion, net of unamortized debt discount and debt issuance costs
|
837,209
|
---
|
||||||
Deferred revenue, current portion
|
49,027
|
35,761
|
||||||
Total Current Liabilities
|
2,412,413
|
1,512,634
|
||||||
Long Term Liabilities
|
||||||||
Convertible notes payable, net of unamortized debt discount and debt issuance costs
|
---
|
570,189
|
||||||
Deferred revenue, net of current portion
|
331,800
|
352,698
|
||||||
Total Long Term Liabilities
|
331,800
|
922,887
|
||||||
TOTAL LIABILITIES
|
2,744,213
|
2,435,521
|
||||||
COMMITMENTS AND CONTINGENCIES
|
---
|
---
|
||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred Stock - $0.001 par value; 20,000 shares authorized;
|
||||||||
Preferred Stock Series A, 1,000 shares designated; no shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
|
---
|
---
|
||||||
Preferred Stock Series B, 1,250 shares designated; no shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
|
---
|
---
|
||||||
Common Stock - $0.001 par value; 750,000,000 shares authorized;
|
||||||||
201,349,431 and 201,349,431 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
|
201,349
|
201,349
|
||||||
Additional paid-in capital
|
68,569,329
|
68,556,734
|
||||||
Accumulated (deficit)
|
(64,433,876
|
)
|
(62,650,287
|
)
|
||||
TOTAL STOCKHOLDERS' EQUITY
|
4,336,802
|
6,107,796
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
7,081,015
|
$
|
8,543,317
|
||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||
2018
|
2017
|
2018
|
2017 |
|
|||||||||||||
Revenues
|
|
||||||||||||||||
License fees
|
$
|
---
|
$
|
1,453
|
$
|
---
|
$
|
4,311
|
|||||||||
Product sales, net
|
84,612
|
199,486
|
273,957
|
418,059
|
|||||||||||||
Total Revenues
|
84,612
|
200,939
|
273,957
|
422,370
|
|||||||||||||
Costs and Expenses
|
|||||||||||||||||
Cost of product sold
|
31,399
|
73,569
|
101,510
|
178,985
|
|||||||||||||
Regulatory, research and development
|
76,889
|
90,294
|
161,454
|
198,615
|
|||||||||||||
Selling, general and administrative
|
378,955
|
315,490
|
1,109,108
|
1,016,883
|
|||||||||||||
Amortization of intangible assets
|
114,268
|
114,268
|
339,079
|
316,602
|
|||||||||||||
Depreciation
|
5,480
|
5,481
|
16,441
|
71,039
|
|||||||||||||
Gain on sale of equipment
|
---
|
---
|
(29,179
|
)
|
---
|
||||||||||||
Total Costs and Expenses
|
606,991
|
599,102
|
1,698,413
|
1,782,124
|
|||||||||||||
Operating (Loss)
|
(522,379
|
)
|
(398,163
|
)
|
(1,424,456
|
)
|
(1,359,754
|
)
|
|||||||||
Other Income (Expense)
|
|||||||||||||||||
Interest and miscellaneous income
|
4,452
|
41
|
4,452
|
45
|
|||||||||||||
Interest expense
|
(128,098
|
)
|
(133,972
|
)
|
(380,247
|
)
|
(289,113
|
)
|
|||||||||
Foreign currency transaction loss
|
(3,701
|
)
|
(6,151
|
)
|
(10,000
|
)
|
(9,222
|
)
|
|||||||||
Gain on settlement of liability
|
---
|
---
|
---
|
114,013
|
|||||||||||||
(Loss) Before Income Taxes
|
(649,726
|
)
|
(538,245
|
)
|
(1,810,251
|
)
|
(1,544,031
|
)
|
|||||||||
Income taxes
|
---
|
---
|
---
|
---
|
|||||||||||||
Net (Loss)
|
$
|
(649,726
|
)
|
$
|
(538,245
|
)
|
$
|
(1,810,251
|
)
|
$
|
(1,544,031
|
)
|
|||||
Basic and diluted net (loss) per common share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
|||||
Weighted average number of common shares outstanding
|
201,349,431
|
159,229,866
|
201,349,431
|
99,919,486
|
|||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
Nine Months Ended September 30,
|
||||||||
2018
|
2017
|
|||||||
OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(1,810,251
|
)
|
$
|
(1,544,031
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Amortization of intangible assets
|
339,079
|
316,602
|
||||||
Depreciation
|
16,441
|
71,039
|
||||||
Share-based compensation for stock and options issued to employees
|
---
|
7,923
|
||||||
Share-based compensation for options issued to non-employees
|
12,595
|
---
|
||||||
Amortization of debt discount on promissory notes
|
260,438
|
174,577
|
||||||
Amortization of debt issuance costs on promissory notes
|
6,582
|
3,976
|
||||||
Gain on sale of equipment
|
(29,179
|
)
|
---
|
|||||
Gain on settlement of liability
|
---
|
(114,013
|
)
|
|||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
83,530
|
(101,748
|
)
|
|||||
Inventory
|
75,036
|
61,500
|
||||||
Prepaid expenses and deferred charges
|
36,974
|
(8,676
|
)
|
|||||
Deposits
|
13,403
|
---
|
||||||
Accounts payable
|
(45,270
|
)
|
(116,237
|
)
|
||||
Accrued liabilities
|
1,081
|
(112,099
|
)
|
|||||
Accrued interest
|
93,493
|
68,098
|
||||||
Deferred revenue
|
19,030
|
(14,773
|
)
|
|||||
Total
|
883,233
|
236,169
|
||||||
Net Cash Used in Operating Activities
|
(927,018
|
)
|
(1,307,862
|
)
|
||||
INVESTING ACTIVITIES:
|
||||||||
Purchase of equipment
|
---
|
(3,501
|
)
|
|||||
Proceeds from sale of equipment
|
29,179
|
---
|
||||||
Net Cash Provided / (Used) in Investing Activities
|
29,179
|
(3,501
|
)
|
|||||
FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of convertible notes and warrant, net
|
---
|
983,092
|
||||||
Proceeds from sale of Series B preferred stock, net
|
---
|
4,915,661
|
||||||
Proceeds from issuance of promissory notes
|
---
|
120,000
|
||||||
Repayment of principle due on promissory notes
|
---
|
(140,000
|
)
|
|||||
Net Cash Provided by Financing Activities
|
---
|
5,878,753
|
||||||
Net (Decrease) / Increase in Cash
|
(897,839
|
)
|
4,567,390
|
|||||
Cash, beginning of period
|
3,710,882
|
36,615
|
||||||
Cash, end of period
|
$
|
2,813,043
|
$
|
4,604,005
|
||||
SUPPLEMENTAL CASH FLOW DISCLOSURE:
|
||||||||
Cash paid for interest
|
$
|
---
|
$
|
2,697
|
||||
Cash paid for income taxes
|
$
|
---
|
$
|
---
|
||||
Non-cash investing and financing activities:
|
||||||||
Issuance of common stock for acquisition of licensing rights
|
$
|
---
|
$
|
869,375
|
||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
|
NOTE 1.
|
COMPANY OVERVIEW AND BASIS OF PRESENTATION
|
NOTE 2.
|
THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS
|
NOTE 3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
§
|
identification of the contract, or contracts, with a customer;
|
§
|
recognition of revenue when, or as, we satisfy the performance obligations;
|
§
|
determination of the transaction price;
|
§
|
allocation of the transaction price to the performance obligations in the contract; and
|
§
|
recognition of revenue when, or as, we satisfy the performance obligations.
|
|
December 31, 2017
|
January 1, 2018
|
||||||||||
BALANCE SHEET
|
As Reported
|
Adjustments Due
|
As Adjusted
|
|||||||||
Under ASC 605
|
to ASC 606
|
Under ASC 606
|
||||||||||
Liabilities
|
||||||||||||
Current liabilities
|
||||||||||||
Current portion of deferred revenue
|
$
|
35,761
|
$
|
(5,764
|
)
|
$
|
29,997
|
|||||
Total current liabilities
|
1,512,634
|
(5,764
|
)
|
1,506,870
|
||||||||
Deferred revenue, net of current portion
|
352,698
|
(20,898
|
)
|
331,800
|
||||||||
Total liabilities
|
2,435,521
|
(26,662
|
)
|
2,408,859
|
||||||||
Stockholders' Equity
|
||||||||||||
Accumulated deficit
|
(62,650,287
|
)
|
26,662
|
(62,623,625
|
)
|
|||||||
Total equity
|
$
|
6,107,796
|
$
|
26,662
|
$
|
6,134,458
|
|
Nine Months Ended September 30, 2018
|
|||||||||||
STATEMENT OF OPERATIONS
|
Under
|
Effect of
|
As Reported
|
|||||||||
ASC 605
|
ASC 606
|
Under ASC 606
|
||||||||||
Revenues
|
||||||||||||
License revenues
|
$
|
1,422
|
$
|
(1,422
|
)
|
$
|
---
|
|||||
Total revenues
|
275,379
|
(1,422
|
)
|
273,957
|
||||||||
|
||||||||||||
Loss from operations
|
$
|
(1,423,034
|
)
|
$
|
(1,422
|
)
|
$
|
(1,424,456
|
)
|
|||
Net loss
|
$
|
(1,808,829
|
)
|
$
|
(1,422
|
)
|
$
|
(1,810,251
|
)
|
|||
|
||||||||||||
Basic and diluted loss per common share
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
|
September 30, 2018
|
|||||||||||
BALANCE SHEET
|
Under
|
Effect of
|
As Reported
|
|||||||||
ASC 605
|
ASC 606
|
Under ASC 606
|
||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current portion of deferred revenue
|
$
|
54,791
|
$
|
(5,764
|
)
|
$
|
49,027
|
|||||
Total current liabilities
|
2,418,177
|
(5,764
|
)
|
2,412,413
|
||||||||
Deferred revenue, net of current portion
|
351,276
|
(19,476
|
)
|
331,800
|
||||||||
Total liabilities
|
2,769,453
|
(25,240
|
)
|
2,744,213
|
||||||||
|
||||||||||||
Stockholders' Equity
|
||||||||||||
Accumulated deficit
|
(64,459,116
|
)
|
25,240
|
(64,433,876
|
)
|
|||||||
Total stockholders' equity
|
$
|
4,311,562
|
$
|
25,240
|
$
|
4,336,802
|
NOTE 4.
|
SEGMENT INFORMATION
|
Three Months Ended September 30,
|
Nine months Ended September 30,
|
|||||||||||||||||||||||||||||||
Revenues
|
2018
|
%
|
2017
|
%
|
2018
|
%
|
2017
|
%
|
||||||||||||||||||||||||
Domestic
|
$
|
19,523
|
23
|
%
|
$
|
3,012
|
2
|
%
|
32,625
|
12
|
%
|
$
|
8,427
|
2
|
%
|
|||||||||||||||||
International
|
65,089
|
77
|
%
|
197,927
|
98
|
%
|
241,332
|
88
|
%
|
413,943
|
98
|
%
|
||||||||||||||||||||
Total
|
$
|
84,612
|
100
|
%
|
$
|
200,939
|
100
|
%
|
$
|
273,957
|
100
|
%
|
$
|
422,370
|
100
|
%
|
NOTE 5.
|
INVENTORY
|
Inventory
|
September 30, 2018
|
December 31, 2017
|
||||||
Packaging and raw materials
|
$
|
40,327
|
$
|
32,329
|
||||
Work-in-progress
|
318,297
|
311,632
|
||||||
Finished goods
|
63,801
|
153,500
|
||||||
Total
|
$
|
422,425
|
$
|
497,461
|
NOTE 6.
|
PROPERTY, EQUIPMENT and LEASEHOLD IMPROVEMENTS
|
Property, equipment and leasehold improvements
|
September 30, 2018
|
December 31, 2017
|
||||||
Laboratory equipment
|
$
|
424,888
|
$
|
424,888
|
||||
Manufacturing equipment
|
1,589,286
|
1,604,894
|
||||||
Computers, office equipment, and furniture
|
154,781
|
154,781
|
||||||
Computer software
|
4,108
|
4,108
|
||||||
Leasehold improvements
|
95,841
|
95,841
|
||||||
2,268,904
|
2,284,512
|
|||||||
Less: accumulated depreciation and amortization
|
(2,231,622
|
)
|
(2,230,789
|
)
|
||||
Property, equipment and leasehold improvements, net
|
$
|
37,282
|
$
|
53,723
|
NOTE 7.
|
INTANGIBLE ASSETS
|
Intangible assets – patents
|
September 30, 2018
|
December 31, 2017
|
||||||
Patent - Amlexanox (Aphthasol®)
|
$
|
2,090,000
|
$
|
2,090,000
|
||||
Patent - Amlexanox (OraDisc™ A)
|
6,873,080
|
6,873,080
|
||||||
Patent - OraDisc™
|
73,000
|
73,000
|
||||||
Patent - Hydrogel nanoparticle aggregate
|
589,858
|
589,858
|
||||||
9,625,938
|
9,625,938
|
|||||||
Less: accumulated amortization
|
(7,446,598
|
)
|
(7,418,891
|
)
|
||||
Less: reserve for impairment
|
(2,027,310
|
)
|
(2,027,310
|
)
|
||||
Intangible assets - patents, net
|
$
|
152,030
|
$
|
179,737
|
Calendar Years
|
Future Amortization
Expense
|
|||
2018 (Three months)
|
$
|
9,337
|
||
2019
|
37,044
|
|||
2020
|
37,145
|
|||
2021
|
37,044
|
|||
2022
|
31,460
|
|||
Total
|
$
|
152,030
|
Intangible assets - licensing rights
|
September 30, 2018
|
December 31, 2017
|
||||||
Intangible assets – licensing rights, gross
|
$
|
4,381,881
|
$
|
4,381,881
|
||||
Less: accumulated amortization
|
(1,036,617
|
)
|
(725,245
|
)
|
||||
Intangible assets - licensing rights, net
|
$
|
3,345,264
|
$
|
3,656,636
|
Calendar Years
|
Future Amortization
Expense
|
|||
2018 (Three months)
|
$
|
104,931
|
||
2019
|
416,303
|
|||
2020
|
416,303
|
|||
2021
|
416,303
|
|||
2022
|
416,303
|
|||
2023 & Beyond
|
1,575,121
|
|||
Total
|
$
|
3,345,264
|
NOTE 8.
|
ACCRUED LIABILITIES
|
Accrued Liabilities
|
September 30, 2018
|
December 31, 2017
|
||||||
Accrued compensation/benefits
|
$
|
117,419
|
$
|
124,819
|
||||
Accrued property taxes
|
4,413
|
---
|
||||||
Accrued royalties
|
43,218
|
39,144
|
||||||
Product rebates/returns
|
--- |
6
|
||||||
Total accrued liabilities
|
$
|
165,050
|
$
|
163,969
|
NOTE 9.
|
CONVERTIBLE NOTE PAYABLE – RELATED PARTY
|
As of September 30, 2018
|
|||||||||||||||||||||||||||||
Transaction
|
Initial
Principal
Amount
|
Interest
Rate
|
Maturity
Date
|
Conversion Price
|
Principal
Balance
|
Unamortized
Debt
Discount
|
Unamortized Debt Issuance Costs
|
Carrying
Value
|
|||||||||||||||||||||
Initial Note
|
$
|
500,000
|
12.5
|
%
|
02/27/2019
|
$
|
0.04
|
$
|
500,000
|
$
|
73,589
|
$
|
1,991
|
$
|
424,420
|
||||||||||||||
Second Note
|
$
|
500,000
|
12.5
|
%
|
03/31/2019
|
$
|
0.04
|
$
|
500,000
|
$
|
84,929
|
$
|
2,282
|
$
|
412,789
|
||||||||||||||
Total
|
$
|
1,000,000
|
$
|
1,000,000
|
$
|
158,518
|
$
|
4,273
|
$
|
837,209
|
NOTE 10.
|
EQUITY TRANSACTIONS
|
NOTE 11.
|
STOCKHOLDERS' EQUITY
|
Number of Shares of Common Stock Subject to Exercise
|
Weighted – Average
Exercise Price
|
|||||||
Balance as of December 31, 2017
|
83,234,617
|
$
|
0.06
|
|||||
Warrants issued
|
---
|
---
|
||||||
Warrants exercised
|
---
|
---
|
||||||
Warrants cancelled
|
(660,000
|
)
|
$
|
0.60
|
||||
Balance as of September 30, 2018
|
82,574,617
|
$
|
0.06
|
Date of Expiration
|
Number of Warrant Shares of Common Stock Subject to Expiration
|
|||
January 15, 2019
|
80,000
|
|||
April 30, 2020
|
194,118
|
|||
March 30, 2021
|
25,245,442
|
|||
March 31, 2027
|
57,055,057
|
|||
Total
|
82,574,617
|
NOTE 12.
|
EARNINGS PER SHARE
|
September 30, 2018
|
December 31, 2017
|
|||||||
Warrants to purchase Common Stock
|
82,574,617
|
83,234,617
|
||||||
Stock options to purchase Common Stock
|
2,630,000
|
150,736
|
||||||
Common Stock issuable upon the assumed conversion of our convertible promissory notes (1)
|
31,250,000
|
31,250,000
|
||||||
Total
|
116,454,617
|
114,635,353
|
(1)
|
As part of the Initial Note and the Second Note, at the holder's option, all unpaid principle and interest due under each convertible promissory note may be converted into shares of Common Stock based on a conversion price of $0.04 per share. The Initial Note and the Second Note mature on February 27, 2019 and March 31, 2019, respectively, and on each maturity date each convertible promissory note, and accrued interest thereon, is subject to mandatory conversion based on a conversion price of $0.04 per share, unless an event of default has occurred and is continuing. For the purposes of this Table, we have assumed that all outstanding principal and interest will be converted on each applicable maturity date.
|
NOTE 13.
|
SHARE BASED COMPENSATION
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
(1)
|
2017
(2)
|
2018
|
2017
(2)
|
|||||||||||||
Quantity
|
1,000,000
|
---
|
2,500,000
|
---
|
||||||||||||
Weighted average fair value per share
|
$
|
0.03
|
---
|
$
|
0.03
|
---
|
||||||||||
Fair value
|
$
|
34,960
|
---
|
$
|
79,960
|
---
|
(1)
|
On July 20, 2018, the Company granted to certain consultants stock option awards to purchase up to 1,000,000 shares of common stock at an exercise price of $0.05 per share during a term expiring on July 19, 2028 as payment for consulting services provided by such consultants. The stock option awards vest based upon the respective consultant achieving certain revenue and performance goals. The Company has evaluated the probability of each consultant's achievement of each revenue and performance goal and will continue such evaluation over the term of the stock option award.
|
|
(2)
|
The Company did not award any shared-based compensation for the three and nine months ended September 30, 2017
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
Stock Option Awards
|
2018
|
2017 (1)
|
2018
|
2017 (1)
|
||||||||||||
Expected volatility (1)
|
138.7
|
%
|
---
|
137.3
|
%
|
---
|
||||||||||
Risk-free interest rate % (2)
|
2.89
|
%
|
---
|
2.69
|
%
|
---
|
||||||||||
Expected term (in years)
|
10.0
|
---
|
7.0
|
---
|
||||||||||||
Dividend yield (3)
|
---
|
---
|
---
|
---
|
(1)
|
Expected volatility assumption was based upon a combination of historical stock price volatility measured on a daily basis and an estimate of expected future stock price volatility
|
(2)
|
Risk-free interest rate assumption is based upon U.S. Treasury bond interest rates appropriate for the term of the stock options.
|
(3)
|
The Company does not currently intend to pay cash dividends, thus has assumed a 0% dividend yield.
|
(4)
|
The Company did not award any shared-based compensation for the three and nine months ended September 30, 2017.
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
Regulatory, research and development
|
$
|
5,670
|
$
|
(3,345
|
)
|
$
|
11,469
|
$
|
---
|
|||||||
Selling, general and administrative
|
1,126
|
2,571
|
1,126
|
7,923
|
||||||||||||
Total share-based compensation expense
|
$
|
6,796
|
$
|
(774
|
)
|
$
|
12,595
|
$
|
7,923
|
Stock Options
|
Weighted Average Exercise Price per Share
|
|||||||
Outstanding as of December 31, 2017
|
150,736
|
$
|
4.26
|
|||||
Granted
|
2,500,000
|
$
|
0.05
|
|||||
Forfeited/cancelled
|
(20,736
|
)
|
$
|
27.33
|
||||
Exercised
|
---
|
---
|
||||||
Outstanding as of September 30, 2018
|
2,630,000
|
$
|
0.08
|
|||||
Exercisable as of September 30, 2018
|
130,000
|
$
|
0.58
|
NOTE 14.
|
FAIR VALUE MEASUREMENTS
|
|
Level 1
|
—
|
Valuations based on quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
|
Level 2
|
—
|
Valuations based on observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
|
|
Level 3
|
—
|
Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants.
|
Description
|
September 30, 2018
|
December 31, 2017
|
||||||
Liabilities:
|
||||||||
Convertible Note Payable – Related Party – March 2017
|
$
|
500,000
|
$
|
500,000
|
||||
Convertible Note Payable – Related Party – February 2017
|
$
|
500,000
|
$
|
500,000
|
||||
Total
|
$
|
1,000,000
|
$
|
1,000,000
|
NOTE 15.
|
INCOME TAXES
|
NOTE 16.
|
COMMITMENTS AND CONTINGENCIES
|
Calendar Years
|
Future Lease Expense
|
|||
2018 (Three months)
|
$
|
16,415
|
||
2019
|
60,367
|
|||
2020
|
---
|
|||
2021
|
---
|
|||
Total
|
$
|
76,782
|
NOTE 17.
|
LEGAL PROCEEDINGS
|
NOTE 18.
|
SUBSEQUENT EVENTS
|
Consolidated Cash Flow Data
|
||||||||
Nine Months Ended September 30,
|
||||||||
Net Cash Provided by (Used in)
|
2018
|
2017
|
||||||
Operating activities
|
$
|
(927,000
|
)
|
$
|
(1,308,000
|
)
|
||
Investing activities
|
29,000
|
(4,000
|
)
|
|||||
Financing activities
|
---
|
5,879,000
|
||||||
Net increase in cash and cash equivalents
|
$
|
(898,000
|
)
|
$
|
4,567,000
|
§
|
our ability to successfully commercialize our wound management product and the market acceptance of this product;
|
§
|
our ability to establish and maintain collaborative arrangements with business partners for the development and commercialization of certain product opportunities;
|
§
|
scientific progress in our development programs;
|
§
|
the marketing and sales efforts of our distributors and sub-distributors;
|
§
|
the costs involved in filing, prosecuting and enforcing patent claims and our maintenance of patent rights;
|
§
|
our ability to obtain favorable reimbursement approvals in various jurisdictions;
|
§
|
the cost of manufacturing and production scale-up;
|
§
|
competing product developments;
|
§
|
the trading volume and price of our capital stock;
|
§
|
the actions of parties whose consents, waivers or prompt responses are required for approval of a financing (such as parties with rights of first refusal or consent rights); and
|
§
|
our general financial situation, including our revenues, liquidity, capitalization, and other factors.
|
Payments Due By Period
|
||||||||||||||||||||
Contractual Cash Obligations
|
Total
|
Less Than
1 Year
|
1-2
Years
|
3-5
Years
|
After 5
Years
|
|||||||||||||||
Operating leases
|
$
|
76,782
|
$
|
63,710
|
$
|
13,072
|
$
|
---
|
$
|
---
|
||||||||||
Total contractual cash obligations
|
$
|
76,782
|
$
|
63,710
|
$
|
13,072
|
$
|
---
|
$
|
---
|
|
ULURU Inc.
|
|||
|
||||
Date: November 14, 2018
|
By:
|
/s/ Vaidehi Shah
|
||
|
Vaidehi Shah
|
|||
Chief Executive Officer
|
||||
|
|
(Principal Executive Officer)
|
||
|
|
|||
|
|
|||
Date: November 14, 2018
|
By:
|
/s/ Terrance K. Wallberg
|
||
Terrance K. Wallberg
|
||||
Chief Financial Officer and Vice President
|
||||
|
(Principal Financial and Accounting Officer)
|
1 Year ULURU (GM) Chart |
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