market reception to and performance of our products;
-- our compliance with, and changes to, applicable laws and regulations;
-- our limited operating history;
-- our ability to manage growth;
-- our ability to obtain additional financing when and if needed;
-- our ability to expand product offerings;
-- our ability to compete with others in our industry;
-- our ability to protect our intellectual property;
-- the ability of certain stockholders to determine the outcome of matters
that require stockholder approval;
-- our ability to retain the listing of our common stock on Nasdaq;
-- our ability to defend against legal proceedings;
-- success in retaining or recruiting, or changes required in, our officers,
key employees or directors;
-- the risk that the merger between Molekule and Aura may not be completed;
and
-- other economic, business, competitive, and regulatory factors affecting
the businesses of the Company generally, including but not limited to
those set forth in Molekule's filings with the SEC, including in the
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of Molekule's latest annual
report on Form 10-K, as amended, and other SEC filings.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Although we believe that the expectations reflected in the forward-looking statements are reasonable based on information currently available, we cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of the date of this release. We assume no obligation to revise or update any of the forward-looking statements to reflect events or circumstances after the date of this release or to reflect new information or the occurrence of unanticipated events.
Contacts:
Media Contacts
Press@molekule.com
Investor Relations Contacts
Ryan Tyler -- Chief Financial Officer, Molekule
Ryan.Tyler@molekule.com
MATTIO Communications
molekule@mattio.com
Financial Statements
MOLEKULE GROUP, INC. AND SUBSIDIARIES
Balance Sheets
March 31, 2023 December 31, 2022
---------------- -------------------
(Unaudited)
ASSETS
Cash $ 7,285,691 $ 22,062,657
Other current assets 33,179,061 2,722,296
------------ ---------------
Total current assets 40,464,752 24,784,953
------------ ---------------
Non-current assets 88,019,131 4,373,933
Total assets $ 128,483,883 $ 29,158,886
============ ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 20,386,508 $ 4,562,253
------------ ---------------
Non-current liabilities 44,358,782 4,893,431
------------ ---------------
Total liabilities 64,745,290 9,455,684
------------ ---------------
Total equity 63,738,593 19,703,202
------------ ---------------
Total liabilities and stockholders'
equity $ 128,483,883 $ 29,158,886
============ ===============
MOLEKULE GROUP, INC. AND SUBSIDIARIES
Statements of Operations
(Unaudited)
Three Months Ended
March 31,
-----------------------------
2023 2022
------------ -----------
Product revenues $ 8,349,422 $ 6,733
Cost of sales 4,674,259 3,764
----------- ----------
Gross profit 3,675,162 2,969
Operating expenses:
Selling, general and administrative 13,665,614 2,142,224
Research and development 243,779 531,483
----------- ----------
Total operating expenses 13,909,393 2,673,707
----------- ----------
Loss from operations (10,234,231) (2,670,738)
Change in fair value of warrant
liability 1,726,000 --
Interest expense (1,248,677) --
Other expense (176,498) --
----------- ----------
Total other income 300,825 --
----------- ----------
Loss before income tax benefit (9,933,406) (2,670,738)
Income tax benefit -- 92,774
-----------
Net loss $ (9,933,406) $(2,577,964)
=========== ==========
Net loss per share:
Basic and diluted $ (0.35) $ (0.19)
=========== ==========
Weighted-average common shares
outstanding:
Basic and diluted 28,889,604 13,877,636
=========== ==========
MOLEKULE GROUP, INC. AND SUBSIDIARIES
Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
----------------------------------
2023 2022
------------ -----------
Net cash flows used in operating
activities (16,044,027) (1,827,477)
------------ -----------
Net cash flows used in investing
activities 2,554,919 (28,075)
------------ -----------
Net cash flows provided by financing
activities (171,968) -
------------ -----------
Net increase in cash (13,661,076) (1,855,552)
Cash, beginning of period 22,062,657 19,629,649
------------ -----------
Cash, end of period $ 8,401,581 $ 17,774,097
============ ===========
Supplemental schedule of non-cash
activities:
Cash paid for interest $ 1,247,267 -
Supplemental schedule investing
activities:
Net asset acquired from
Molekule, Inc. $ 52,466,073 $ -
(END) Dow Jones Newswires
May 16, 2023 07:30 ET (11:30 GMT)