PALISADE BIO, INC. (PALI)
Palisade Bio, Inc., a clinical-stage biopharmaceutical company, engages in developing oral phosphodiesterase-4 inhibitor prodrugs designed for targeted delivery to the terminal ileum and colon in the United States. Its lead clinical product candidate includes PALI-2108, which is in phase 1b clinical trial to treat patients with inflammatory bowel disease, including ulcerative colitis and Fibrostenotic Crohn’s disease. The company has a research collaboration and license agreement with Giiant Pharma, Inc. for the development, manufacture, and commercialization of its compounds; license agreement with the Regents of the University of California for sole purpose of maintaining the Newsoara Co-Development; and a co-development and distribution agreement with Newsoara Biopharma Co., Ltd. The company was founded in 2001 and is headquartered in Denver, Colorado.
Sector: Biological Products, (No Diagnostic Substances)
Industry: Biotechnology
Palisade Bio, Inc.
NASDAQ:PALIHealthcare · Biotechnology
-2.52%$1.16
AH$1.16+0.00%vs close
Mkt Cap$206.1M
Float–
O/S177.68M
Vol
$ Vol
RVOL
Inst Own97.5%
Earnings
Dilution
Financials Summary
Revenue$0
Net Income-$16.78M
Total Assets$134.34M
Free Cash Flow-$10.85M
Debt & Equity
Debt 0%
Equity 100%
Preferred 0%
Total Debt$71K
Total Equity$129.38M
Preferred Stock$2K
Shares Outstanding
Short Interest
Split History4 splits · 4 reverse
- 1:15Reverse splitApr 8, 202415 shares → 1
- 1:50Reverse splitNov 16, 202250 shares → 1
- 1:20Reverse splitJul 18, 201920 shares → 1
- 1:13Reverse splitJan 9, 201713 shares → 1
Balance Sheet Details
Assets$134.34M
Liabilities$4.96M
Accounts Receivable$264K
Accounts Payable$767K
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 |
| Revenue | $0 | $0 | $250K | $0 | $0 | $0 | $15K | $260K | $260K | $16K | $10K | $19K | $110K | $408K | $391K | $733K | $0 | $0 | $306K | $266K | $309K |
| YoY Growth | - | - | - | - | - | - | -94.1% | 0.0% | 1500.4% | 56.0% | -44.7% | -82.9% | -73.0% | 4.4% | -46.7% | - | - | - | 15.2% | -14.0% | - |
| Cost of Revenue | $0 | $0 | $0 | $0 | $0 | $146K | $0 | -$990K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $66K | $0 | $54K | $54K |
| Gross Profit | $0 | $0 | $250K | $0 | $0 | -$146K | $15K | $1.25M | $260K | $16K | $10K | $19K | $110K | $408K | $391K | $733K | $0 | $0 | $306K | $266K | $256K |
| Gross Margin | - | - | 100.0% | - | - | - | 100.0% | 480.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | - | - | 100.0% | 100.0% | 82.7% |
| Research and Development | $10.19M | $9.06M | $6.89M | $6.55M | $2.43M | $3.1M | $4.06M | $3.96M | $8M | $12.84M | $12.64M | $8.13M | $7.13M | $6.11M | $7.36M | $9.16M | $5.35M | $6.51M | $3.44M | $1.66M | $568K |
| Selling, General, and Administrative | $7.86M | $5.8M | $6.2M | $8.76M | $9.31M | $6.05M | $4.44M | $4.37M | $5.18M | $7M | $6.18M | $8.97M | $5.25M | $4.25M | $5.84M | $6.62M | $5.03M | $5.25M | $3.2M | $1.72M | $1.25M |
| Other | $0 | $0 | $225K | $410K | $30.12M | $0 | $0 | $0 | $0 | $0 | $0 | $349K | $245K | $211K | $187K | $131K | $89K | $66K | $32K | $52K | $0 |
| Total Operating Expenses | $18.06M | $14.86M | $13.32M | $15.72M | $41.85M | $9.15M | $8.65M | $8.52M | $13.57M | $20.65M | $19.17M | $17.45M | $12.63M | $10.56M | $13.38M | $15.92M | $10.47M | $11.83M | $1.57M | $3.43M | $1.82M |
| Operating Income (EBIT) | -$18.06M | -$14.86M | -$13.07M | -$15.72M | -$41.85M | -$9.3M | -$8.63M | -$8.26M | -$13.21M | -$20.17M | -$19.16M | -$17.44M | -$12.52M | -$10.16M | -$12.99M | -$15.19M | -$10.47M | -$11.83M | -$6.37M | -$3.16M | -$1.57M |
| Operating Margin | - | - | -5228.0% | - | - | - | -56073.8% | -3176.5% | -5082.7% | -124135.2% | -183901.3% | -92582.2% | -11385.5% | -2491.0% | -3325.4% | -2070.4% | - | - | -2080.7% | -1189.8% | -506.9% |
| Interest Expense | $10K | $12K | $15K | $13K | $2.4M | $235K | $9K | $8K | $159K | $1.14M | $1.82M | $1.62M | $1.39M | $3K | $821 | $3K | $776 | $0 | $0 | $9K | $103K |
| Interest Income | $0 | $0 | $0 | $13K | $0 | $0 | $68K | $79K | $70K | $59K | $70K | $68K | $68K | $34K | $61K | $0 | $0 | $40K | $0 | $0 | $8K |
| Other Income (Expense) | $1.27M | $421K | $770K | $1.46M | $15.24M | -$1.02M | $280K | $3.33M | -$2.45M | -$908K | -$1.75M | -$5.19M | -$7.31M | $35K | $412K | -$3.26M | $102K | $1K | $193K | $0 | -$84K |
| Income Before Tax (EBT) | -$16.78M | -$14.44M | -$12.3M | -$14.26M | -$26.62M | -$10.32M | -$8.35M | -$4.92M | -$15.67M | -$21.07M | -$20.9M | -$22.63M | -$19.83M | -$10.12M | -$12.58M | -$18.44M | -$10.38M | -$11.83M | $0 | -$3.15M | -$1.65M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $69K | $0 | $0 | $38K | $413K | -$3.26M | $84K | -$39K | $0 | $0 | $0 |
| Net Income | -$16.78M | -$14.44M | -$12.3M | -$14.26M | -$26.62M | -$10.32M | -$8.35M | -$4.92M | -$15.67M | -$21.07M | -$20.9M | -$22.63M | -$19.83M | -$10.12M | -$12.52M | -$18.39M | -$10.36M | -$11.83M | -$7.06M | -$3.15M | -$1.65M |
| Net Income Margin | - | - | -4920.0% | - | - | - | -54254.9% | -1894.2% | -6025.4% | -129724.2% | -200672.0% | -120156.1% | -18029.1% | -2482.7% | -3204.9% | -2507.0% | - | - | -2307.7% | -1184.2% | -534.4% |
| Supplementary Data | |||||||||||||||||||||
| EPS | -0.30 | -10.19 | -27.01 | -16.53 | -2144.25 | -186.00 | -14.78 | -18.02 | -71.59 | -126.11 | -197.36 | -225.20 | -237.79 | -150.85 | -224.41 | -366.57 | -262.02 | -319.32 | -184.41 | -109.57 | -1.24 |
| Diluted EPS | -0.30 | -10.19 | -27.01 | -16.53 | -2546.10 | -186.00 | -35.18 | -18.02 | -71.34 | -126.11 | -197.36 | -225.20 | -237.79 | -150.85 | -224.41 | -366.57 | -262.02 | -319.32 | -184.41 | -109.57 | -1.24 |
| Weighted Average OS | 55.67M | 1.42M | 456,014 | 880,095 | 12,413 | 237,390 | 122,414 | 273,240 | 218,835 | 8,345 | 105,915 | 100,485 | 83,400 | 67,095 | 55,785 | 50,160 | 39,555 | 37,050 | 33,480 | 21 | 1.34M |
| EBITDA | -$16.77M | -$14.42M | -$12.28M | -$14.24M | -$24.22M | -$10.08M | -$8.2M | -$4.73M | -$15.22M | -$19.6M | -$18.74M | -$20.66M | -$18.19M | -$9.91M | -$12.33M | -$18.25M | -$10.27M | -$11.77M | -$6.13M | -$3.08M | -$1.5M |
| EBITDA Margin | - | - | -4912.4% | - | - | - | -53261.0% | -1819.6% | -5853.1% | -120620.5% | -179917.4% | -109695.7% | -16539.1% | -2430.2% | -3156.7% | -2488.8% | - | - | -2003.8% | -1160.6% | -483.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 |
| Assets | |||||||||||||||||||||
| Current Assets | |||||||||||||||||||||
| Cash and Cash Equivalents | $133.38M | $9.82M | $12.43M | $12.38M | $10.49M | $713K | $5.11M | $5.79M | $6.67M | $15.19M | $4.72M | $12.52M | $16.85M | $7.44M | $2.35M | $9.26M | $2.31M | $4.9M | $7.4M | $1.81M | $526K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $16K | $0 | $0 | $5M | $5M | $7.52M | $15.01M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $133.38M | $9.82M | $12.43M | $12.38M | $10.49M | $729K | $5.11M | $5.79M | $11.67M | $20.19M | $12.23M | $27.53M | $16.85M | $7.44M | $2.35M | $9.26M | $2.31M | $4.9M | $7.4M | $1.81M | $526K |
| Accounts Receivable | $264K | $24K | $148K | $1.44M | $150K | $0 | $21K | $358K | $372K | $64K | $37K | $226K | $10K | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $87K | $112K | $114K | $0 | $100K | $0 | $0 | $0 | $0 | $0 | $0 | $763K | $0 | $665K | $569K | $0 | $136K | $0 | $6K | $0 |
| Total Current Assets | $134.22M | $10.49M | $13.33M | $14.73M | $11.51M | $896K | $5.65M | $6.51M | $12.45M | $20.9M | $13.43M | $28.16M | $17.62M | $7.65M | $3.02M | $9.83M | $2.45M | $5.04M | $7.53M | $1.85M | $526K |
| Long-Term Assets | |||||||||||||||||||||
| Property, Plant & Equipment Net | $0 | $87K | $208K | $310K | $112K | $280K | $243K | $90K | $173K | $270K | $343K | $301K | $231K | $230K | $292K | $200K | $197K | $164K | $137K | $33K | $29K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $669K | $764K | $883K | $990K | $1.1M | $1.23M | $1.14M | $807K | $702K | $500K | $302K | $212K | $111K | $18K | $0 |
| Long-Term Investments | $55K | $0 | $0 | $26K | $0 | $0 | $0 | $298K | $365K | $424K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $68K | $273K | $516K | $694K | $894K | $1.84M | $25K | $24K | $14K | $16K | $72K | $148K | $426K | $60K | $75K | $61K | $56K | $53K | $43K | $36K | $0 |
| Total Long-Term Assets | $123K | $360K | $724K | $1.03M | $1.01M | $2.12M | $937K | $1.18M | $1.44M | $1.7M | $1.52M | $1.68M | $1.79M | $1.1M | $1.07M | $761K | $554K | $429K | $292K | $87K | $43K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $134.34M | $10.88M | $14.05M | $15.76M | $12.51M | $3.02M | $6.58M | $7.68M | $13.88M | $22.6M | $14.95M | $29.84M | $19.41M | $8.75M | $4.09M | $10.59M | $3.01M | $5.47M | $7.83M | $1.93M | $570K |
| Liabilities | |||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||
| Accounts Payable | $767K | $1.21M | $698K | $1.76M | $1.52M | $2.54M | $824K | $833K | $875K | $2.34M | $1.46M | $0 | $1.2M | $1.2M | $0 | $0 | $1.56M | $0 | $1.02M | $352K | $684K |
| Short-Term Debt | $71K | $79K | $158K | $88K | $87K | $1.05M | $0 | $0 | $0 | $3.71M | $4.63M | $730K | $2.76M | $0 | $0 | $0 | $0 | $0 | $0 | $8K | $125K |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$4.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$360K | $0 |
| Other Current Liabilities | $1.77M | $722K | $831K | $574K | $511K | $0 | $125K | -$756K | $221K | $431K | $174K | $2.63M | $1.51M | $91K | $2.43M | $2.74M | $0 | $1.27M | $0 | $0 | $193K |
| Total Current Liabilities | $4.64M | $3.24M | $2.59M | $3.01M | $2.5M | $8.08M | $1.22M | $1.05M | $1.51M | $7.33M | $6.43M | $4.01M | $5.94M | $1.76M | $2.43M | $2.74M | $1.56M | $1.27M | $1.02M | $360K | $1M |
| Long-Term Liabilities | |||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $94K | $0 | $535K | $0 | $0 | $3.38M | $8.06M | $4.93M | $0 | $0 | $0 | $0 | $0 | $0 | $21K | $28K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $328K | $152K | $63K | $61K | $2.65M | $1.83M | $85K | $49K | $3.85M | $3.94M | $174K | $60K | $125K | $0 | $0 | $0 | $6.46M | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $328K | $152K | $153K | $272K | $2.65M | $2.04M | $233K | $584K | $3.85M | $3.94M | $3.56M | $8.12M | $5.06M | $21K | $0 | $0 | $6.46M | $0 | $0 | $21K | $28K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.96M | $3.39M | $2.74M | $3.28M | $5.15M | $10.12M | $1.46M | $1.63M | $5.37M | $11.27M | $9.98M | $12.12M | $11M | $1.78M | $2.43M | $2.74M | $8.02M | $1.27M | $1.02M | $380K | $1.03M |
| Stockholders' Equity | |||||||||||||||||||||
| Preferred Stock | $2K | $2K | $2K | $2K | $2K | $9.5M | $2K | $10K | $10K | $10K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1.59M | $27K | $93K | $30K | $3K | $28K | $39K | $182K | $152K | $110K | $71K | $878K | $779K | $682K | $487K | $469K | $357K | $338K | $314K | $260K | $206K |
| Retained Earnings | -$152.72M | -$135.94M | -$121.51M | -$109.19M | -$94.64M | -$68.03M | -$221.98M | -$213.62M | -$208.7M | -$193.03M | -$171.96M | -$151.05M | -$128.43M | -$108.59M | -$98.47M | -$85.95M | -$67.57M | -$57.49M | -$45.66M | -$38.59M | -$35.45M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | -$6K | -$413 | $3K | $4K | $3K | -$483K | -$346K | -$424K | -$323K | -$218K | -$145K | -$90K | -$40K | -$1.18M | $113K |
| Other Stockholders' Equity | $280.51M | $143.41M | $132.73M | $121.64M | $102M | $60.9M | $227.06M | $219.49M | $217.06M | $204.25M | $176.86M | $167.9M | $136.07M | $114.88M | $99.65M | $93.34M | $62.19M | $61.35M | $52.15M | $39.88M | $34.78M |
| Total Equity | $129.38M | $7.49M | $11.31M | $12.48M | $7.37M | -$7.1M | $5.13M | $6.05M | $8.52M | $11.33M | $4.97M | $17.72M | $8.42M | $6.97M | $1.66M | $7.85M | -$5.02M | $4.2M | $6.81M | $1.55M | -$460K |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $134.34M | $10.88M | $14.05M | $15.76M | $12.51M | $3.02M | $6.58M | $7.68M | $13.88M | $22.6M | $14.95M | $29.84M | $19.41M | $8.75M | $4.09M | $10.59M | $3.01M | $5.47M | $7.83M | $1.93M | $570K |
| Supplementary Data | |||||||||||||||||||||
| Total Debt | $71K | $169K | $369K | $404K | $199K | $1.42M | $289K | $5.04M | $0 | $3.71M | $7.93M | $8.79M | $7.7M | $0 | $0 | $0 | $0 | $0 | $0 | $28K | $154K |
| Net Debt | -$133.31M | -$9.65M | -$12.06M | -$11.98M | -$10.3M | $708K | -$4.83M | -$749K | -$6.67M | -$11.49M | $3.21M | -$3.73M | -$9.15M | -$7.44M | -$2.35M | -$9.26M | -$2.31M | -$4.9M | -$7.4M | -$1.78M | -$373K |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 |
| Operating Activities | |||||||||||||||||||||
| Net Income | -$16.78M | -$14.44M | -$12.3M | -$14.26M | -$26.62M | -$10.32M | -$8.35M | -$4.92M | -$15.67M | -$21.07M | -$20.9M | -$22.63M | -$19.83M | -$10.12M | -$12.52M | -$18.39M | -$10.36M | -$11.83M | -$6.17M | -$3.15M | -$1.65M |
| Depreciation & Amortization | $3K | $3K | $4K | $3K | $2K | $3K | $144K | $186K | $289K | $338K | $345K | $349K | $245K | $211K | $187K | $131K | $89K | $66K | $40K | $54K | $54K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | -$38K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.58M | -$360K | $0 |
| Stock-Based Compensation | $3.96M | $652K | $624K | $1.03M | $1.89M | $2.01M | $0 | $1.09M | $1.77M | $3.45M | $2.95M | $4.32M | $2.33M | $1.61M | $0 | $5.24M | $4.56M | $4.63M | $1.58M | $360K | $0 |
| Changes in Working Capital: | |||||||||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $84K | -$59K | $273K | $81K | -$249K | -$450K | $188K | $0 | -$7K | $231K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | -$947K | $0 | $37K | -$11.75M | -$7.91M | $0 | $0 | -$5.77M | -$177K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $624K | $818K | -$492K | $0 | $0 | $1.01M | -$16K | -$37K | -$1.52M | $879K | -$1.05M | $1.38M | -$117K | -$644K | $0 | $214K | $244K | $249K | $665K | -$332K | $38K |
| Other Working Capital | $1.01M | $573K | $892K | $1.25M | -$4.84M | $2.39M | -$49K | -$381K | -$382K | $1.08M | -$1.34M | $11.09M | $11.68M | $5.9M | -$6.5M | $5.99M | -$3.13M | -$2.99M | $4.37M | -$267K | -$10K |
| Total Working Capital Change | $1.64M | $1.39M | $400K | $1.25M | -$4.76M | $2.39M | $208K | -$337K | -$2.15M | $1.51M | -$2.2M | $12.47M | $5.79M | $5.31M | -$6.5M | $6.2M | -$2.88M | -$2.74M | $5.03M | -$599K | $28K |
| Other Non-Cash Items | $337K | $199K | $139K | -$1.39M | $14.71M | $1.19M | $744K | -$2.29M | $6.47M | $3.86M | $5.37M | -$6.22M | $878K | -$5.48M | $7.4M | -$3.17M | $3.46M | $3.02M | -$2.9M | $358K | $841K |
| Net Cash from Operating | -$10.85M | -$12.19M | -$11.13M | -$13.36M | -$14.77M | -$4.77M | -$7.26M | -$7.69M | -$13.42M | -$15.62M | -$18.93M | -$11.71M | -$10.59M | -$8.48M | -$8.1M | -$9.98M | -$5.14M | -$6.86M | -$4M | -$3.33M | -$729K |
| Investing Activities | |||||||||||||||||||||
| Capital Expenditures | $0 | $0 | -$4K | -$10K | $0 | -$6K | $0 | -$2K | -$94K | -$161K | -$244K | -$556K | -$537K | -$255K | -$481K | -$333K | -$211K | -$194K | -$230K | -$59K | -$18K |
| Acquisitions | $0 | $0 | $0 | $0 | -$54K | $0 | $0 | $0 | $83K | $63K | $67K | $348K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$5M | -$5M | -$7.52M | -$25.01M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5M | $5M | $7.52M | $15.01M | $10M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$83K | -$63K | -$67K | -$348K | -$412K | -$216K | -$481K | -$256K | -$122K | -$117K | -$96K | -$6K | $0 |
| Net Cash from Investing | $0 | $0 | -$4K | -$10K | -$54K | -$6K | $0 | $5M | -$94K | $2.36M | $7.25M | -$15.56M | -$537K | -$255K | -$481K | -$333K | -$211K | -$194K | -$230K | -$59K | -$18K |
| Financing Activities | |||||||||||||||||||||
| Debt Repaid | - | - | - | $790K | $183K | -$802K | - | $14K | $3.77M | $4.57M | $1.15M | -$2.28M | -$7.37M | $65K | - | - | - | - | $28K | $125K | $2K |
| Common Stock Issuance | $135.25M | $8.44M | $9.42M | $14.4M | $5.21M | $1.18M | $6.55M | $1.83M | $8.74M | $28.12M | $6.01M | $21.26M | $13.16M | $13.89M | $1.67M | $17.27M | $2.76M | $4.55M | $9.86M | $4.8M | $1.24M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$495K | $1.57M | $2.16M | $1.65M | -$317K | -$87K | $0 | $0 | $0 | $0 | -$847K | -$426K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | $134.44M | $9.58M | $11.19M | $15.26M | $24.61M | $1.89M | $6.59M | $1.81M | $4.99M | $23.74M | $3.89M | $22.94M | $20.52M | $13.82M | $1.67M | $17.27M | $2.76M | $4.55M | $9.83M | $4.67M | $1.23M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | -$6K | -$8K | -$579 | -$543 | -$4K | -$983 | $6K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $123.59M | -$2.61M | $49K | $1.89M | $9.78M | -$2.88M | -$672K | -$888K | -$8.52M | $10.48M | -$7.8M | -$4.33M | $9.4M | $5.09M | -$6.91M | $6.95M | -$2.59M | -$2.5M | $5.6M | $1.28M | $0 |
| Supplementary Data | |||||||||||||||||||||
| Operating Cash Flow | -$10.85M | -$12.19M | -$11.13M | -$13.36M | -$14.77M | -$4.77M | -$7.26M | -$7.69M | -$13.42M | -$15.62M | -$18.93M | -$11.71M | -$10.59M | -$8.48M | -$8.1M | -$9.98M | -$5.14M | -$6.86M | -$4M | -$3.33M | -$729K |
| Capital Expenditure | $0 | $0 | -$4K | -$10K | $0 | -$6K | $0 | -$2K | -$94K | -$161K | -$244K | -$556K | -$537K | -$255K | -$481K | -$333K | -$211K | -$194K | -$230K | -$59K | -$18K |
| Free Cash Flow | -$10.85M | -$12.19M | -$11.14M | -$13.37M | -$14.77M | -$4.77M | -$7.26M | -$7.69M | -$13.51M | -$15.78M | -$19.18M | -$12.26M | -$11.13M | -$8.73M | -$8.58M | -$10.31M | -$5.36M | -$7.05M | -$4.23M | -$3.39M | -$747K |
| Cash at Beginning | $9.85M | $12.46M | $12.41M | $10.52M | $739K | $3.62M | $5.79M | $6.67M | $15.19M | $4.72M | $12.52M | $16.85M | $7.44M | $2.35M | $9.26M | $2.31M | $4.9M | $7.4M | $1.81M | $526K | $0 |
| Cash at End | $133.44M | $9.85M | $12.46M | $12.41M | $10.52M | $739K | $5.11M | $5.79M | $6.67M | $15.19M | $4.72M | $12.52M | $16.85M | $7.44M | $2.35M | $9.26M | $2.31M | $4.9M | $7.4M | $1.81M | $526K |