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Form 10-Q GUIDED THERAPEUTICS INC For: Jun 30

August 15, 2022 2:02 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

 

For the quarterly period ended June 30, 2022

 

Commission File No. 0-22179

 

GUIDED THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

58-2029543

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

5835 Peachtree Corners East, Suite B

Norcross, Georgia 30092

(Address of principal executive offices) (Zip Code)

 

(770) 242-8723

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,“ “accelerated filer“ and “smaller reporting company“ and “emerging growth company“ in Rule 12b-2 of the Exchange Act (Check one):

 

Large Accelerated filer

Accelerated filer

Non-accelerated Filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes No ☒

 

As of August 15, 2022, the registrant had 36,664,707 shares of Common Stock, $0.001 par value per share, outstanding.

 

 

 

PART I — FINANCIAL INFORMATION

 

 

Page

 

Item 1.

Financial Statements

 

 

 

Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021

3

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

4

 

 

Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

5

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited)

9

 

 

Notes to Unaudited Consolidated Financial Statements

10

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

 

 

Company Overview

36

 

 

Results of Operations

38

 

 

Disclosure About Off-Balance Sheet Arrangements

42

 

 

Critical Accounting Policies and Estimates

37

 

 

Liquidity and Capital Resources

41

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

 

 

 

 

 

Item 4.

Controls and Procedures

42

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

43

 

 

 

 

 

Item 1A.

Risk Factors

43

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

43

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

 

 

 

 

 

Item 5.

Other Information

 

 

 

 

 

 

Item 6.

Exhibits

43

 

 

 

 

 

Signatures

 

44

 

  

 
2

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

 

CONSOLIDATED BALANCE SHEETS

 

(in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

2021

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$446

 

 

$643

 

Accounts receivable, net of allowance for doubtful accounts of $126 at June 30, 2022 and December 31, 2021

 

 

29

 

 

 

46

 

Inventory, net of reserves of $785 at June 30, 2022 and December 31, 2021

 

 

569

 

 

 

571

 

Other current assets

 

 

59

 

 

 

377

 

Total current assets

 

 

1,103

 

 

 

1,637

 

 

 

 

 

 

 

 

 

 

Non-Current Assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

45

 

 

 

14

 

Operating lease right-of-use assets, net of amortization

 

 

338

 

 

 

372

 

Other assets

 

 

17

 

 

 

17

 

Total non-current assets

 

 

400

 

 

 

403

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$1,503

 

 

$2,040

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$2,404

 

 

$2,362

 

Accounts payable, related parties

 

 

75

 

 

 

87

 

Accrued liabilities

 

 

1,206

 

 

 

1,768

 

Deferred revenue

 

 

513

 

 

 

337

 

Current portion of lease liability

 

 

73

 

 

 

67

 

Current portion of long-term debt

 

 

47

 

 

 

88

 

Current portion of long-term debt, related parties

 

 

490

 

 

 

-

 

Short-term notes payable

 

 

-

 

 

 

48

 

Short-term notes payable, related parties

 

 

28

 

 

 

40

 

Convertible notes payable in default

 

 

786

 

 

 

161

 

Short-term convertible notes payable, including non-convertible penalty

 

 

350

 

 

 

736

 

Derivative liability

 

 

24

 

 

 

-

 

Total current liabilities

 

 

5,996

 

 

 

5,694

 

 

 

 

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

 

 

 

Long-term lease liabilities

 

 

287

 

 

 

325

 

Derivative liability

 

 

-

 

 

 

32

 

Long-term convertible debt

 

 

884

 

 

 

820

 

Long-term debt 

 

 

-

 

 

 

22

 

Long-term debt, related parties

 

 

102

 

 

 

592

 

Total long-term liabilities

 

 

1,273

 

 

 

1,791

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

7,269

 

 

 

7,485

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES  (Note 7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series C convertible preferred stock, $0.001 par value; 9.0 shares authorized, 0.3 shares issued and outstanding as of June 30, 2022 and December 31, 2021. Liquidation preference of $286 at June 30, 2022 and December 31, 2021.

 

 

105

 

 

 

105

 

Series C1 convertible preferred stock, $0.001 par value; 20.3 shares authorized, 1.0 shares issued and outstanding as of June 30, 2022 and December 31, 2021. Liquidation preference of $1,049 at June 30, 2022 and December 31, 2021.

 

 

170

 

 

 

170

 

Series C2 convertible preferred stock, $0.001 par value; 5,000 shares authorized, 3.3 shares issued and outstanding as of June 30, 2022 and December 31, 2021. Liquidation preference of $3,263 at June 30, 2022 and December 31, 2021.

 

 

531

 

 

 

531

 

Series D convertible preferred stock, $0.001 par value; 6.0 shares authorized, 0.4 and 0.8 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively Liquidation preference of $438 and $763 at June 30, 2022 and December 31, 2021, respectively.

 

 

159

 

 

 

276

 

Series E convertible preferred stock, $0.001 par value; 5.0 shares authorized, 0.9 and 1.7 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively.  Liquidation preference of $888 and $1,736 at June 30, 2022 and December 31, 2021, respectively.

 

 

839

 

 

 

1,639

 

Series F convertible preferred stock, $0.001 par value; 1.5 shares authorized, 1.1 and 1.4 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively Liquidation preference of $1,071 and $1,426 at June 30, 2022 and December 31, 2021, respectively.

 

 

892

 

 

 

1,187

 

Series F-2 convertible preferred stock, $0.001 par value; 5.0 shares authorized, 2.8 and 3.2 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively. Liquidation preference of $2,771 and $3,237 at June 30, 2022 and December 31, 2021, respectively.

 

 

2,536

 

 

 

2,963

 

Series G convertible preferred stock, $0.001 par value; 1,000 shares authorized, nil shares issued and outstanding as of June 30, 2022 and December 31, 2021. Liquidation preference was nil at June 30, 2022 and December 31, 2021.

 

 

-

 

 

 

-

 

Common stock, $0.001 par value; 500,000 shares authorized, 27,583 and 13,673 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

3,416

 

 

 

3,403

 

Additional paid-in capital

 

 

130,166

 

 

 

126,800

 

Treasury stock at cost

 

 

(132)

 

 

(132)

Accumulated deficit

 

 

(144,448)

 

 

(142,387)

 

 

 

 

 

 

 

 

 

Total stockholders’ deficit

 

 

(5,766)

 

 

(5,445)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$1,503

 

 

$2,040

 

 

The accompanying notes are an integral part of these consolidated statements.

 

 
3

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales - devices and disposables

 

$5

 

 

$2

 

 

$10

 

 

$2

 

Cost of goods sold

 

 

1

 

 

 

-

 

 

 

2

 

 

 

-

 

Gross profit

 

 

4

 

 

 

2

 

 

 

8

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9

 

 

 

20

 

 

 

31

 

 

 

36

 

Sales and marketing

 

 

37

 

 

 

30

 

 

 

77

 

 

 

66

 

General and administrative

 

 

675

 

 

 

513

 

 

 

1,062

 

 

 

1,340

 

Total operating expenses

 

 

721

 

 

 

563

 

 

 

1,170

 

 

 

1,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(717)

 

 

(561)

 

 

(1,162)

 

 

(1,440)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(256)

 

 

(315)

 

 

(357)

 

 

(456)

Change in fair value of derivative liability

 

 

14

 

 

 

-

 

 

 

8

 

 

 

(88)

Gain (loss) from extinguishment of debt

 

 

34

 

 

 

(185)

 

 

75

 

 

 

(185)

Change in fair value of warrants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

448

 

Other income (expenses)

 

 

(1)

 

 

27

 

 

 

4

 

 

 

27

 

Total other income (expense)

 

 

(209)

 

 

(473)

 

 

(270)

 

 

(254)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(926)

 

 

(1,034)

 

 

(1,432)

 

 

(1,694)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(926)

 

 

(1,034)

 

 

(1,432)

 

 

(1,694)

Preferred stock dividends

 

 

(81)

 

 

(125)

 

 

(629)

 

 

(177)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

$(1,007)

 

$(1,159)

 

$(2,061)

 

$(1,871)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$(0.04)

 

$(0.09)

 

$(0.09)

 

$(0.14)

Diluted

 

$(0.04)

 

$(0.09)

 

$(0.09)

 

$(0.14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,337

 

 

 

13,280

 

 

 

23,526

 

 

 

13,226

 

Diluted

 

 

26,337

 

 

 

13,280

 

 

 

23,526

 

 

 

13,226

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 
4

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2022

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

Preferred Stock

 

Preferred Stock

 

Preferred Stock

 

 

 

Series C

 

Series C1

 

Series C2

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$276

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(117)

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2022

 

 

1

 

 

$914

 

 

 

1

 

 

$1,174

 

 

 

3

 

 

$2,963

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

(75)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(282)

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(427

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$892

 

 

 

3

 

 

$2,536

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at March 31, 2022

 

 

22,315

 

 

$3,411

 

 

$129,041

 

 

$(132)

 

$(143,441)

 

$(4,988)

Common stock warrants exercised

 

 

650

 

 

 

1

 

 

 

129

 

 

 

-

 

 

 

-

 

 

 

130

 

Issuance of common stock for payment of Series D preferred dividends

 

 

25

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Issuance of common stock for payment of Series E preferred dividends

 

 

51

 

 

 

-

 

 

 

26

 

 

 

-

 

 

 

-

 

 

 

26

 

Issuance of common stock for payment of Series F preferred dividends

 

 

4

 

 

 

-

 

 

 

2

 

 

 

-

 

 

 

-

 

 

 

2

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

19

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

12

 

Conversion of Series D preferred stock to common stock

 

 

975

 

 

 

1

 

 

 

117

 

 

 

-

 

 

 

-

 

 

 

1

 

Conversion of Series E preferred stock to common stock

 

 

320

 

 

 

-

 

 

 

75

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

1,360

 

 

 

1

 

 

 

282

 

 

 

-

 

 

 

-

 

 

 

1

 

Conversion of Series F-2 preferred stock to common stock

 

 

1,864

 

 

 

2

 

 

 

425

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

44

 

 

 

-

 

 

 

-

 

 

 

44

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(81)

 

 

(81)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(926)

 

 

(926)

Balance at June 30, 2022

 

 

27,583

 

 

$3,416

 

 

$130,166

 

 

$(132)

 

$(144,448)

 

$(5,766)

 

The accompanying notes are an integral part of these consolidated statements.

 

 
5

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2021

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$276

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for Series F and Series F-2 one-time 15% dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(117)

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expense for warrants issued to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 

1

 

 

$159

 

  

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

Series E

Series F

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2021

 

 

2

 

 

$1,639

 

 

 

1

 

 

$1,187

 

 

 

3

 

 

$2,963

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for Series F and Series F-2 one-time 15% dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series D preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

(1)

 

 

(800)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(295)

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(427)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expense for warrants issued to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$892

 

 

 

3

 

 

$2,536

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at December 31, 2021

 

 

13,674

 

 

$3,403

 

 

$126,800

 

 

$(132)

 

$(142,387)

 

$(5,445)

Common stock warrants exercised

 

 

5,128

 

 

 

5

 

 

 

841

 

 

 

-

 

 

 

-

 

 

 

846

 

Issuance of common stock for payment of Series D preferred dividends

 

 

48

 

 

 

-

 

 

 

29

 

 

 

-

 

 

 

-

 

 

 

29

 

Issuance of common stock for payment of Series E preferred dividends

 

 

64

 

 

 

-

 

 

 

34

 

 

 

-

 

 

 

-

 

 

 

34

 

Issuance of common stock for payment of Series F preferred dividends

 

 

161

 

 

 

-

 

 

 

107

 

 

 

-

 

 

 

-

 

 

 

107

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

114

 

 

 

-

 

 

 

75

 

 

 

-

 

 

 

-

 

 

 

75

 

Issuance of common stock for payment of interest

 

 

121

 

 

 

-

 

 

 

81

 

 

 

-

 

 

 

-

 

 

 

81

 

Issuance of common stock for Series F and Series F-2 one-time 15% dividends

 

 

624

 

 

 

1

 

 

 

399

 

 

 

-

 

 

 

-

 

 

 

400

 

Conversion of Series D preferred stock to common stock

 

 

975

 

 

 

1

 

 

 

117

 

 

 

-

 

 

 

-

 

 

 

1

 

Conversion of Series E preferred stock to common stock

 

 

3,390

 

 

 

3

 

 

 

797

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

1,420

 

 

 

1

 

 

 

294

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

1,864

 

 

 

2

 

 

 

425

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

88

 

 

 

-

 

 

 

-

 

 

 

88

 

Expense for warrants issued to consultants

 

 

-

 

 

 

-

 

 

 

79

 

 

 

-

 

 

 

-

 

 

 

79

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(629)

 

 

(629)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,432)

 

 

(1,432)

Balance at June 30, 2022

 

 

27,583

 

 

$3,416

 

 

$130,166

 

 

$(132)

 

$(144,448)

 

$(5,766)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 
6

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2021

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

Amount

 

Balance at March 31, 2021

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 1

 

$276

 

Series F preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Series F-2 preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Conversion of debt and expenses for Series F-2 preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Issuance of common stock for Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Series G redemption

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Issuance of common stock to finders

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Issuance of warrants to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 -

 

 

-

 

Balance at June 30, 2021

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

3

 

 

$531

 

 

 1

 

$276

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

Series E

Series F

Series F-2

Series G

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2021

 

 

2

 

 

$1,639

 

 

 

1

 

 

$1,195

 

 

 

-

 

 

$-

 

 

 

153

 

 

$-

 

Series F preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Series F-2 preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

404

 

 

 

-

 

 

 

-

 

Conversion of debt and expenses for Series F-2 preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2

 

 

 

2,559

 

 

 

-

 

 

 

-

 

Issuance of common stock for Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Series G redemption

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(91)

 

 

-

 

Issuance of common stock to finders

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants to consultants

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2021

 

 

2

 

 

$1,639

 

 

 

1

 

 

$1,195

 

 

 

3

 

 

$2,963

 

 

 

62

 

 

$-

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

 

Total

 

Balance at March 31, 2021

 

 

13,180

 

 

$3,403

 

 

$125,489

 

 

$(132)

 

$(140,668)

 

$(7,992)

Series F preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Series F-2 preferred offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

404

 

Conversion of debt and expenses for Series F-2 preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

2,559

 

Issuance of common stock for Series D preferred dividends

 

 

19

 

 

 

-

 

 

 

14

 

 

 

-