Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.20.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]    
Revenue
General and administrative expenses 7,664,965 6,310,206
Research and development expenses 6,630,330 4,252,999
Total operating expenses 14,295,295 10,563,205
Loss from operations (14,295,295) (10,563,205)
Other income (expense)    
Interest expense (32,667) (2,392,447)
Debt extinguishments (1,831,316) (1,408,296)
Change in fair value - Senior Secured Convertible Note (558,599) (903,000)
Offering costs - issue of Senior Secured Convertible Notes (550,254) (614,940)
Modification - Series Z Warrant Agreement (1,140,995)
Series A and Series A-1 Exchange Offer - March 15, 2018 - incremental fair value - Series Z Warrants issued-upon-exchange of Series A-1 Warrants (349,796)
Series W Warrants Exchange Offer - April 5, 2018 - incremental fair value - Series Z Warrants issued-upon-exchange of Series W Warrants (766,456)
Unit Purchase Options (UPOs) Exchange Offer - August 22, 2018 - incremental fair value - UPO-Z issued-upon-exchange of UPO-W (2,120)
Change in fair value - Series A Warrants derivative liability (96,480)
Change in fair value - Series A Convertible Preferred Stock conversion option derivative liability 64,913
Other income (expense), net (2,972,836) (7,609,617)
Loss before provision for income tax (17,268,131) (18,172,822)
Provision for income taxes
Net loss - before noncontrolling interest (17,268,131) (18,172,822)
Net loss attributable to noncontrolling interest 810,890 204,072
Net loss - attributable to PAVmed Inc. (16,457,241) (17,968,750)
Less: Series B Convertible Preferred Stock dividends earned (269,895) (203,123)
Less: Series A-1 Convertible Preferred Stock dividends earned (25,148)
Less: Series A Convertible Preferred Stock dividends earned [1] (26,487)
Series A and Series A-1 Exchange Offer - March 15, 2018 - deemed dividend - incremental fair value - Series B Convertible Preferred Stock issued-upon-exchange of Series A Convertible Preferred Stock (726,531)
Series A and Series A-1 Exchange Offer - March 15, 2018 - increase to additional paid-in capital - incremental fair value - Series B Convertible Preferred Stock issued-upon-exchange of Series A-1 Convertible Preferred Stock 199,241
Net loss attributable to PAVmed Inc. common stockholders $ (16,727,136) $ (18,750,798)
Net loss per share - attributable to PAVmed Inc. - basic and diluted $ (0.54) $ (0.81)
Net loss per share - attributable to PAVmed Inc. common stockholders - basic and diluted $ (0.55) $ (0.84)
Weighted average common shares outstanding - basic and diluted [2],[3] 30,197,458 22,276,347
[1] The convertible preferred stock dividends earned as of the each of the respective periods noted, are included in the calculation of basic and diluted net loss attributable to PAVmed Inc. common stockholders for each respective periods presented, including: with respect to the Series B Convertible Preferred Stock, for the year ended December 31, 2019 and from March 16, 2018 to December 31, 2018, and with respect to each of the Series A-1 and Series A Convertible Preferred Stock, from January 1, 2018 to March 15, 2018;
[2] Basic weighted-average number of shares of common stock outstanding for the years ended December 31, 2019 and 2018 include the shares of the Company issued and outstanding during the year ended December 31, 2019, and during the year ended December 31, 2019, the Series S Warrants for the period February 1, 2019 to December 31, 2019 (as discussed herein below), each on a weighted average basis. The basic weighted average number of shares outstanding excludes common stock equivalent incremental shares, while diluted weighted average number of shares outstanding includes such incremental shares. However, as the Company was in a loss position for all periods presented, basic and diluted weighted average shares outstanding are the same, as the inclusion of the incremental shares would be anti-dilutive.
[3] The Series B Convertible Preferred Stock has the right to receive common stock dividends, and prior to the March 15, 2018 Exchange Date of the Series A and Series A Exchange Offer, holders of the Series A Warrants and the Series A-1 Warrants previously had the right to receive common stock dividends. As such, the Series B Convertible Preferred Stock and the Series A Warrants and Series A-1 Warrants would potentially been considered participating securities under the two-class method of calculating net loss per share. However, the Company has incurred net losses to-date, and as such holders are not contractually obligated to share in the losses, there is no impact on the Company's net loss per share calculation for the periods indicated.