Enveric Biosciences Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Enveric Biosciences, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024</b>.

AI Summary

Enveric Biosciences, Inc. (ENVB) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Enveric Biosciences, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is located in Naples, Florida. Enveric Biosciences was formerly known as AMERI Holdings, Inc. and SPATIALIZER AUDIO LABORATORIES INC. The filing was made on May 15, 2024.

Why It Matters

For investors and stakeholders tracking Enveric Biosciences, Inc., this filing contains several important signals. This 10-Q filing provides an update on Enveric Biosciences' financial and operational status for the first quarter of 2024, which is crucial for investors to assess the company's performance and outlook. Understanding the company's financial health and any changes in its business operations as detailed in this report is important for making informed investment decisions regarding ENVB.

Risk Assessment

Risk Level: low — Enveric Biosciences, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate indications of significant positive or negative events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Enveric Biosciences' current financial position and operational progress.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Period from January 1, 2024)
• 2023-12-31 — Previous Fiscal Year End (Fiscal year end)

Key Players & Entities

• Enveric Biosciences, Inc. (company) — Filer name
• 0001493152-24-019364 (filing_id) — Accession Number
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• Naples, FL (location) — Business address city and state
• AMERI Holdings, Inc. (company) — Former company name
• SPATIALIZER AUDIO LABORATORIES INC (company) — Former company name
• ENVB (ticker) — Ticker symbol

FAQ

Industry Context

Enveric Biosciences operates in the pharmaceutical preparations industry, focusing on the development of novel therapeutics.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow for Q1 2024.
2. Review any disclosures regarding ongoing research and development activities or clinical trials.
3. Assess management's discussion and analysis for insights into future strategies and potential risks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ended March 31, 2024, providing an update since the previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share ENVB The Nasdaq

Filing Documents

• form10-q.htm (10-Q) — 654KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32.htm (EX-32) — 10KB
• 0001493152-24-019364.txt (&nbsp;) — 4046KB
• envb-20240331.xsd (EX-101.SCH) — 40KB
• envb-20240331_cal.xml (EX-101.CAL) — 50KB
• envb-20240331_def.xml (EX-101.DEF) — 126KB
• envb-20240331_lab.xml (EX-101.LAB) — 325KB
• envb-20240331_pre.xml (EX-101.PRE) — 238KB
• form10-q_htm.xml (XML) — 505KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22

Signatures

Signatures 23 2 ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash $ 6,356,036 $ 2,287,977 Prepaid expenses and other current assets 1,872,786 1,293,554 Total current assets 8,228,822 3,581,531 Other assets: Property and equipment, net 452,228 507,377 Intangible assets, net 168,744 210,932 Total other assets 620,972 718,309 Total assets $ 8,849,794 $ 4,299,840 LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,852,833 $ 1,218,783 Accrued liabilities 487,464 1,075,643 Investment option liability 12,210 23,608 Warrant liability 15,431 25,470 Total current liabilities 2,367,938 2,343,504 Commitments and contingencies (Note 8) - - Mezzanine equity Series C redeemable preferred stock, $ 0.01 par value, 100,000 shares authorized, and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Total mezzanine equity — — Shareholders' equity Preferred stock, $ 0.01 par value, 20,000,000 shares authorized; Series B preferred stock, $ 0.01 par value, 3,600,000 shares authorized, 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 100,000,000 shares authorized, 7,294,005 and 2,739,315 shares issued and outstanding as of March 31, 2024 and December 31, 2023 72,939 27,392 Additional paid-in capital 105,917,193 100,815,851 Stock subscription receivable — ( 1,817,640 ) Accumulated deficit ( 98,956,433 ) ( 96,499,518 ) Accumulated other comprehensive loss ( 551,843 ) ( 569,749 ) Total shareholders' equity 6,481,856 1,956,336 Total liabilities, mezzanine equity, and shareholders' equity $ 8,849,794 $ 4,299,840 See the accompanying notes to the unaudited condensed consolidated financial statements. 3 ENVERIC BIOSCIENCES, INC. AND SUBSIDIAR

View Full Filing

View this 10-Q filing on SEC EDGAR