Enveric Biosciences Files Q2 2024 10-Q

TL;DR

Enveric Biosciences (ENVB) filed its Q2 10-Q. Financials and operations update.

AI Summary

Enveric Biosciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company, previously known as AMERI Holdings, Inc. and SPATIALIZER AUDIO LABORATORIES INC, is in the pharmaceutical preparations industry. Their principal executive offices are located in Naples, Florida.

Why It Matters

This filing provides a quarterly update on Enveric Biosciences' financial health and operational status, crucial for investors assessing the company's performance in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Enveric Biosciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

• Enveric Biosciences, Inc. (company) — Filer
• AMERI Holdings, Inc. (company) — Former Company Name
• SPATIALIZER AUDIO LABORATORIES INC (company) — Former Company Name
• 20240630 (date) — Reporting Period End Date
• 20240812 (date) — Filing Date
• Naples, Florida (location) — Business Address

FAQ

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) — 1058KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-031352.txt ( ) — 5019KB
• envb-20240630.xsd (EX-101.SCH) — 39KB
• envb-20240630_cal.xml (EX-101.CAL) — 52KB
• envb-20240630_def.xml (EX-101.DEF) — 129KB
• envb-20240630_lab.xml (EX-101.LAB) — 374KB
• envb-20240630_pre.xml (EX-101.PRE) — 278KB
• form10-q_htm.xml (XML) — 721KB

Signatures

Signatures 29 ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash $ 3,502,551 $ 2,287,977 Prepaid expenses and other current assets 2,017,383 1,293,554 Total current assets 5,519,934 3,581,531 Other assets: Property and equipment, net 405,114 507,377 Intangible assets, net 126,556 210,932 Total other assets 531,670 718,309 Total assets $ 6,051,604 $ 4,299,840 LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 459,898 $ 1,218,783 Accrued liabilities 176,373 1,075,643 Investment option liability 4,443 23,608 Warrant liability 4,626 25,470 Total current liabilities 645,340 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 June 30, 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 June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value, 100,000,000 shares authorized, 7,878,568 and 2,739,315 shares issued and outstanding as of June 30, 2024 and December 31, 2023 78,785 27,392 Additional paid-in capital 106,729,801 100,815,851 Stock subscription receivable — ( 1,817,640 ) Accumulated deficit ( 100,835,827 ) ( 96,499,518 ) Accumulated other comprehensive loss ( 566,495 ) ( 569,749 ) Total shareholders' equity 5,406,264 1,956,336 Total liabilities, mezzanine equity, and shareholders' equity $ 6,051,604 $ 4,299,840 See the accompanying notes to the unaudited condensed consolidated financial statements. 2 ENVERIC BIOSCIENCES, INC. AND SUBSIDIARIES UNAU

financial statements of changes in such estimates in future periods could be significant. Significant areas requiring

financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management's estimates and assumptions include determining the fair value of transactions involving common stock, the valuation of warrants and preferred investment options, and the valuation of stock-based compensation and accruals associated with third party providers supporting research and development efforts. Actual results could differ from those estimates. Reclassification Certain reclassifications have been made to the prior period's unaudited condensed consolidated financial statements in order to conform to the current year presentation. In the prior year, the Company included certain investor related expenses were included within research and development on the unaudited condensed consolidated statements of operations. These expenses were reclassified to general and administrative expenses in the current year. This reclassification had no effect on the Company's previously reported results of operations, changes in equity, or cash flows. Foreign Currency Translation From inception through June 30, 2024, the reporting currency of the Company was the United States dollar while the functional currency of certain of the Company's subsidiaries was the Canadian dollar and Australian dollar. For the reporting periods ended June 30, 2024 and 2023, the Company engaged in a number of transactions denominated in Canadian dollars and Australian dollars. As a result, the Company is subject to exposure from changes in the exchange rates of the Canadian dollar and Australian dollar against the United States dollar. The Company translates the assets and liabilities of its Canadian subsidiaries and Australian subsidiary into the United States dollar at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average exchange rate in effect during each monthly period. Unrealized translation gains and losse

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View this 10-Q filing on SEC EDGAR