Silo Pharma Files Q2 2024 10-Q Report

TL;DR

Silo Pharma (SILL) filed its Q2 10-Q. Check financials.

AI Summary

Silo Pharma, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as Uppercut Brands, Inc., Point Capital, Inc., and Gold Swap Inc., is incorporated in Nevada and headquartered in Sarasota, Florida. The filing details its financial performance and operational status for the quarter.

Why It Matters

This filing provides investors with an update on Silo Pharma's financial health and operational progress during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it represents a routine update for a publicly traded company, but the specific financial health and operational details within the report will determine the actual risk.

Key Players & Entities

• Silo Pharma, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 20240813 (date) — Filing date
• 001-41512 (other) — Commission File Number
• Nevada (location) — State of incorporation
• Sarasota, Florida (location) — Business and mail address
• Uppercut Brands, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share SILO The Nasdaq Stock Market

Filing Documents

• ea0210856-10q_silopharma.htm (10-Q) — 887KB
• ea021085601ex31-1_silo.htm (EX-31.1) — 13KB
• ea021085601ex31-2_silo.htm (EX-31.2) — 13KB
• ea021085601ex32-1_silo.htm (EX-32.1) — 5KB
• ea021085601ex32-2_silo.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 15KB
• 0001213900-24-068296.txt ( ) — 5930KB
• silo-20240630.xsd (EX-101.SCH) — 68KB
• silo-20240630_cal.xml (EX-101.CAL) — 34KB
• silo-20240630_def.xml (EX-101.DEF) — 284KB
• silo-20240630_lab.xml (EX-101.LAB) — 580KB
• silo-20240630_pre.xml (EX-101.PRE) — 286KB
• ea0210856-10q_silopharma_htm.xml (XML) — 501KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 2 Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 4

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 -i- CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking "expect," "plan,", "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "project," "continue," "potential," "ongoing" or the negative of these terms or other comparable terminology. Any forward-looking statements are qualified in their entirety by reference to the risk factors discussed throughout this Quarterly Report on Form 10-Q. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to: our ability to obtain additional funds for our operations; our financial performance; risks relating to the timing and costs of clinical trials and the timing and costs of other expenses; risks related to market acceptance of products; intellectual property risks; the impact of government regulation and developments relating to our competitors or our industry; our competitive position; our industry environment; our anticipated financial and operating results, including anticipated sources of revenues; assumptions regarding the size of the available market, benefits of our products, product pricing and timing of product launches; our estimates of our expenses, losses, future revenue and capital requirements, including our needs for additional financing; our abilit

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SILO PHARMA, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 4,506,300 $ 3,524,308 Short-term investments 3,102,240 4,140,880 Prepaid expenses and other current assets 120,288 15,970 Total Current Assets 7,728,828 7,681,158 LONG-TERM ASSETS: Prepaid expenses and other assets - non-current 62,064 64,983 Intangible assets, net 247,400 - Total Long-Term Assets 309,464 64,983 Total Assets $ 8,038,292 $ 7,746,141 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 1,250,777 $ 703,488 Deferred revenue - current portion 72,102 72,102 Total Current Liabilities 1,322,879 775,590 LONG TERM LIABILITIES: Deferred revenue - long-term portion 757,629 793,680 Total Long Term Liabilities 757,629 793,680 Total Liabilities 2,080,508 1,569,270 Commitment and Contingencies (see Note 8) STOCKHOLDERS' EQUITY: Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized: none designated as of June 30, 2024 and December 31, 2023 Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 4,076,528 and 3,159,096 shares issued and 3,720,818 and 2,906,241 shares outstanding at June 30, 2024 and December 31, 2023, respectively 408 316 Additional paid-in capital 19,198,841 17,525,714 Treasury stock, at cost ( 355,710 and 252,855 shares on June 30, 2024 and December 31, 2023, respectively) ( 644,234 ) ( 471,121 ) Accumulated other comprehensive income (loss) 8,026 ( 6,227 ) Accumulated deficit ( 12,605,257 ) ( 10,871,811 ) Total Stockholders' Equity 5,957,784 6,176,871 Total Liabilities and Stockholders' Equity $ 8,038,292 $ 7,746,141 See accompanying notes to unaudited consolidated financial -1- SILO PHARMA, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (UNAUDITED) NOTE 1 – ORGANIZATION AND BUSINESS Silo Pharma, Inc. (the "Company") was incorporated in the State of New York on July 13, 2010, under the name Gold Swap, Inc. On January 24, 2013, the Company changed its of Delaware to the State of Nevada. The Company is a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research. The Company seeks to acquire and/or develop intellectual property or technology rights from leading universities and researchers to treat rare diseases, including the use of psychedelic drugs, such as psilocybin, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders. The Company is focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, post-traumatic stress disorder ("PTSD"), Alzheimer's, Parkinson's, and other rare neurological disorders. The Company's mission is to identify assets to license and fund the research which the Company believes will be transformative to the well-being of patients and the health care industry. The Company was previously engaged in the development of a streetwear apparel brand, NFID (see below). On May 21, 2019, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Point Capital, Inc. to Uppercut Brands, Inc. Thereafter, on September 24, 2020, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Uppercut Brands, Inc. to Silo Pharma, Inc. On April 8, 2020, the Company incorporated a new wholly-owned subsidiary, Silo Pharma Inc., in the State of Florida. The Company has also secured the doma

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (UNAUDITED) Liquidity As reflected in the accompanying unaudited consolidated financial statements, the Company generated a net loss of $ 1,733,446 and used cash in operations of $ 1,322,582 during the six months ended June 30, 2024. Additionally, the Company has an accumulated deficit of $ 12,605,257 on June 30, 2024. As of June 30, 2024, the Company had working capital of $ 6,405,949 . The positive working capital serves to mitigate the conditions that historically raised substantial doubt about the Company's ability to continue as a going concern. The Company believes that the Company has sufficient cash and liquid short-term investments to meet its obligations for a minimum of twelve months from the date of this filing. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from estimates. Significant estimates during the six months ended June 30, 2024 and 2023 include the collectability of notes receivable, the percentage of completion of research and development projects, valuation of equity investments, valuation allowances for deferred tax assets, and the fair value of shares and stock options issued for services. Cash and Cash Equivalents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (UNAUDITED) Equity Investments, at Fair Value Realized gain or loss is recognized when an investment is disposed of and is computed as the difference between the Company's carrying value and the net proceeds received from such disposition. Realize

View Full Filing

View this 10-Q filing on SEC EDGAR