SeqLL, Inc. Files Q1 2024 10-Q Report

TL;DR

SeqLL filed its Q1 2024 10-Q. Check financials.

AI Summary

SeqLL, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in Delaware, is based in Woburn, MA, and operates in the help supply services sector. The filing details its financial performance and operational status for the first quarter of 2024.

Why It Matters

This filing provides investors and stakeholders with an update on SeqLL, Inc.'s financial health and operational activities for the first quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) providing routine financial information, not indicating immediate high risk.

Key Players & Entities

• SeqLL, Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 0001213900-24-044770 (other) — Accession Number for the filing
• Woburn, MA (location) — Company's business address
• Delaware (location) — State of incorporation

FAQ

Filing Documents

• ea0205676-10q_seqll.htm (10-Q) — 409KB
• ea020567601ex31-1_seqll.htm (EX-31.1) — 12KB
• ea020567601ex31-2_seqll.htm (EX-31.2) — 12KB
• ea020567601ex32-1_seqll.htm (EX-32.1) — 4KB
• ea020567601ex32-2_seqll.htm (EX-32.2) — 4KB
• 0001213900-24-044770.txt ( ) — 3042KB
• sql-20240331.xsd (EX-101.SCH) — 31KB
• sql-20240331_cal.xml (EX-101.CAL) — 31KB
• sql-20240331_def.xml (EX-101.DEF) — 161KB
• sql-20240331_lab.xml (EX-101.LAB) — 289KB
• sql-20240331_pre.xml (EX-101.PRE) — 156KB
• ea0205676-10q_seqll_htm.xml (XML) — 230KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 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 14 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Default Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 21

Signatures

Signatures 22 i EXPLANATORY NOTE In this Quarterly Report on Form 10-Q, and unless the context otherwise requires, the "Company," "we," "us," and "our" refer to SeqLL Inc. and its wholly owned Subsidiaries taken as a whole. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this report and in other documents which we file with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to: our ability to consummate the transactions contemplated by the Merger Agreement or the Asset Purchase Agreement, each as defined in Note 1 to the condensed consolidated financial statements included in this report; our ability to relist our securities on a national stock market; the success, cost and timing of our product development activities, including statements regarding the timing of initiation and completion of our research and development programs; developments regarding next generation sequencing technologies; our expectations regarding the market size and growth potential for our business; our ability to generate sustained revenue or achieve profitability; the potential for our identified r

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements SeqLL Inc. Condensed Consolidated Balance Sheets March 31, December 31, 2024 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 1,688,926 $ 2,693,991 Accounts receivable, net of allowance for doubtful accounts of $ 24,507 as of March 31, 2024 and December 31, 2023 2,723 2,723 Prepaid expenses 33,600 32,933 Total current assets 1,725,249 2,729,647 Other assets Property and equipment, net 584,031 625,360 Operating lease right-of-use asset 964,163 998,346 Other assets 81,219 83,008 Total assets $ 3,354,662 $ 4,436,361 Liabilities and Stockholders' Equity (Deficit) Current liabilities Accounts payable $ 497,441 $ 522,940 Accrued expenses 410,944 375,191 Current portion of finance lease liability 62,106 59,659 Current portion of operating lease liability 203,288 198,314 Non-convertible promissory notes 1,375,000 1,375,000 Total current liabilities 2,548,779 2,531,104 Non-current liabilities Finance lease liability, less current portion 35,008 51,481 Operating lease liability, less current portion 1,193,059 1,246,033 Total non-current liabilities 1,228,067 1,297,514 Total liabilities 3,776,846 3,828,618 Commitments and contingencies (Note 8) Stockholders' equity (deficit) Preferred stock, $ 0.00001 par value; 20,000,000 shares authorized; zero shares issued and outstanding - - Common stock, $ 0.00001 par value; 300,000,000 shares authorized; 384,790 and 380,648 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 4 4 Additional paid-in capital 24,809,667 24,744,014 Accumulated deficit ( 25,231,855 ) ( 24,136,275 ) Total stockholders' equity (deficit) ( 422,184 ) 607,743 Total liabilities and stockholders' equity (deficit) $ 3,354,662 $ 4,436,361 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 SeqLL Inc. Co

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View this 10-Q filing on SEC EDGAR