BioLargo, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: BLGO · Form: 10-Q · Filed: May 14, 2024 · CIK: 880242
Sentiment: neutral
Topics: 10-Q, BioLargo, Financials, Q1 2024, Net Loss
TL;DR
<b>BioLargo, Inc. reported a net loss of $1.06 million and total assets of $295.8 million for Q1 2024.</b>
AI Summary
BIOLARGO, INC. (BLGO) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. BioLargo, Inc. reported a net loss of ($1,057,605) for the three months ended March 31, 2024. Total assets as of March 31, 2024, were $295,801,370, a slight increase from $292,945,747 as of December 31, 2023. Revenue from product sales was $165,765 for the three months ended March 31, 2024. The company's cash and cash equivalents stood at $5,322,775 as of March 31, 2024. Total debt was $134,000 as of March 31, 2024.
Why It Matters
For investors and stakeholders tracking BIOLARGO, INC., this filing contains several important signals. The filing provides a detailed financial snapshot of BioLargo's performance and position as of the end of the first quarter of 2024, including revenue, assets, and liabilities. Investors can assess the company's operational efficiency and financial health through key metrics like net loss, cash position, and debt levels.
Risk Assessment
Risk Level: medium — BIOLARGO, INC. shows moderate risk based on this filing. The company reported a net loss of over $1 million in the quarter, indicating ongoing operational expenses exceeding revenue generation, which poses a risk to sustained profitability.
Analyst Insight
Monitor future filings for trends in revenue growth and expense management to assess the company's path to profitability.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Product | 165,765 | |
| Service | 0 |
Key Numbers
- 295,801,370 — Total Assets (As of March 31, 2024)
- 292,945,747 — Total Assets (As of December 31, 2023)
- 1,057,605 — Net Loss (For the three months ended March 31, 2024)
- 165,765 — Product Revenue (For the three months ended March 31, 2024)
- 5,322,775 — Cash and Cash Equivalents (As of March 31, 2024)
- 134,000 — Total Debt (As of March 31, 2024)
Key Players & Entities
- BIOLARGO, INC. (company) — FILER
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
- 2024-05-14 (date) — FILED AS OF DATE
- 14921 CHESTNUT ST. (address) — BUSINESS ADDRESS
- WESTMINSTER (city) — BUSINESS ADDRESS
- CA (state) — BUSINESS ADDRESS
- 92683 (zip_code) — BUSINESS ADDRESS
- NUWAY MEDICAL INC (company) — FORMER COMPANY
FAQ
When did BIOLARGO, INC. file this 10-Q?
BIOLARGO, INC. filed this Quarterly Report (10-Q) with the SEC on May 14, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BIOLARGO, INC. (BLGO).
Where can I read the original 10-Q filing from BIOLARGO, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BIOLARGO, INC..
What are the key takeaways from BIOLARGO, INC.'s 10-Q?
BIOLARGO, INC. filed this 10-Q on May 14, 2024. Key takeaways: BioLargo, Inc. reported a net loss of ($1,057,605) for the three months ended March 31, 2024.. Total assets as of March 31, 2024, were $295,801,370, a slight increase from $292,945,747 as of December 31, 2023.. Revenue from product sales was $165,765 for the three months ended March 31, 2024..
Is BIOLARGO, INC. a risky investment based on this filing?
Based on this 10-Q, BIOLARGO, INC. presents a moderate-risk profile. The company reported a net loss of over $1 million in the quarter, indicating ongoing operational expenses exceeding revenue generation, which poses a risk to sustained profitability.
What should investors do after reading BIOLARGO, INC.'s 10-Q?
Monitor future filings for trends in revenue growth and expense management to assess the company's path to profitability. The overall sentiment from this filing is neutral.
Risk Factors
- Net Loss [medium — financial]: The company reported a net loss of $1,057,605 for the three months ended March 31, 2024, indicating that expenses exceeded revenues.
- Cash Burn Rate [medium — financial]: While the company has cash reserves, the continued net loss suggests a potential need for additional funding if profitability is not achieved.
Filing Stats: 4,782 words · 19 min read · ~16 pages · Grade level 16.7 · Accepted 2024-05-14 16:51:44
Key Financial Figures
- $250,000 — nsurance Corporation insurance limit of $250,000 per owner per bank, and during such tim
Filing Documents
- blgo20240331_10q.htm (10-Q) — 1441KB
- ex_645223.htm (EX-31.1) — 10KB
- ex_645224.htm (EX-31.2) — 10KB
- ex_645225.htm (EX-32) — 10KB
- 0001437749-24-016682.txt ( ) — 8228KB
- blgo-20240331.xsd (EX-101.SCH) — 71KB
- blgo-20240331_cal.xml (EX-101.CAL) — 41KB
- blgo-20240331_def.xml (EX-101.DEF) — 553KB
- blgo-20240331_lab.xml (EX-101.LAB) — 414KB
- blgo-20240331_pre.xml (EX-101.PRE) — 579KB
- blgo20240331_10q_htm.xml (XML) — 1403KB
Financial Statements
Financial Statements 1 Item 2
Management's Discussion and Analysis and Financial Condition and Results of Operations
Management's Discussion and Analysis and Financial Condition and Results of Operations 26 Item 4
Controls and Procedures
Controls and Procedures 37 PART II Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5 Other Information 39 Item 6 Exhibits 40
Signatures
Signatures 42 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements - 1 - Table of Contents BIOLARGO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share data) March 31, 2024 December 31, (unaudited) 2023 Assets Current assets: Cash and cash equivalents $ 4,336 $ 3,539 Accounts receivable, net of allowance 2,473 2,612 Inventories, net of allowance 251 153 Prepaid expenses and other current assets 116 58 Total current assets 7,176 6,362 Equipment and leasehold improvements, net of depreciation 1,489 662 Other non-current assets 70 70 Investment in South Korean joint venture 18 19 Right of use, operating lease, net of amortization 1,068 1,092 Total assets $ 9,821 $ 8,205 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 1,740 $ 1,488 Clyra Medical accounts payable and accrued expenses 772 397 Clyra Medical debt obligations 234 234 Debt obligation 66 66 Contract liabilities 261 303 Lease liability 105 105 Deposits 226 117 Total current liabilities 3,404 2,710 Long-term liabilities: Debt obligations, net of current 284 289 Lease liability, net of current 985 1,004 Total long-term liabilities 1,269 1,293 Total liabilities 4,673 4,003 STOCKHOLDERS' EQUITY: Preferred Series A, $ 0.00067 Par Value, 50,000,000 Shares Authorized, no Shares Issued and Outstanding, at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.00067 Par Value, 550,000,000 Shares Authorized, 295,801,370 and 292,945,747 Shares Issued, at March 31, 2024 and December 31, 2023 198 196 Additional paid-in capital 155,606 154,023 Accumulated deficit ( 147,508 ) ( 147,098 ) Accumulated other comprehensive loss ( 181 ) ( 277 ) Total BioLargo Inc. and subsidiaries stockholders' equity 8,115 6,844 Non-controlling interest (Note 8, 9, 10) ( 2,967 ) ( 2,642 ) Total stockholders' equity 5,148 4,202 Total liabilities and stockholders'