Lightwave Logic Files Q3 2024 10-Q

Ticker: LWLG · Form: 10-Q · Filed: 2024-11-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, reporting

TL;DR

LWLG filed its Q3 2024 10-Q. Financials are in.

AI Summary

Lightwave Logic, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the nine months ended September 30, 2024, and comparative periods. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Lightwave Logic, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant risks or opportunities, but without specific financial performance data, the risk level is moderate.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Lightwave Logic, Inc.?

Lightwave Logic, Inc. is classified under 'MISCELLANEOUS PLASTIC PRODUCTS [3080]' and has a history of name changes, indicating potential evolution in its business focus.

When does Lightwave Logic, Inc.'s fiscal year end?

Lightwave Logic, Inc.'s fiscal year ends on December 31st.

What is the SEC file number for Lightwave Logic, Inc.?

The SEC file number for Lightwave Logic, Inc. is 001-40766.

Where is Lightwave Logic, Inc. headquartered?

Lightwave Logic, Inc.'s business and mailing address is located at 369 Inverness Parkway, Suite 350, Englewood, CO 80112.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending September 30, 2024, specifically the third quarter of 2024.

Filing Stats: 4,404 words · 18 min read · ~15 pages · Grade level 19.4 · Accepted 2024-11-12 17:01:16

Key Financial Figures

Filing Documents

Financial Statements

Financial Statements 2 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 20 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4

Controls and Procedures

Controls and Procedures 47 Part II Other Information Item 1

Legal Proceedings

Legal Proceedings 48 Item 1A

Risk Factors

Risk Factors 48 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3 Defaults Upon Senior Securities 49 Item 4 Mine Safety Disclosures 49 Item 5 Other Information 49 Item 6 Exhibits 49

Signatures

Signatures 50 i

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-Q contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "continuing," "ongoing," "strategy," "future," "likely," "may," "should," "could," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as anticipated revenue; anticipated levels of capital expenditures for our current fiscal year; our belief that we have, or will have, sufficient liquidity to fund our business operations during the next 12 months; strategy for gaining customers, growth, product development, market position, financial results and reserves.

Forward-looking statements are

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: inability to generate significant revenue or to manage growth; lack of available funding; lack of a market for or market acceptance of our products; competition from third parties; general economic and business conditions;intellectual property rights of third parties; changes in the price of our stock and dilution; regulatory constraints and potential legal liability; ability to maintain effective internal controls; security breaches, cybersecurity attacks and other significant disruptions in our information technology systems; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns and qualification of new customers; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; other risks to which our Company is subject; andother factors beyond the Company's control. The ultimate correctness of these forward-looking s

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements LIGHTWAVE LOGIC, INC.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS SEPTEMBER 30, 2024 (UNAUDITED) CONTENTS PAGE BALANCE SHEETS 2 STATEMENTS OF COMPREHENSIVE LOSS 3 STATEMENTS OF STOCKHOLDERS' EQUITY 4 STATEMENTS OF CASH FLOWS 5

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS 6-19 1 LIGHTWAVE LOGIC, INC. BALANCE SHEETS UNAUDITED September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 26,882,467 $ 31,432,087 Accounts Receivable 26,814 30,376 Prepaid expenses and other current assets 562,084 1,237,621 TOTAL CURRENT ASSETS 27,471,365 32,700,084 PROPERTY AND EQUIPMENT - NET 5,774,568 4,990,790 OTHER ASSETS Intangible assets - net 1,295,293 1,254,501 Operating Lease - Right of Use - Building 2,694,971 2,838,210 TOTAL OTHER ASSETS 3,990,264 4,092,711 TOTAL ASSETS $ 37,236,197 $ 41,783,585 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 449,750 $ 1,447,596 Accrued bonuses and accrued expenses 299,436 599,430 Accounts payable and accrued expenses - related parties 176,745 313,483 Contract liability 27,375 39,875 Deferred lease liability 6,964 38,297 Operating lease liability 162,054 144,120 TOTAL CURRENT LIABILITIES 1,122,324 2,582,801 LONG TERM LIABILITIES Operating lease liability 2,642,303 2,766,970 TOTAL LONG TERM LIABILITIES 2,642,303 2,766,970 TOTAL LIABILITIES 3,764,627 5,349,771 STOCKHOLDERS' EQUITY Preferred stock, $ 0.001 par value, 1,000,000 authorized, no shares issued or outstanding — — Common stock $ 0.001 par value, 250,000,000 authorized, 121,471,478 and 118,137,309 issued and outstanding at September 30, 2024 and December 31, 2023 121,471 118,137 Additional paid-in-capital 178,728,926 164,619,363 Deferred compensation ( 506,926 ) ( 432,293 ) Accumulated deficit ( 144,871,901 ) ( 127,871,393 ) TOTAL STOCKHOLDERS' EQUITY 33,471,570 36,433,814 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 37,236,197 $ 41,783,585 See accompanying notes to these financial statements. 2 LIGHTWAVE LOGIC, INC. STATEMENTS OF COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (UNAUDITED) For the Thr

Financial Statements

Financial Statements The accompanying unaudited financial statements have been prepared by Lightwave Logic, Inc. (the "Company"). These statements include all adjustments (consisting only of its normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting polices described in the Summary of Significant Accounting Policies included in the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission on February 29, 2024 (the "2023 Annual Report"). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although the Company firmly believes that the accompanying disclosures are adequate to make the information presented not misleading. The financial statements should be read in conjunction with the financial statements and notes thereto included in the 2023 Annual Report. The interim operating results for the three and nine months ending September 30, 2024 may not be indicative of operating results expected for the full year. Nature of Business Lightwave Logic, Inc. (the "Company") is a technology company focused on the development of next generation electro-optic photonic devices made on its P2IC technology platform which we have detailed as: 1) Polymer Stack, 2) Polymer Plus, and 3) Polymer Slot. Our unique polymer technology platform uses in-house proprietary high-activity and high-stability organic polymers. Electro-optical devices called modulators convert data from electric signals into optical signals for multiple applications. The Company's first revenue stream is from a technology materi

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