Delaware
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001-37969
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26-0579295
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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3600
Green Court, Suite 350 Ann Arbor, MI
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48105
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(Address
of principal executive offices)
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|
(Zip
Code)
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Registrant's
telephone number, including area code
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(734)
335-0468
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Title of each class
|
Trading Symbol(s)
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Name of each exchange on which registered
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Common
stock, par value $0.0001 per share
|
NDRA
|
The
Nasdaq Stock Market LLC
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Warrants,
each to purchase one share of Common Stock
|
NDRAW
|
The
Nasdaq Stock Market LLC
|
Exhibit No.
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|
Description
|
|
|
|
|
Press
Release dated August 12, 2021, furnished herewith.
|
|
ENDRA Life Sciences Inc.
|
|
August
12, 2021
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|
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|
By:
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/s/
Francois Michelon
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Name:
|
Francois
Michelon
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|
Title:
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President
and Chief Executive Officer
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|
June
30,
|
December
31,
|
Assets
|
2021
|
2020
|
Current
Assets
|
(Unaudited)
|
|
Cash
|
$14,043,341
|
$7,227,316
|
Prepaid
expenses
|
968,923
|
390,800
|
Inventory
|
1,324,791
|
589,620
|
Other current
assets
|
5,986
|
5,986
|
Total Current
Assets
|
16,343,041
|
8,213,722
|
Non-Current
Assets
|
|
|
Fixed assets,
net
|
192,088
|
212,242
|
Right of use
assets
|
707,504
|
339,012
|
Total
Assets
|
$17,242,633
|
$8,764,976
|
|
|
|
Liabilities
and Stockholders’ Equity
|
|
|
Current
Liabilities
|
|
|
Accounts payable
and accrued liabilities
|
$1,514,866
|
$910,183
|
Lease liabilities,
current portion
|
123,192
|
76,480
|
Total Current
Liabilities
|
1,638,058
|
986,663
|
|
|
|
Long
Term Debt
|
|
|
Loans
|
28,484
|
337,084
|
Lease
liabilities
|
586,193
|
271,908
|
Total Long Term
Debt
|
614,677
|
608,992
|
|
|
|
Total
Liabilities
|
2,252,735
|
1,595,655
|
|
|
|
Stockholders’
Equity
|
|
|
Series A
Convertible Preferred Stock, $0.0001 par value; 10,000 shares
authorized; 141.397 and 196.794 shares issued and outstanding,
respectively
|
1
|
1
|
Series B
Convertible Preferred Stock, $0.0001 par value; 1,000 shares
authorized; no shares issued and outstanding
|
-
|
-
|
Common stock,
$0.0001 par value; 80,000,000 shares authorized; 41,857,352 and
34,049,704 shares issued and outstanding, respectively
|
4,185
|
3,404
|
Additional paid in
capital
|
77,838,745
|
64,493,611
|
Stock
payable
|
74,907
|
10,794
|
Accumulated
deficit
|
(62,927,940)
|
(57,338,489)
|
Total
Stockholders’ Equity
|
14,989,898
|
7,169,321
|
Total
Liabilities and Stockholders’ Equity
|
$17,242,633
|
$8,764,976
|
|
Three Months
Ended
|
Three Months
Ended
|
Six Months
Ended
|
Six Months
Ended
|
|
June 30,
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June 30,
|
June 30,
|
June 30,
|
|
2021
|
2020
|
2021
|
2020
|
Operating
Expenses
|
|
|
|
|
Research and
development
|
$1,744,925
|
$1,487,049
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$2,886,411
|
$3,005,195
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Sales and
marketing
|
256,763
|
134,763
|
417,698
|
249,718
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General and
administrative
|
1,198,502
|
1,269,467
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2,471,920
|
2,737,212
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Total operating
expenses
|
3,200,190
|
2,891,279
|
5,776,029
|
5,992,125
|
|
|
|
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Operating
loss
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(3,200,190)
|
(2,891,279)
|
(5,776,029)
|
(5,992,125)
|
|
|
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Other
Expenses
|
|
|
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Amortization of
debt discount
|
-
|
(3,858)
|
-
|
(232,426)
|
Gain on
extinguishment of debt
|
-
|
-
|
308,600
|
-
|
Other income
(expense)
|
1,086
|
1,265
|
(951)
|
7,882
|
Total other
expenses
|
1,086
|
(2,593)
|
307,649
|
(224,544)
|
|
|
|
|
|
Loss from
operations before income taxes
|
(3,199,104)
|
(2,893,872)
|
(5,468,380)
|
(6,216,669)
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|
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Provision for
income taxes
|
-
|
-
|
-
|
-
|
|
|
|
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|
Net
Loss
|
$(3,199,104)
|
$(2,893,872)
|
$(5,468,380)
|
$(6,216,669)
|
|
|
|
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Deemed
dividend
|
-
|
-
|
(121,071)
|
-
|
|
|
|
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Net loss
attributable to common stockholders
|
$(3,199,104)
|
$(2,893,872)
|
$(5,589,451)
|
$(6,216,669)
|
|
|
|
|
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Net
loss per share – basic and diluted
|
$(0.08)
|
$(0.20)
|
$(0.14)
|
$(0.45)
|
|
|
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Weighted
average common shares – basic and diluted
|
41,675,664
|
14,735,662
|
39,745,431
|
13,803,215
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|
Six Months Ended
|
Six Months Ended
|
|
June 30,
|
June 30,
|
|
2021
|
2020
|
Cash
Flows from Operating Activities
|
|
|
Net
loss
|
$(5,468,380)
|
$(6,216,669)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
Depreciation and
amortization
|
65,154
|
44,014
|
Common stock,
options and warrants issued for services
|
705,036
|
1,057,120
|
Amortization of
debt discount
|
-
|
232,426
|
Amortization of
right of use assets
|
44,086
|
32,199
|
Gain on
extinguishment of debt
|
(308,600)
|
-
|
Changes in
operating assets and liabilities:
|
|
|
Increase in prepaid
expenses
|
(578,123)
|
(947,397)
|
Increase in
inventory
|
(735,171)
|
(227,245)
|
Decrease in other
current asset
|
-
|
8,750
|
Decrease in
accounts payable and accrued liabilities
|
594,533
|
(493,676)
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Decrease in lease
liability
|
(41,430)
|
(29,554)
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Net cash used in
operating activities
|
(5,722,895)
|
(6,540,032)
|
|
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Cash
Flows from Investing Activities
|
|
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Purchases of fixed
assets
|
(45,000)
|
(22,350)
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Net cash used in
investing activities
|
(45,000)
|
(22,350)
|
|
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Cash
Flows from Financing Activities
|
|
|
Proceeds from
warrant exercise
|
2,785,627
|
50,438
|
Proceeds from
loans
|
-
|
337,084
|
Proceeds from
issuance of common stock
|
9,798,293
|
791,474
|
Payment for
settlement of notes
|
-
|
(42,260)
|
Net cash provided
by financing activities
|
12,583,920
|
1,136,736
|
|
|
|
Net increase
(decrease) in cash
|
6,816,025
|
(5,425,646)
|
|
|
|
Cash, beginning of
period
|
7,227,316
|
6,174,207
|
|
|
|
Cash,
end of period
|
$14,043,341
|
$748,561
|
|
|
|
Supplemental
disclosures of cash items
|
|
|
Interest
paid
|
$-
|
$1,920
|
Income tax
paid
|
$-
|
$-
|
|
|
|
Supplemental
disclosures of non-cash items
|
|
|
Conversion of
convertible notes and accrued interest
|
$-
|
$493,814
|
Deemed
dividend
|
$121,071
|
$-
|
Conversion of
Series A Convertible Preferred Stock
|
$(7)
|
$636
|
Conversion of
Series B Convertible Preferred Stock
|
$-
|
$36
|
Stock dividend
payable
|
$(27,652)
|
$(137,909)
|
Stock paid and
payable for services
|
$-
|
$40,000
|
Right of use
asset
|
$707,504
|
$-
|
Lease
liability
|
$709,385
|
$-
|