|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
(Address of principal executive offices)
|
(Zip Code)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
(d) |
Exhibits.
|
Exhibit No.
|
Description
|
|
Press Release, dated November 14, 2022 (furnished herewith)
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
FORIAN INC.
|
||
Dated: November 14, 2022
|
By:
|
/s/ Edward Spaniel, Jr.
|
Name:
|
Edward Spaniel, Jr.
|
|
Title:
|
Executive Vice President, General Counsel and Secretary
|
● |
Forian delivered the following results for the third quarter of 2022:
|
Three Months Ended
|
Year-over-
Year %
Change
|
||||||||||
September 30,
|
|||||||||||
2022
|
2021
|
||||||||||
Unaudited
|
Unaudited
|
||||||||||
Total revenues
|
$
|
7,176,328
|
$
|
4,961,755
|
45%
|
|
|||||
Net loss
|
$
|
(5,127,624
|
)
|
$
|
(7,021,722
|
)
|
27%
|
|
|||
Basic and diluted net loss per common share
|
$
|
(0.16
|
)
|
$
|
(0.22
|
)
|
29%
|
|
|||
Adjusted EBITDA1
|
$
|
(2,145,180
|
)
|
$
|
(4,122,830
|
)
|
48%
|
|
● |
Revenue for the quarter was $7.2 million, an increase of $2.2 million versus the prior year and 10% sequentially over the second quarter of 2022.
|
● |
Net Loss for the quarter was $5.1 million, or $0.16 per share, compared to $7.0 million, or $0.22 per share, in the prior year.
|
● |
Adjusted EBITDA1 for the quarter was negative $2.2 million, compared to negative $4.1 million in the prior year.
|
● |
Cash, cash equivalents and marketable securities at the end of the quarter was $20.6 million.
|
● |
Year-to-date healthcare information new customer wins on par with total new wins in 2021
|
● |
Cross selling and upselling initiatives increased revenue from existing clients
|
● |
Strong cannabis software sales continued through the third quarter
|
● |
Successful implementation of cost management strategies
|
September 30,
2022
|
December 31,
2021
|
|||||||
(UNAUDITED)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,585,594
|
$
|
18,663,805
|
||||
Marketable securities
|
19,046,961
|
12,399,361
|
||||||
Accounts receivable, net
|
3,553,323
|
1,947,540
|
||||||
Contract assets
|
1,978,181
|
1,056,891
|
||||||
Prepaid expenses
|
1,205,630
|
1,017,927
|
||||||
Other assets
|
436,101
|
900,242
|
||||||
Total current assets
|
27,805,790
|
35,985,766
|
||||||
|
||||||||
Property and equipment, net
|
2,870,667
|
1,531,959
|
||||||
Intangible assets, net
|
7,344,677
|
9,051,184
|
||||||
Goodwill
|
9,099,372
|
9,099,372
|
||||||
Right of use assets, net
|
706,272
|
859,637
|
||||||
Deposits and other assets
|
274,532
|
314,443
|
||||||
Total assets
|
$
|
48,101,310
|
$
|
56,842,361
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
896,916
|
$
|
1,125,067
|
||||
Accrued expenses
|
4,557,385
|
4,068,109
|
||||||
Short-term operating lease liabilities
|
265,474
|
247,325
|
||||||
Notes payable
|
-
|
13,122
|
||||||
Warrant liability
|
26,079
|
369,234
|
||||||
Deferred revenues
|
2,685,027
|
976,268
|
||||||
Total current liabilities
|
8,430,881
|
6,799,125
|
||||||
|
||||||||
Long-term liabilities:
|
||||||||
Long-term operating lease liabilities
|
444,996
|
611,523
|
||||||
Convertible notes payable, net of debt issuance costs ($6,000,000 in principal is held by a related party)
|
24,893,488
|
24,260,448
|
||||||
Total long-term liabilities
|
25,338,484
|
24,871,971
|
||||||
Total liabilities
|
33,769,365
|
31,671,096
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred Stock; par value $0.001; 5,000,000 Shares authorized; 0 issued and outstanding as of September 30, 2022 and December 31,
2021
|
-
|
-
|
||||||
Common Stock; par value $0.001; 95,000,000 Shares authorized; 32,138,000 issued and outstanding as of September 30, 2022 and
31,773,154 issued and outstanding as of December 31, 2021
|
32,138
|
31,773
|
||||||
Additional paid-in capital
|
69,535,194
|
57,959,622
|
||||||
Accumulated deficit
|
(55,235,387
|
)
|
(32,820,130
|
)
|
||||
Total stockholders’ equity
|
14,331,945
|
25,171,265
|
||||||
Total liabilities and stockholders’ equity
|
$
|
48,101,310
|
$
|
56,842,361
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues:
|
||||||||||||||||
Information and Software
|
$
|
6,780,680
|
$
|
4,489,177
|
$
|
18,674,213
|
$
|
9,661,826
|
||||||||
Services
|
341,173
|
269,753
|
1,168,034
|
858,400
|
||||||||||||
Other
|
54,475
|
202,825
|
259,618
|
610,123
|
||||||||||||
Total revenues
|
7,176,328
|
4,961,755
|
20,101,865
|
11,130,349
|
||||||||||||
Costs and Expenses:
|
||||||||||||||||
Cost of revenues
|
1,839,996
|
1,337,981
|
5,154,353
|
3,028,657
|
||||||||||||
Research and development
|
3,259,511
|
2,612,184
|
9,869,435
|
6,059,948
|
||||||||||||
Sales and marketing
|
1,525,286
|
1,088,203
|
4,455,269
|
2,864,213
|
||||||||||||
General and administrative
|
4,659,959
|
6,673,723
|
15,618,570
|
16,035,981
|
||||||||||||
Separation expenses
|
-
|
-
|
5,611,857
|
-
|
||||||||||||
Gain on sale of assets
|
-
|
-
|
(202,159
|
)
|
-
|
|||||||||||
Depreciation and amortization
|
842,933
|
598,565
|
2,052,729
|
1,381,637
|
||||||||||||
Transaction related expenses
|
-
|
-
|
-
|
1,210,279
|
||||||||||||
Total costs and expenses
|
12,127,685
|
12,310,656
|
42,560,054
|
30,580,715
|
||||||||||||
Loss From Operations
|
(4,951,357
|
)
|
(7,348,901
|
)
|
(22,458,189
|
)
|
(19,450,366
|
)
|
||||||||
Other Income (Expense):
|
||||||||||||||||
Change in fair value of warrant liability
|
8,539
|
251,778
|
343,155
|
746,605
|
||||||||||||
Interest and investment income
|
89,160
|
1,903
|
112,602
|
4,601
|
||||||||||||
Interest expense
|
(198,738
|
)
|
(79,422
|
)
|
(659,425
|
)
|
(101,325
|
)
|
||||||||
Foreign currency related (losses) gains
|
(65,228
|
)
|
152,920
|
266,600
|
298,170
|
|||||||||||
Total other income (expense), net
|
(166,267
|
)
|
327,179
|
62,932
|
948,051
|
|||||||||||
Net loss before income taxes
|
(5,117,624
|
)
|
(7,021,722
|
)
|
(22,395,257
|
)
|
(18,502,315
|
)
|
||||||||
Income tax expense
|
(10,000
|
)
|
-
|
(20,000
|
)
|
-
|
||||||||||
Net Loss
|
(5,127,624
|
)
|
(7,021,722
|
)
|
(22,415,257
|
)
|
(18,502,315
|
)
|
||||||||
Basic and diluted net loss per common share
|
$
|
(0.16
|
)
|
$
|
(0.22
|
)
|
$
|
(0.70
|
)
|
$
|
(0.64
|
)
|
||||
Weighted-average shares outstanding
|
32,088,358
|
31,332,735
|
31,978,719
|
28,814,825
|
For the Nine Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(22,415,257
|
)
|
$
|
(18,502,315
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
2,052,729
|
1,381,637
|
||||||
Amortization on right of use asset
|
153,365
|
166,489
|
||||||
Gain on sale of assets
|
(202,159
|
)
|
-
|
|||||
Amortization of debt issuance costs
|
3,999
|
444
|
||||||
Accrued interest on Convertible Notes
|
629,041
|
70,000
|
||||||
Realized and unrealized gain on marketable securities
|
(110,914
|
)
|
(3,295
|
)
|
||||
Provision for doubtful accounts
|
142,846
|
89,130
|
||||||
Stock-based compensation expense
|
11,634,022
|
6,245,679
|
||||||
Change in fair value of warrant liability
|
(343,155
|
)
|
(746,605
|
)
|
||||
Foreign currency related (gains) losses
|
14,803
|
(15,030
|
)
|
|||||
Issuance of warrants in connection with transaction expenses
|
-
|
389,976
|
||||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,761,038
|
)
|
(1,757,660
|
)
|
||||
Contract assets
|
(921,290
|
)
|
(147,651
|
)
|
||||
Prepaid expenses
|
(187,703
|
)
|
(576,836
|
)
|
||||
Changes in lease liabilities during the period
|
(148,378
|
)
|
(186,383
|
)
|
||||
Deposits and other assets
|
504,052
|
(120,732
|
)
|
|||||
Accounts payable
|
(228,151
|
)
|
(234,152
|
)
|
||||
Accrued expenses
|
481,159
|
559,770
|
||||||
Deferred revenues
|
1,708,759
|
202,337
|
||||||
Net cash used in operating activities
|
(8,993,270
|
)
|
(13,185,197
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Additions to property and equipment
|
(1,695,937
|
)
|
(640,080
|
)
|
||||
Proceeds from sale of assets
|
225,575
|
-
|
||||||
Purchase of marketable securities
|
(42,929,102
|
)
|
(24,903,107
|
)
|
||||
Sale of marketable securities
|
36,392,416
|
24,009,003
|
||||||
Cash acquired as part of business combination
|
-
|
1,310,977
|
||||||
Net cash used in investing activities
|
(8,007,048
|
)
|
(223,207
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from exercise of MOR Class B options
|
-
|
292,830
|
||||||
Payments on notes payable and financing arrangements
|
(13,122
|
)
|
(5,551
|
)
|
||||
Payment of employee withholding tax related to restricted stock units
|
(58,085
|
)
|
-
|
|||||
Proceeds from exercise of common stock options
|
-
|
48,570
|
||||||
Proceeds from sale of common stock
|
-
|
11,968,652
|
||||||
Proceeds from issuance of convertible notes
|
-
|
23,978,670
|
||||||
Net cash (used in) provided by financing activities
|
(71,207
|
)
|
36,283,171
|
|||||
Effect of foreign exchange rate changes on cash
|
(6,686
|
)
|
(5,132
|
)
|
||||
Net change in cash
|
(17,078,211
|
)
|
22,869,635
|
|||||
Cash and cash equivalents, beginning of period
|
18,663,805
|
665,463
|
||||||
Cash and cash equivalents, end of period
|
$
|
1,585,594
|
$
|
23,535,098
|
||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid for interest
|
$
|
-
|
$
|
724
|
||||
Cash paid for taxes
|
$
|
2,550
|
$
|
-
|
||||
Non-cash Investing Activities:
|
||||||||
Non-cash consideration for Helix acquisition
|
$
|
-
|
$
|
18,454,784
|
• |
Depreciation and Amortization. Depreciation and amortization expense is a non-cash expense relating to capital expenditures and intangible assets arising from acquisitions that are expensed on a straight-line basis over the estimated
useful life of the related assets. We exclude depreciation and amortization expense from Adjusted EBITDA because we believe that (i) the amount of such expenses in any specific period may not directly correlate to the underlying
performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired tangible and intangible assets. Accordingly, we believe that
this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that the use of tangible and intangible assets contributed to revenue in the periods presented and will
contribute to future revenue generation and should also note that such expense will recur in future periods.
|
• |
Stock-Based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards to employees. We believe that excluding the effect of stock-based compensation from Adjusted EBITDA
assists management and investors in making period-to-period comparisons in our Company’s operating performance because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our
business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Additionally, we believe that excluding
stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between our Company’s operating performance and the operating performance of other companies that may use different forms of
employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results
in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future.
|
• |
Interest Expense. Interest expense is associated with the 3.5% Convertible Notes due 2025 entered into on September 1, 2021, in the amount of $24,000,000. The Notes are due on September 1, 2025, and accrue interest at an
annual rate of 3.5%. We exclude interest expense from Adjusted EBITDA (i) because it is not directly attributable to the performance of our business operations and, accordingly, its exclusion assists management and investors in making
period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures. Investors should note that interest expense associated with the Notes
will recur in future periods.
|
• |
Investment Income. Investment income is associated with the level of marketable debt securities and other interest-bearing accounts in which we invest. Interest and investment income can vary over time due to a variety of financing transactions,
changes in interest rates, cash used to fund operations and capital expenditures and acquisitions that we have entered into or may enter into in the future. We exclude interest and investment income from Adjusted EBITDA (i) because these
items are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist
management and investors in making comparisons to companies with different capital structures. Investors should note that interest income will recur in future periods.
|
• |
Foreign Currency Related Gains (Losses). Foreign currency related gains (losses) result from foreign currency transactions and translation gains (losses) related to Engeni S.A., a former subsidiary of our Company
acquired as part of the acquisition of Helix. We exclude foreign currency related gains (losses) from Adjusted EBITDA (i) because these items are not directly attributable to the performance of our business operations and, accordingly,
their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures. Investors
should note that foreign currency related gains (losses) may recur in future periods.
|
• |
Other Items. We engage in other activities and transactions that can impact our net loss. In the periods being reported, these other items included: (i) change in fair value of warrant liability which related to warrants assumed in the
acquisition of Helix; (ii) transaction related expenses which consist of professional fees and other expenses incurred in connection with the acquisition of Helix; and (iii) other income which consists of profits on marketable security
investments. We exclude these other items from Adjusted EBITDA because we believe these activities or transactions are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists
management and investors in making period-to-period comparisons of operating performance. Investors should note that some of these other items may recur in future periods.
|
• |
Gain on sale of assets. On March 3, 2022, we sold certain assets consisting of customer contracts, accounts receivable and other property related to our security monitoring services for $225,575 resulting in a gain of $202,159, which is
included in operating expenses in the condensed consolidated statements of operations.
|
• |
Separation expenses. During March 2022, we transferred certain development activities from our former Engeni S.A. subsidiary to outsourced development facilities. As a result, we incurred $194,814 in severance and related costs to be recorded as
a charge to operating expenses in 2022. Additionally, on March 2, 2022, we and the former chief executive officer and the former chief financial officer of Helix mutually agreed not to renew special advisor agreements. Per the terms of
the agreements, options to purchase 366,166 shares of our common stock will continue to vest according to their original terms through March 2, 2023, and unvested stock options to purchase 732,332 shares of our common stock were
forfeited. The advisors are not required to perform services to our Company beyond the non-renewal date of March 2, 2022. As a result, we recorded $5,417,043 of stock compensation expenses related to the options that will vest over the
twelve months ending March 2, 2023 during March 2022. We exclude these other items from Adjusted EBITDA because we believe these costs are not directly attributable to the performance of our business operations and, accordingly, their
exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that separation expenses are non-recurring.
|
• |
Income tax expense. Medical Outcomes Research Analytics, LLC was organized as a limited liability company until the completion of the Helix acquisition. As a result, we were treated as a partnership for federal and state income tax purposes
through March 2, 2021, and our taxable income and losses are reported by our members on their individual tax returns for such period. Therefore, we did not record any income tax expense or benefit through March 2, 2021. We incurred a net
loss for financial reporting and income tax reporting purposes for this year. Accordingly, any benefit for federal and state income taxes benefit has been entirely offset by a valuation allowance against the related deferred tax net
assets. We exclude the income tax expense from Adjusted EBITDA (i) because we believe that the income tax expense is not directly attributable to the underlying performance of our business operations and, accordingly, its exclusion
assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different tax attributes.
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues:
|
||||||||||||||||
Information and Software
|
$
|
6,780,680
|
$
|
4,489,177
|
$
|
18,674,213
|
$
|
9,661,826
|
||||||||
Services
|
341,173
|
269,753
|
1,168,034
|
858,400
|
||||||||||||
Other
|
54,475
|
202,825
|
259,618
|
610,123
|
||||||||||||
Total revenues
|
$
|
7,176,328
|
$
|
4,961,755
|
$
|
20,101,865
|
$
|
11,130,349
|
||||||||
Net loss
|
$
|
(5,127,624
|
)
|
$
|
(7,021,722
|
)
|
$
|
(22,415,257
|
)
|
$
|
(18,502,315
|
)
|
||||
Depreciation and amortization
|
842,933
|
598,565
|
2,052,729
|
1,381,637
|
||||||||||||
Stock based compensation expense
|
1,963,244
|
2,627,506
|
11,634,022
|
6,245,679
|
||||||||||||
Change in fair value of warrant liability
|
(8,539
|
)
|
(251,778
|
)
|
(343,155
|
)
|
(746,605
|
)
|
||||||||
Transaction related expenses
|
-
|
-
|
-
|
1,210,279
|
||||||||||||
Interest and investment income (expense)
|
109,578
|
77,519
|
546,823
|
96,724
|
||||||||||||
Foreign currency related (gains) losses
|
65,228
|
(152,920
|
)
|
(266,600
|
)
|
(298,170
|
)
|
|||||||||
Gain on sale of security monitoring assets
|
-
|
-
|
(202,159
|
)
|
-
|
|||||||||||
Severance expense
|
-
|
-
|
194,814
|
-
|
||||||||||||
Income tax expense
|
10,000
|
-
|
20,000
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
(2,145,180
|
)
|
$
|
(4,122,830
|
)
|
$
|
(8,778,783
|
)
|
$
|
(10,612,771
|
)
|
Document and Entity Information |
Nov. 14, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 14, 2022 |
Entity File Number | 001-40146 |
Entity Registrant Name | FORIAN INC. |
Entity Central Index Key | 0001829280 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 85-3467693 |
Entity Address, Address Line One | 41 University Drive |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Newtown |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 18940 |
City Area Code | 267 |
Local Phone Number | 225-6263 |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | FORA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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