10-Q 1 gthp_10q.htm FORM 10-Q gthp_10q.htm

 

UNITED STATES SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934

 

For the quarterly period ended June 30, 2024

 

Commission File No. 000-22179

 

GUIDED THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

58-2029543

(State or other jurisdiction of incorporation or organization)

 

I.R.S. Employer Identification No.)

 

5835 Peachtree Corners East, Suite B

Peachtree Corners, Georgia 30092

(Address of principal executive offices) (Zip Code)

 

(770242-8723

(Registrant’s telephone number, including area code)     

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒  No☐

 

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large Accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13 (a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes   No ☒

 

As of August 10, 2024, the registrant had 56,550,370 shares of Common Stock, $0.001 par value per share, outstanding.

 

 

 

  

PART I — FINANCIAL INFORMATION

 

 

 

Page

 

Item 1.

Financial Statements

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

 

3

 

 

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023

 

5

 

 

Unaudited Condensed Consolidated Statements of Stockholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023

 

6

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023

 

10

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

11

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

36

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

43

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

43

 

 

 

 

 

 

PART II — OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

44

 

 

 

 

 

Item 1A.

Risk Factors

 

44

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

 

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

44

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures

 

44

 

 

 

 

 

 

Item 5.

Other Information

 

44

 

 

 

 

 

 

Item 6.

Exhibits

 

45

 

 

 
2

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

 

June 30,

December 31,

2024

2023

ASSETS

Current Assets:

Cash and cash equivalents

$275$591

Trade receivables, net of allowance for doubtful accounts of nil and $2 at June 30, 2024 and December 31, 2023, respectively.

27

Inventory, net of reserves of $818 at June 30, 2024 and December 31, 2023

632632

Other current assets

112163

Total current assets

1,0211,393

Non-Current Assets:

Property and equipment, net

2832

Operating lease right-of-use assets, net of amortization

185227

Other assets

1717

Total non-current assets

230276

TOTAL ASSETS

$1,251$1,669

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:

Accounts payable

$2,143$1,991

Accounts payable, related parties

3432

Accrued liabilities

8401,068

Deferred revenue

748424

Current portion of lease liability

9991

Current portion of long-term debt, related parties

52039

Short-term notes payable

11259

Short-term convertible debt

941,105

Short-term convertible debt in default

1,130-

Derivative liability at fair value

12-

Total current liabilities

5,7324,809

Long-Term Liabilities

Long-term lease liability

104155

Long-term notes payable

59-

Long-term debt, related parties

23511

Total long-term liabilities

186666

Total liabilities

5,9185,475

COMMITMENTS AND CONTINGENCIES (Note 6)

  

 

 
3

Table of Contents

 

STOCKHOLDERS’ DEFICIT:

 

 

 

 

 

 

 

 

 

 

 

 

 

Series C convertible preferred stock, $0.001 par value; 9.0 shares authorized, 0.3 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $286 at June 30, 2024 and December 31, 2023.

 

 

105

 

 

 

105

 

Series C1 convertible preferred stock, $0.001 par value; 20.3 shares authorized, 1.0 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $1,049 at June 30, 2024 and December 31, 2023.

 

 

170

 

 

 

170

 

Series C2 convertible preferred stock, $0.001 par value; 5,000 shares authorized, 2.7 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $2,700 at June 30, 2024 and December 31, 2023.

 

 

439

 

 

 

439

 

Series D convertible preferred stock, $0.001 par value; 6.0 shares authorized, 0.4 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $438 at June 30, 2024 and December 31, 2023.

 

 

159

 

 

 

159

 

Series E convertible preferred stock, $0.001 par value; 5.0 shares authorized, 0.9 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $883 at June 30, 2024 and December 31, 2023.

 

 

834

 

 

 

834

 

Series F convertible preferred stock, $0.001 par value; 1.5 shares authorized, 1.1 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $1,006 at June 30, 2024 and December 31, 2023.

 

 

838

 

 

 

838

 

Series F-2 convertible preferred stock, $0.001 par value; 5.0 shares authorized, 0.5 shares issued and outstanding as of June 30, 2024 and December 31, 2023. Liquidation preference of $520 at June 30, 2024 and December 31, 2023.

 

 

475

 

 

 

475

 

Common stock, $0.001 par value; 500,000 shares authorized, 56,267 and 54,105 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.

 

 

3,442

 

 

 

3,441

 

Additional paid-in capital

 

 

141,320

 

 

 

140,983

 

Treasury stock at cost

 

 

(132)

 

 

(132)

Accumulated deficit

 

 

(152,317)

 

 

(151,118)

 

 

 

 

 

 

 

 

 

Total stockholders’ deficit

 

 

(4,667)

 

 

(3,806)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$1,251

 

 

$1,669

 

 

 

The accompanying notes are an integral part of these condensed consolidated statements.

 

 
4

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales - devices and disposables

 

$-

 

 

$44

 

 

$6

 

 

 

66

 

Cost of goods sold

 

 

-

 

 

 

33

 

 

 

2

 

 

 

42

 

Gross profit

 

 

-

 

 

 

11

 

 

 

4

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

222

 

 

 

66

 

 

 

275

 

 

 

73

 

Sales and marketing

 

 

69

 

 

 

61

 

 

 

142

 

 

 

134

 

General and administrative

 

 

364

 

 

 

1,389

 

 

 

600

 

 

 

2,166

 

Total operating expenses

 

 

655

 

 

 

1,516

 

 

 

1,017

 

 

 

2,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(655)

 

 

(1,505)

 

 

(1,013)

 

 

(2,349)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(75)

 

 

(69)

 

 

(139)

 

 

(134)

Interest income

 

 

-

 

 

 

-

 

 

 

3

 

 

 

-

 

Change in fair value of derivative liability

 

 

(7)

 

 

-

 

 

 

(7)

 

 

5

 

Gain from extinguishment of debt

 

 

16

 

 

 

17

 

 

 

33

 

 

 

52

 

Other income (expenses)

 

 

12

 

 

 

-

 

 

 

12

 

 

 

-

 

Total other income (expense)

 

 

(54)

 

 

(52)

 

 

(98)

 

 

(77)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(709)

 

 

(1,557)

 

 

(1,111)

 

 

(2,426)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(709)

 

 

(1,557)

 

 

(1,111)

 

 

(2,426)

Deemed dividend for warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(65)

Preferred stock dividends

 

 

(49)

 

 

(47)

 

 

(88)

 

 

(82)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

$(758)

 

$(1,604)

 

$(1,199)

 

$(2,573)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$(0.01)

 

$(0.03)

 

$(0.02)

 

$(0.05)

Diluted

 

$(0.01)

 

$(0.03)

 

$(0.02)

 

$(0.05)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

55,986

 

 

 

50,970

 

 

 

55,368

 

 

 

50,138

 

Diluted

 

 

55,986

 

 

 

50,970

 

 

 

55,368

 

 

 

50,138

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
5

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2024

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

Series C

Series C1

Series C2

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2024

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2024

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

Series E

Series F

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2024

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

-

 

 

$475

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2024

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

-

 

 

$475

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock 

 

 

Paid-In

 

 

Treasury

 

 

Accumulated 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

 Stock

 

 

Deficit

 

 

 

Total

 

Balance at March 31, 2024

 

 

55,614

 

 

$3,441

 

 

$141,218

 

 

$(132)

 

$(151,559)

 

$(4,012)

Issuance of common stock for payment of Series D preferred dividends

 

 

71

 

 

 

-

 

 

 

6

 

 

 

-

 

 

 

-

 

 

 

6

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

72

 

 

 

-

 

 

 

7

 

 

 

-

 

 

 

-

 

 

 

7

 

Issuance of common stock for payment of interest

 

 

510

 

 

 

1

 

 

 

47

 

 

 

-

 

 

 

-

 

 

 

48

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

12

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

30

 

 

 

-

 

 

 

-

 

 

 

30

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49)

 

 

(49)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(709)

 

 

(709)

Balance at June 30, 2024

 

 

56,267

 

 

$3,442

 

 

$141,320

 

 

$(132)

 

$(152,317)

 

$(4,667)

  

The accompanying notes are an integral part of these condensed consolidated statements.

 

 
6

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED JUNE 30, 2023

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at March 31, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$858

 

 

 

3

 

 

$475

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20)

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at March 31, 2023

 

 

50,814

 

 

$3,438

 

 

$139,127

 

 

$(132)

 

$(148,328)

 

$(2,855)

Common stock warrants exercised

 

 

48

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

-

 

 

 

9

 

Issuance of common stock for payment of Series D preferred dividends

 

 

33

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

36

 

 

 

-

 

 

 

9

 

 

 

-

 

 

 

-

 

 

 

9

 

Conversion of Series F preferred stock to common stock

 

 

80

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

1,119

 

 

 

-

 

 

 

-

 

 

 

1,119

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(47)

 

 

(48)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,557)

 

 

(1,557)

Balance at June 30, 2023

 

 

51,011

 

 

$3,438

 

 

$140,291

 

 

$(132)

 

$(149,932)

 

$(3,315)

 

The accompanying notes are an integral part of these condensed consolidated statements.

 

 
7

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE SIX MONTHS ENDED JUNE 30, 2024

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2024

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

-

 

 

$475

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Settlement of previously accrued professional fees through common stock issuance

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2024

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

-

 

 

$475

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at December 31, 2023

 

 

54,105

 

 

$3,441

 

 

$140,983

 

 

$(132)

 

$(151,118)

 

$(3,806)

Issuance of common stock for payment of Series D preferred dividends

 

 

125

 

 

 

-

 

 

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

Issuance of common stock for payment of Series E preferred dividends

 

 

52

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series F preferred dividends

 

 

445

 

 

 

-

 

 

 

54

 

 

 

-

 

 

 

-

 

 

 

54

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

236

 

 

 

-

 

 

 

27

 

 

 

-

 

 

 

-

 

 

 

27

 

Issuance of common stock for payment of interest

 

 

904

 

 

 

1

 

 

 

104

 

 

 

-

 

 

 

-

 

 

 

105

 

Settlement of previously accrued professional fees through common stock issuance

 

 

400

 

 

 

-

 

 

 

57

 

 

 

-

 

 

 

-

 

 

 

57

 

Issuance of warrants with debt

 

 

-

 

 

 

-

 

 

 

12

 

 

 

-

 

 

 

-

 

 

 

12

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

60

 

 

 

-

 

 

 

-

 

 

 

60

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(88)

 

 

(88)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,111)

 

 

(1,111)

Balance at June 30, 2024

 

 

56,267

 

 

$3,442

 

 

$141,320

 

 

$(132)

 

$(152,317)

 

$(4,667)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
8

Table of Contents

 

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

FOR THE SIX MONTHS ENDED JUNE 30, 2023

(unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series C

 

 

Series C1

 

 

Series C2

 

 

Series D

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2022

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

-

 

 

$105

 

 

 

1

 

 

$170

 

 

 

2

 

 

$439

 

 

 

1

 

 

$159

 

 

 

 

Preferred Stock

 

 

Preferred Stock

 

 

Preferred Stock

 

 

 

Series E

 

 

Series F

 

 

Series F2

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance at December 31, 2022

 

 

1

 

 

$839

 

 

 

1

 

 

$880

 

 

 

3

 

 

$489

 

Common stock warrants exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series D preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series E preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series E preferred stock to common stock

 

 

-

 

 

 

(5)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(42)

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14)

Issuance of common stock for payment of interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Balance at June 30, 2023

 

 

1

 

 

$834

 

 

 

1

 

 

$838

 

 

 

3

 

 

$475

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Deficit

 

 

Total

 

Balance at December 31, 2022

 

 

48,596

 

 

$3,437

 

 

$138,090

 

 

$(132)

 

$(147,359)

 

$(2,883)

Common stock warrants exercised

 

 

1,120

 

 

 

1

 

 

 

230

 

 

 

-

 

 

 

-

 

 

 

231

 

Issuance of common stock for payment of Series D preferred dividends

 

 

59

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

14

 

Issuance of common stock for payment of Series E preferred dividends

 

 

26

 

 

 

-

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Issuance of common stock for payment of Series F preferred dividends

 

 

233

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

-

 

 

 

53

 

Issuance of common stock for payment of Series F-2 preferred dividends

 

 

121

 

 

 

-

 

 

 

29

 

 

 

-

 

 

 

-

 

 

 

29

 

Conversion of Series E preferred stock to common stock

 

 

20

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F preferred stock to common stock

 

 

200

 

 

 

-

 

 

 

42

 

 

 

-

 

 

 

-

 

 

 

-

 

Conversion of Series F-2 preferred stock to common stock

 

 

60

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

-

 

Issuance of common stock for payment of interest

 

 

178

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

-

 

 

 

59

 

Stock-based compensation

 

 

400

 

 

 

-

 

 

 

1,683

 

 

 

-

 

 

 

-

 

 

 

1,683

 

Impact of warrant exchanges

 

 

-

 

 

 

-

 

 

 

65

 

 

 

-

 

 

 

(65)

 

 

-

 

Accrued preferred dividends

 

 

-

 

 

 

-

 

 

 

(1)

 

 

-

 

 

 

(82)

 

 

(83)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,426)

 

 

(2,426)

Balance at June 30, 2023

 

 

51,011

 

 

$3,438

 

 

$140,291

 

 

$(132)

 

$(149,932)

 

$(3,315)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 
9

Table of Contents