BioRestorative Therapies(BRTX) - 2019 Q1 - Quarterly Report

Revenue and Growth - For the three months ended March 31, 2019, the company generated revenues of $29,000, an increase from$19,000 in the same period of 2018, representing a 53% increase[123]. Operating Expenses - Total operating expenses for the three months ended March 31, 2019, were $2,357,336, compared to$2,249,738 for the same period in 2018, reflecting an increase of 5%[122]. - Consulting expenses increased by $166,804, or 39$432,930 in Q1 2018 to $599,734 in Q1 2019, primarily due to increased cash consulting fees[126]. - Research and development expenses rose by$47,876, or 12%, from $407,130 in Q1 2018 to$455,006 in Q1 2019, driven by stock-based compensation expenses[128]. - Interest expense increased by $155,685, or 97$448,486 in Q1 2019, up from $18,837 in Q1 2018, reflecting increased debt repayments[134]. Net Loss and Deficit - The net loss for the three months ended March 31, 2019, was$3,883,172, compared to a net loss of $2,507,660 for the same period in 2018, indicating a 55$67,805,428, with a stockholders' deficiency of $7,652,744 and a working capital deficiency of$8,081,062[118]. Cash Flow and Liquidity - The company had cash of $496,279 as of March 31, 2019, compared to$117,523 as of December 31, 2018, indicating improved liquidity[137]. - The company experienced negative cash flows from operating activities of $1,980,162 for the three months ended March 31, 2019, compared to$1,158,201 for the same period in 2018[143]. - The net cash used to fund a net loss of $3,883,172 for the three months ended March 31, 2019, was adjusted for non-cash expenses totaling$1,990,036[143]. - Net cash provided by financing activities was $2,358,918 for the three months ended March 31, 2019, compared to$715,085 for the same period in 2018[144]. Debt and Financing - As of March 31, 2019, the company's outstanding debt was $6,458,280, with interest rates ranging from 6$1,758,918 from debt financings and $600,000 from equity financings during the three months ended March 31, 2019[144]. - The company expects to require approximately$20,000,000 in financing to commence and complete a Phase 2 clinical trial for its Disc/Spine Program[119]. - The company has $190,028 in past due notes payable as of the date of filing[139]. - The company expects that available cash will fund operations through June 2019, after which additional capital will be needed[139]. Future Outlook - Future capital requirements will depend on the ability to successfully commercialize products and services, as well as potential collaborations or acquisitions[139]. - The company adopted ASC 606 for revenue recognition effective January 1, 2019, requiring significant judgments and estimates[145]. - There are no off-balance sheet arrangements that materially affect the company's financial condition[147].