Sintx Technologies(SINT) - 2022 Q2 - Quarterly Report

Revenue Performance - For the three months ended June 30, 2022, total product revenue was $0.08 million, a decrease of 21% compared to $0.10 million in the same period of 2021[110] - Grant revenue for the three months ended June 30, 2022, was $0.16 million, representing a 100% increase as it did not exist in the same period of the prior year[110] - Total revenue for the three months ended June 30, 2022, was $0.24 million, an increase of 138% compared to $0.10 million in the same period of 2021[110] - Gross profit for the three months ended June 30, 2022, was $0.17 million, a significant increase of 521% from $0.028 million in the same period of 2021[110] - Other income for the three months ended June 30, 2022, increased by $0.11 million, or 65%, compared to the same period in 2021[121] Expenses - Research and development expenses for the three months ended June 30, 2022, increased by $0.27 million, or 23%, compared to the same period in 2021[115] - General and administrative expenses for the three months ended June 30, 2022, increased by $0.10 million, or 16%, compared to the same period in 2021[117] - Sales and marketing expenses for the six months ended June 30, 2022, increased by $0.12 million, or 19%, compared to the same period in 2021[118] - The company incurred grant expenses of $0.15 million for the three months ended June 30, 2022, which did not exist in the same period of 2021[119] Financial Position - For the six months ended June 30, 2022, the company incurred a net loss of $5.4 million, compared to a net loss of $4.8 million for the same period in 2021, representing an increase in loss of approximately 12.5%[124] - The accumulated deficit as of June 30, 2022, was $255.8 million, up from $250.4 million as of December 31, 2021, indicating a continued increase in losses[124] - The company has an accumulated deficit of $255.8 million as of June 30, 2022, raising substantial doubt about its ability to continue as a going concern[130] Cash Flow - The company used cash in operating activities of $5.7 million for the six months ended June 30, 2022, an increase of $0.4 million from $5.3 million used in the same period in 2021[134] - Net cash used in investing activities was $0.3 million for the six months ended June 30, 2022, a decrease of $1.8 million compared to $1.5 million provided in the same period in 2021[135] - Net cash used in financing activities was $0.5 million for the six months ended June 30, 2022, compared to $0.7 million provided in the same period in 2021, a decrease of $1.2 million[136] Future Outlook - The company expects product revenue to increase as it secures opportunities to manufacture third-party products and launches new products into the market[102] - The company is focusing on expanding the use of silicon nitride in areas outside of spinal fusion applications, with potential applications in personal protection products[125] - The company is actively seeking additional equity and/or debt financing, but such funding is not assured and may involve significant restrictive covenants[129] Other Information - The company has an outstanding balance of $48,707 on a revolving line of credit with Wells Fargo as of June 30, 2022[143] - The company has identified an error related to the removal of a loan obligation and recorded approximately $0.5 million of other income, which has been restated in the financial statements[132]