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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

———————

FORM 10-Q

———————

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

 

OR

 

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________

 

EVOLUTIONARY GENOMICS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 000-54129 26-4369698
(State of other jurisdiction of
incorporation or organization)		 (Commission File Number) (I.R.S. Employer
Identification No.)

 

4220 Morning Star Drive, Castle Rock, CO 80108

(Address of Principal Executive Office)

 

Registrants telephone number, including area code: (720) 900-8666

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A

 

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.001 par value

 

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 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
    Emerging growth company ☐

 

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

  

Indicate by checkmark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

 

As of October 19, 2022, the Registrant had 6,655,232 shares of common stock, $.001 par value, 577,063 shares of Series A-1 preferred stock, $.001 par value and 189,337 shares of Series A-2 preferred stock, $.001 par value outstanding. The Registrant’s common stock trades on the OTC Markets under the trading symbol “FNAM”.

 
 
 
 

EVOLUTIONARY GENOMICS, INC.

 

INDEX

 

  Page
Number
   
PART I.  FINANCIAL INFORMATION  
   
Item 1. Financial Statements 1
   
Condensed and Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021 2
   
Condensed and Consolidated Statements of Operations, Three and Nine Months ended September 30, 2022 and 2021 (unaudited) 3
   
Condensed and Consolidated Statements of Stockholders’ Deficit for the Quarterly Periods Ended September 30, 2022 and 2021 (unaudited) 4
   
Condensed and Consolidated Statements of Cash Flows, Nine Months ended September 30, 2022 and 2021 (unaudited) 5
   
Notes to Condensed and Consolidated Financial Statements 6
   
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations 13
   
Item 3. Quantitative and Qualitative Disclosures about Market Risk 19
   
Item 4. Controls and Procedures 19
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 20
   
Item 1A. Risk Factors 20
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
   
Item 3. Defaults Upon Senior Securities 20
   
Item 4. Mine Safety Disclosures. 20
   
Item 5. Other Information 20
   
Item 6. Exhibits 20

 

 

 
 

PART I. FINANCIAL STATEMENTS

 

ITEM 1.FINANCIAL STATEMENTS

 

The accompanying financial statements have been prepared by Evolutionary Genomics, Inc., without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022 and for the three and nine month periods ended September 30, 2022 and 2021 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed and consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2021 audited financial statements. The results of operations for these interim periods are not necessarily indicative of the results for the entire year.

 

 

1 
 

Evolutionary Genomics, Inc. and Subsidiary

Condensed and Consolidated Balance Sheets

 

         
   September 30,   December 31, 
   2022   2021 
   (unaudited)     
ASSETS          
           
Current assets          
Cash  $765,550   $214,009 
Prepaid expenses   11,652    41,792 
Total current assets   777,202    255,801 
           
Non-current assets          
Property and equipment, net   7,641    18,698 
Intangible assets, net   1,902,529    2,657,592 
Total non-current assets   1,910,170    2,676,290 
Total assets  $2,687,372   $2,932,091 
           
LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
Current liabilities          
Accounts payable and accrued expenses  $158,527   $18,866 
Total current liabilities   158,527    18,866 
           
Long-term liabilities          
Notes payable   3,743,747    3,743,747 
Total liabilities   3,902,274    3,762,613 
           
Commitments and contingencies          
           
Preferred Stock subject to possible redemption, $0.001 par value, 20,000,000 authorized at September 30, 2022 and December 31, 2021          
Series A-1 Convertible Preferred Stock, $0.001 par value; 600,000 shares authorized, 577,063 shares issued and outstanding at September 30, 2022 and December 31, 2021; liquidation preference at September 30, 2022 of $4,618,572   3,029,579    3,029,579 
Series A-2 Convertible Preferred Stock, $0.001 par value; 200,000 shares authorized, 189,337 and 102,860 shares issued and outstanding at September 30, 2022 and December 31, 2021 respectively; liquidation preference at September 30, 2022 of $1,158,981   994,019    540,015 
Total preferred stock subject to possible redemption   4,023,598    3,569,594 
           
Stockholders' deficit          
Preferred Stock - accrued dividends   1,753,955    1,521,796 
Common Stock, $0.001 par value; 780,000,000 shares authorized, 6,655,232 and 5,881,898 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively   6,655    5,882 
Additional paid-in capital   12,479,601    11,949,702 
Accumulated deficit   (19,478,711)   (17,877,496)
Total stockholders' deficit   (5,238,500)   (4,400,116)
Total liabilities and stockholders' deficit  $2,687,372   $2,932,091 

 

 

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

 

 

2 
 

Evolutionary Genomics, Inc. and Subsidiary

Condensed and Consolidated Statements of Operations

(unaudited)

 

                 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2022   2021   2022   2021 
                 
Revenue  $—   $—   $—   $— 
                     
Operating expenses                    
Research and development   117,897    744,542    323,164    977,556 
Salaries and benefits   115,686    92,430    325,331    277,289 
General and administrative   312,098    305,335    953,562    955,019 
Total operating expenses   545,681    1,142,307    1,602,057    2,209,864 
                     
Operating loss   (545,681)   (1,142,307)   (1,602,057)   (2,209,864)
                     
Other income:                    
Investment income   404    255    842    369 
Loan Forgiveness   —    83,395    —    83,395 
Total other income   404    83,650    842    83,764 
Loss before income taxes   (545,277)   (1,058,657)   (1,601,215)   (2,126,100)
Income taxes   —    —    —    — 
Net loss   (545,277)   (1,058,657)   (1,601,215)   (2,126,100)
Preferred stock dividends   (81,133)   (71,392)   (232,159)   (214,176)
Net loss attributable to common stockholders  $(626,410)  $(1,130,049)  $(1,833,374)  $(2,340,276)
                     
Net loss per common share, basic  $(0.09)  $(0.19)  $(0.29)  $(0.40)
Net loss per common share, diluted  $(0.09)  $(0.19)  $(0.29)  $(0.40)
                     
Weighted average common shares outstanding, basic   6,655,232    5,881,898    6,392,521    5,881,898 
Weighted average common shares outstanding, diluted   6,655,232    5,881,898    6,392,521    5,881,898 

 

 

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

 

 

3 
 

Evolutionary Genomics, Inc. and Subsidiary

Condensed and Consolidated Statement of Stockholders' Deficit

  

                               
   Nine Months Ended September 30, 2022 
   Common Stock   Preferred   Additional   Accumulated   Stockholders' 
   Shares   Amount   Dividend   Paid-In Capital   Deficit   Deficit 
                         
Balance, December 31, 2021   5,881,898   $5,882   $1,521,796   $11,949,702   $(17,877,496)  $(4,400,116)
Common Stock issuance   733,333    733    —    549,267    —    550,000 
Stock compensation   —    —    —    56,459    —    56,459 
Preferred stock dividends   —    —    70,775    (70,775)   —    — 
Net loss   —    —    —    —    (524,865)   (524,865)
Balance, March 31, 2022   6,615,231   $6,615   $1,592,571   $12,484,653   $(18,402,361)  $(4,318,522)
Option exercise   40,001    40    —    (40)   —    — 
Stock compensation   —    —    —    78,186    —    78,186 
Preferred stock dividends   —    —    80,251    (80,251)   —    — 
Net loss   —    —    —    —    (531,073)   (531,073)
Balance, June 30, 2022   6,655,232   $6,655   $1,672,822   $12,482,548   $(18,933,434)  $(4,771,409)
Stock compensation   —    —    —    78,186    —    78,186 
Preferred stock dividends   —    —    81,133    (81,133)   —    — 
Net loss   —    —    —    —    (545,277)   (545,277)
Balance, September 30, 2022   6,655,232   $6,655   $1,753,955   $12,479,601   $(19,478,711)  $(5,238,500)

 

 

 

   Nine Months Ended September 30, 2021 
   Common Stock   Preferred   Additional   Accumulated   Stockholders' 
   Shares   Amount   Dividend   Paid-In Capital   Deficit   Deficit 
                         
Balance, December 31, 2020   5,881,898   $5,882   $1,236,228   $12,015,552   $(15,083,552)  $(1,825,890)
Stock compensation   —    —    —    54,930    —    54,930 
Preferred stock dividends   —    —    71,392    (71,392)   —    — 
Net loss   —    —    —    —    (513,742)   (513,742)
Balance, March 31, 2021   5,881,898   $5,882   $1,307,620   $11,999,090   $(15,597,294)  $(2,284,702)
Stock compensation   —    —    —    54,929    —    54,929 
Preferred stock dividends   —    —    71,392    (71,392)   —    — 
Net loss   —    —    —    —    (553,701)   (553,701)
Balance, June 30, 2021   5,881,898   $5,882   $1,379,012   $11,982,627   $(16,150,995)  $(2,783,474)
Stock compensation   —    —    —    54,930    —    54,930 
Preferred stock dividends   —    —    71,392    (71,392)   —    — 
Net loss   —    —    —    —    (1,058,657)   (1,058,657)
Balance, September 30, 2021   5,881,898   $5,882   $1,450,404   $11,966,165   $(17,209,652)  $(3,787,201)

 

 

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

 

4 
 

Evolutionary Genomics, Inc. and Subsidiary

Condensed and Consolidated Statements of Cash Flows

For the Nine Months ended September 30, 2022 and 2021

(unaudited)

 

         
   2022   2021 
Cash flows from operating activities:          
Net loss  $(1,601,215)  $(2,126,100)
Adjustments to reconcile net loss to net cash flows from operating activities          
Depreciation and amortization   766,120    779,112 
Stock-based compensation   212,831    164,789 
Changes in operating assets and liabilities:          
PPP Loan Forgiveness   —    (83,395)
Prepaid expenses   30,140    37,464 
Accounts payable and accrued expenses   139,661    36,491 
Cash flows from operating activities   (452,463)   (1,191,639)
           
Cash flows from investing activities:          
Cash flows from investing activities   —    — 
           
Cash flows from financing activities:          
Proceeds from issuance of Common Stock   550,000    — 
Proceeds from issuance of Preferred Stock   454,004    — 
Proceeds from issuance of notes payable   —    1,581,311 
Cash flows from financing activities   1,004,004    1,581,311 
           
Net change in cash   551,541    389,672 
           
Cash, beginning of period   214,009    215,836 
           
Cash, end of period  $765,550   $605,508 
           
Supplemental cash flow information          
Preferred stock dividend accrual  $232,159   $214,176 

 

 

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

 

5 
 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

Note 1: Business Activity

 

Evolutionary Genomics, Inc. (the “Company,” “We,” or “Our”) has developed a technology platform, the Adapted Traits Platform (“ATP”), to identify commercially valuable genes that control important traits in animals and plants. We are using the ATP to identify genes to improve crop plant traits such as yield, sugar content, biomass, drought tolerance, and pest/disease resistance. Our platform identifies key genes that have changed successfully to impart new or improved traits.

 

In the past, the Company performed research on behalf of governmental organizations, non-profit foundations and commercial entities and received revenue from grants and commercial research contracts. We have not received any revenue from these grant arrangements since early 2020. The Company now focuses on research projects that may lead to long-term licensing arrangements with agricultural seed companies and crop producers as with our soybean and banana projects. These projects take several years to develop and successful commercialization may take many years to produce license royalty payments. Our banana project, in cooperation with Dole Food Company is an example that has resulted in notes payable funding for the development phase of our banana genes and, if successful, may result in a long-term royalty bearing license once the development phase is complete.

 

During 2014, the Company purchased 75.16% of the outstanding stock of Fona, Inc., (“Fona”) a public shell company. Since Fona was a public shell company which did not constitute a business and the purchase was done in contemplation of a reverse merger, the Company accounted for the payment as a distribution to Fona shareholders. The Company also entered into an Agreement and Plan of Merger (the “Merger”), which was consummated on October 19, 2015. As a result of the Merger, Evolutionary Genomics, Inc. became a wholly owned subsidiary of Fona. For accounting purposes, the merger was treated as a reverse acquisition with Evolutionary Genomics, Inc. as the acquirer and Fona as the acquired party. Subsequent to the Merger, Fona was renamed Evolutionary Genomics, Inc. and our subsidiary was renamed from Evolutionary Genomics, Inc. to EG Crop Science, Inc.

 

Note 2: Summary of Significant Accounting Policies

 

Basis of presentation: The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the SEC for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.

 

The condensed consolidated balance sheet as of December 31, 2021, has been derived from the Company’s audited consolidated financial statements. The unaudited interim financial statements should be read in conjunction with the Company’s 2021 Form 10-K, which contains the Company’s audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2021.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnote disclosures necessary for a comprehensive presentation of financial position, results of operations, and cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the nine months and three months ended September 30, 2022 are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the fiscal year ending December 31, 2022.

 

Principals of Consolidation: These consolidated financial statements include the accounts of Evolutionary Genomics, Inc. and its wholly owned subsidiary. All material intercompany transactions and balances have been eliminated.

 

Use of Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

 

 

6 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

 

Cash: The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less when purchased to be cash.

 

Property and Equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided for by the straight-line method over three- to seven-year estimated useful lives for software, furniture and fixtures and equipment. Maintenance and repairs are expensed as incurred; major renewals and betterments that extend the useful lives of property and equipment are capitalized. When property and equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is recognized.

 

Long-Lived Assets: The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the event that facts and circumstances indicate that the cost of any long-lived assets may be impaired, an evaluation of recoverability is performed. An impairment is considered to exist if the total estimated undiscounted cash flows are less than the carrying amount of the asset. An impairment loss is measured and recorded to the extent that the carrying amount of the asset exceeds its estimated fair value. No asset impairment was recorded during the nine months or three months ended September 30, 2022 and 2021.

 

Intangible Assets: Intangible assets include acquired research in progress and patents on the Company’s core technology for gene identification. Patents are amortized over their expected useful life of 20 years using the straight-line method. Acquired research in progress was placed into service on August 19, 2020 in conjunction with the Development and Commercialization Agreement and is being amortized over four years consistent with the term of the Dole agreement using the straight-line method. Costs incurred to renew intangible assets are expensed in the period incurred, while costs incurred to extend the lives of patents are capitalized and amortized over the remaining useful life of the asset. Intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the event that facts and circumstances indicate that the cost of any intangible assets may be impaired, an evaluation of recoverability is performed. An impairment is considered to exist if the total estimated undiscounted cash flows are less than the carrying amount of the asset. No impairment was recorded during the nine months or three months ended September 30, 2022 and 2021.

 

Income Taxes: Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Management regularly assesses the likelihood that deferred tax assets will be recovered from future taxable income, and to the extent management believes that it is more likely than not that a deferred tax asset will not be realized, a valuation allowance is established. When a valuation allowance is established, increased or decreased, an income tax charge or benefit is included in the consolidated financial statements and net deferred tax assets are adjusted accordingly. As of September 30, 2022 and December 31, 2021, a full valuation allowance has been established on the net deferred tax asset.

 

Under the Income Tax topic of the ASC, in order to recognize an uncertain tax benefit, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon resolution of the benefit. The Company has no accruals for uncertain tax benefits.

 

Stock-Based Compensation: The Company accounts for stock option awards in accordance with ASC 718. The estimated grant-date fair value of stock-based awards is expensed over the requisite service period, which is typically equivalent to the vesting term of the award.

 

The Company’s accounting policy for equity instruments issued to consultants and vendors in exchange for goods and services received follows the provisions of ASC Topic 718. Accordingly, the measurement date for the fair value of the equity instruments issued is determined at the earlier of (i) the date at which a commitment for performance by the consultant or vendor is reached or (ii) the date at which the consultant or vendor’s performance is complete. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.

 

 

7 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

Research and Development: Research and development costs are expensed as incurred. In instances where we enter into agreements with third parties for research and development activities, we may prepay for services at the initiation of the contract. We record the prepayment as a prepaid asset and amortize the asset into research and development expense over the period of time the contracted research and development services are performed.

 

Net Loss Per Common Share: Basic net loss per common share excludes any dilutive effects of equity instruments. We compute diluted net loss per common share using the weighted average number of common shares and common stock equivalents outstanding during the period. For the nine and three months ended September 30, 2022, common stock equivalents including 766,400 shares of convertible preferred stock and options for 1,028,333 shares of common stock were excluded because their effect was anti-dilutive. For the nine and three months ended September 30, 2021, common stock equivalents including 679,923 shares of convertible preferred stock and options for 1,081,667 shares of common stock were excluded because their effect was anti-dilutive.

 

Note 3: New Accounting Standards

 

Recently Issued Accounting Standards

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which requires entities to estimate all expected credit losses for certain types of financial instruments, including trade receivables, held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The updated guidance also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models and methods for estimating expected credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within that reporting period and is not expected to have an impact on the Company’s consolidated financial statements.

 

Note 4: Property and Equipment

 

Property and equipment is comprised of the following:

 

          
   September 30,   December 31, 
   2022   2021 
Equipment  $432,499   $432,499 
Software   63,179    63,179 
Furniture and fixtures   7,987    7,987 
    503,665    503,665 
Accumulated depreciation   (496,024)   (484,967)
Property and equipment, net  $7,641   $18,698 

 

Depreciation expense for the nine months ended September 30, 2022 and 2021 was $11,057 and $24,048, respectively.

 

Depreciation expense for the three months ended September 30, 2022 and 2021 was $3,686 and $8,015, respectively.

 

8 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

Note 5: Intangible Assets

 

Intangible assets are comprised of the following:

 

          
   September 30,   December 31, 
   2022   2021 
Acquired research in progress - definite lived  $4,016,596   $4,016,596 
Patents   52,045    52,045 
Accumulated amortization   (2,166,112)   (1,411,049)
Intangible assets, net  $1,902,529   $2,657,592 

 

The Company expects to recognize amortization expense related to its acquired research in progress and patents according to the following:

 

      
Year Ending   Amortization 
December 31, 2022, remaining   $251,688 
December 31, 2023    1,006,751 
December 31, 2024    638,105 
December 31, 2025    2,602 
December 31, 2026    2,602 
Thereafter    781 
    Total   $1,902,529 

 

Amortization expense for the acquired research in progress and patents during the nine months ended September 30, 2022 and 2021 was $755,063.

 

Amortization expense for the acquired research in progress and patents during the three months ended September 30, 2022 and 2021 was $251,688.

 

In its merger completed on October 19, 2015, the Company acquired research in progress. The value of the acquired research in progress was based upon several factors including, evaluation of other intangible assets, the purchase price, estimated future cash flows, and the amounts expended on the research to date. The research in progress was the identification and validation of genes to provide pest and disease resistance to plants. With the banana development project contract in place and the expected marketing of our soybean genes, the Company placed this asset in service on August 19, 2020. Additional costs to complete the soybean research are expected to be approximately $33,000, which will be expensed as incurred. The timing and cost of additional research may vary from these estimates as the success of the research is subject to many factors outside of the Company’s control.

 

9 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

 

Note 6: Notes Payable

 

Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”): On February 22, 2021, the Company received $76,395 in proceeds from the PPP, which was created under the Coronavirus Aid, Relief and Economic Security Act (CARES). Under the program, the Company applied for and received forgiveness of the debt in the year ended December 31, 2021. The forgiveness was recorded as loan forgiveness in other income on the condensed and consolidated statements of operations in the year ended December 31, 2021.

 

SBA Economic Injury Disaster Loan: On June 5, 2020, the Company received $150,000 in proceeds from the SBA’s EIDL Program. On July 20, 2021, the Company received a $7,000 SBA EIDL Advance which has been forgiven and, on July 14, 2021, the Company received a $50,000 increase in the SBA EIDL Loan. Installment payments, including interest at the rate of 3.75% per annum, of $1,020 monthly over thirty years from the date of the original promissory note will begin on December 5, 2022. The Company granted to the SBA a continuing security interest in all tangible and intangible personal property. The Company may not make any distribution of assets of the Company to any shareholder without the written consent of the SBA. As of September 30, 2022, the Company recognized $14,760 of accrued interest on the note.

 

Dole Food Company:

 

On August 19, 2020, the Company entered into a Development and Commercialization Agreement (“DCA”) with Dole Food Company (“Dole”) for the development of our banana genes. The DCA provides for payments from Dole to the Company of $800,000 upon execution, $800,000 by the twelve-month anniversary, $250,000 by the thirty-six month anniversary and $250,000 by the forty-eight month anniversary. Dole also reimburses the Company for costs incurred at the University of Wisconsin-Madison (“UW”) not to exceed $2,200,000 in coordination with the Standard Research Agreement that the Company entered into with UW on September 18, 2020. The agreement with UW includes payments from the Company to UW in the amount of $2,159,719 over the two-year expected term of the project. If the UW research is successful, Dole expects to incur costs of approximately $750,000 to perform field trials.

 

The DCA also specifies that the Company will execute notes payable to Dole for the funding that Dole is providing up to $5,050,000. Upon receipt of $800,000 on August 26, 2020, $800,000 on July 28, 2021, $1,295,831 on December 29, 2020 and $647,916 on September 29, 2021, the Company executed the notes under this DCA and recorded them as long-term notes payable for financial statement purposes. The notes are non-interest bearing and allow Dole to offset fifty percent of future royalty payments to the Company by reducing the amount of principal due on these notes. Other than this offset of future royalty payments, repayment of principal and interest is only required in the case of termination of the DCA by Dole for cause.

 

Note 7: Stockholders’ Equity

 

The Amended and Restated Certificate of Incorporation of the Company dated October 19, 2015 authorized the issuance of 800,000,000 shares of all classes of stock including 780,000,000 shares of Common Stock having a par value of $0.001 per share and 20,000,000 shares of Preferred Stock having a par value of $0.001 per share, 600,000 of which were designated as Series A-1 Convertible Preferred Stock (“Series A-1”) and 200,000 of which were designated as Series A-2 Convertible Preferred Stock (“Series A-2”). The Board of Directors, without a vote of the shareholders, is authorized to issue additional shares of Preferred Stock in series and to establish the characteristics thereof. During the nine months ended September 30, 2022, the Company issued 733,333 shares of Common Stock and received $550,000 of proceeds and issued 86,477 shares of Series A-2 and received $454,004 of proceeds.

 

Liquidation: Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of the Series A-1 and Series A-2 shall be entitled to receive out of the assets of the Company for each share of Series A-1 and Series A-2 an amount equal to its stated value, $5.25 per share as of September 30, 2022 and December 31, 2021, plus any accrued but unpaid dividends before any distribution or payment shall be made to the holders of any other class or series of stock of the Company that ranks junior to the Series A-1 and Series A-2. The holders shall be entitled to convert their shares of Series A-1 and Series A-2 into Common Stock at any time prior to the consummation of a Liquidation. This is considered a contingent redemption feature.

 

10 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

 

Conversion: The holders of Series A-1 and Series A-2 may convert their shares into shares of Common Stock, at the option of the holder, on a one-share-for-one-share basis and shall be subject to certain adjustments at any time.

 

Optional Redemption; Sinking Fund Account: The Company may elect to redeem some or all of the then outstanding shares of Series A-1, (i) for cash in an amount equal to the liquidation preference per share, $5.25 per share as of September 30, 2022, subject to adjustment and (ii) by issuing one share, subject to adjustment, of Common Stock for each share of Series A-1 and Series A-2 outstanding being redeemed. 50% of all licensing fees received by the Company will be deposited into a separate sinking fund for use in an optional redemption. As of September 30 2022, no licensing revenue has been received under these provisions and no sinking fund account has been established.

 

Dividends: The Company shall pay to the holders of the Series A-1 and Series A-2 dividends at the rate of 8% per annum and the Company has accrued these dividends since issuance of the Series A-1 and Series A-2. The dividend amount shall accrue and shall be payable in shares of Common Stock upon the conversion of the Series A-1 and Series A-2, or upon the redemption of the Series A-1 and Series A-2. No dividends shall be paid on any Common Stock of the Company or any capital stock of the Company that ranks junior to the Series A-1 and Series A-2 until dividends of Series A-1 and Series A-2 been paid. As of September 30, 2022, there were $1,753,955 in accrued stock dividends.

 

Voting: The holders of the Series A-1 and Series A-2 are entitled to vote on all matters submitted to the stockholders for a vote on an as-if-converted to Common Stock basis, with all stockholders voting as a single class.

 

Note 8: Stock-Based Compensation

 

The Company grants stock-based instruments under the 2015 Stock Incentive Plan (“Plan”) for which 1,400,000 shares of the Company’s Common Stock has been reserved. The Plan allows for the issuance of incentive stock options and non-qualified stock options with a maximum contractual term of 10 years. Shares and options that are cancelled are available for reissuance under the Plan. For the nine months ended September 30, 2022 and 2021, the Company recorded compensation costs for stock options of $212,831 and $164,789, respectively. For the three months ended September 30, 2022 and 2021, the Company recorded compensation costs for stock options of $78,186 and $54,930. Stock options are generally issued with an exercise price at or above the estimated per-share value of the Company’s Common Stock. The Company granted 133,333 and 0 options during the nine months ended September 30, 2022 and 2021, respectively.

 

Management has valued the options at their date of grant utilizing the Black-Scholes option pricing model. Volatility of the underlying common shares was determined based on the historical volatility for the Company’s for a term consistent with the expected life of the options. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options on the date of the grant. Due to the lack of sufficient historical activity, the expected term of the options was estimated using the formula set forth in Securities and Exchange Commission SAB 107.

 

The fair value of the share option awards was estimated using the Black-Scholes method based on the following weighted-average assumptions:

 

 
Volatility 154%
Expected Term 5.5 years
Dividend Rate 0%
Risk Free Rate 2.56%

 

 

11 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

 

The following table summarizes the status of the Company’s aggregate stock options granted:

 

                     
    Number of Options   Weighted Average Exercise Price   Weighted Average Remaining Term (Years)   Total Intrinsic Value 
                  
Balance, January 1, 2021    1,081,667   $1.74    6.67      
Granted    —    —    —      
Exercised    —    —    —      
Cancelled    —    —    —      
                      
Balance, December 31, 2021    1,081,667   $1.74    5.67      
                      
Balance, January 1, 2022    1,081,667   $1.74    5.67      
Granted    133,333   $0.83    9.48      
Exercised    (186,667)  $0.55    —      
Cancelled    —    —    —      
                      
Balance, September 30, 2022    1,028,333   $1.84    6.47   $— 
                      
Exercisable at September 30, 2022    681,665   $2.13    5.70   $— 

 

During each of the nine months and three months ended September 30, 2022 and 2021, options for 0 shares vested. As of September 30, 2022 there was $65,926 of unrecognized compensation cost related to share-based compensation arrangements that will be recognized through the year ending December 31, 2023.

 

During the nine months ended September 30, 2022, options for 186,667 shares at an exercise price of $0.55 per share were exercised using the cashless method of providing existing shares resulting in the issuance of 40,001 net new shares.

 

Note 9: Commitments and Contingencies

 

Officer Indemnification: Under the Company’s organizational documents, the Company’s officers, employees, and directors are indemnified against certain liabilities arising out of the performance of their duties. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects any risk of loss to be remote. The Company also has an insurance policy for its directors and officers to insure them against liabilities arising from their performance in their positions with the Company.

 

12 

EVOLUTIONARY GENOMICS, INC. AND SUBSIDIARY

NOTES TO CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2022 AND 2021

(Unaudited)

 

 

 

Lease Commitments: The Company leases its operating facility and pays its rent in monthly installments. The lease was renewed in June 2016 for a period of twelve months and monthly rentals for the period of July 1, 2016 through September 30, 2022 are $2,378 per month which continues on a month-to-month basis. There is no minimum lease commitment as of September 30, 2022. Renewals after June 30, 2017 are by mutual agreement. The Company’s rent expense for the nine months ended September 30, 2022 and 2021 was $19,023 and $21,401, respectively.

 

Royalty: Effective March 1, 2012, the Company entered into an Agreement for Contract Services with SmithBucklin Corporation (the “Contractor”) on behalf of the United Soybean Board. The contract includes the payment of certain royalties, as defined in the Agreement.

 

The Company is obligated to pay royalties to the United Soybean Board of 10% of the sale of products derived from the soybean genes that were the subject of the research performed by the Contractor or from royalties received by the Company from the sale of products by a third party not to exceed 150% of the total amount paid to the Contractor under this Agreement. The Company has recognized to date grant revenue from the contract of $262,400 as of September 30, 2022, thus limiting any future royalties as of September 30, 2022 to a total of $393,600. The Company has not accrued or paid any royalties under the terms of the Agreement as of and during the nine months ended September 30, 2022 because it has not received any revenue from the sale of products to date.

 

Other Commitments: On September 18, 2020, the Company entered into a Standard Research Agreement with WCIC for the development of our banana genes. The agreement includes payments from the Company in the amount of $2,159,719 over the two-year expected term of the project. These costs have been and will be reimbursed, in the form of notes payable by Dole in accordance with our DCA. On April 18, 2022, the Company entered into a Standard Research Agreement with UW for the testing of banana plants for resistance to TR4 Panama Disease. The agreement includes payments from the Company in the amount of $143,124 over the twelve-month expected term of the project. In the nine months ended September 30, 2022, the Company paid $128,809 under this contract and was fully reimbursed by Dole.

 

Note 10: Related Parties and Transactions

 

Steve B. Warnecke: Mr. Warnecke is the Company’s Chief Executive Officer and Chairman of the Board and owns, directly or indirectly, 1,841,374 shares or 24.81% of the Common Stock outstanding as of September 30, 2022.

 

Note 11: Concentrations

 

Considerations of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains its cash balances at high-credit, quality financial institutions. The balances, at times, may exceed federally insured limits.

 

Note 12: Liquidity

 

As of September 30, 2022, the Company had $765,550 in operating cash and expects that our operating expenses net of contractual reimbursements and notes payable funding from Dole for the next twelve months will be approximately $599,000. Management believes the Company’s existing cash balances along with contractually obligated future funding from our current agreement with Dole are sufficient to provide the necessary liquidity to meet our obligations as they come due over the next year.

 

 

 

 

 

12 
 
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Caution Regarding Forward-Looking Information

 

This report includes “forward-looking statements” that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements including continued compliance with government regulations, changing legislation or regulatory environments; any statements of expectation or belief and any statements of assumptions underlying any of the foregoing. These risks, uncertainties and other factors, and the general risks associated with the businesses of the Company described in the reports and other documents filed with the SEC, could cause actual results to differ materially from those referred to in the forward-looking statements. The Company cautions readers not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to the Company and are qualified in their entirety by this cautionary statement. The Company anticipates that subsequent events and developments may cause its views to change. The information contained in this report speaks as of the date hereof and the Company has or undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

 

Company Overview

 

Evolutionary Genomics, Inc. (the "registrant" or "Company") was incorporated under the laws of the state of Minnesota in November 1990 under the name Fonahome Corporation. On March 24, 2009, the Company reincorporated in the state of Nevada and merged with its wholly owned subsidiary, Fona, Inc., adopting the surviving company’s name, Fona, Inc. and simultaneously adopted the capital structure of Fona, Inc., which includes total authorized capital stock of 800,000,000 shares, of which 780,000,000 are common stock and 20,000,000 are blank check preferred stock. The preferred stock may be issued from time to time in one or more series with such designations, preferences and relative participating, optional or other special rights and qualifications, limitations or restrictions thereof, as shall be stated in the resolutions adopted by the Corporation’s Board providing for the issuance of such preferred stock or series thereof.

 

On June 6, 2014, Evolutionary Genomics, Inc., a Delaware corporation merged with Fona, Inc. treated as a reverse acquisition with Evolutionary Genomics, Inc. as the acquirer and Fona as the acquired party. Subsequent to the Merger, Fona, Inc. was renamed Evolutionary Genomics, Inc. and our subsidiary was renamed from Evolutionary Genomics, Inc. to EG Crop Science, Inc. On May 9, 2016, we formed ICAM Therapeutics, Inc. (a Delaware corporation) as a wholly owned subsidiary of Evolutionary Genomics, Inc. We have not incurred any transactions in this company nor have we established any business plan for the future.

 

The Company maintains headquarters at the office of its Chief Executive Officer. The Company maintains a website at www.evolgen.com. The Company is not required to deliver an annual report to security holders and at this time does not anticipate the distribution of such a report. The Company will file reports with the SEC.

 

On August 14, 2000, the Company was issued patent number 6274319, titled “Methods to identify evolutionarily significant changes in polynucleotide and polypeptide sequences in domestic plants and animals”. On June 1, 2004, the Company was issued patent number 6743580, titled “Methods for producing transgenic plants containing evolutionarily significant polynucleotides”. These patents are for the core Adapted Traits Platform that we use for the discovery of genes in humans, animals and commercial crops. The Company has applied the Adapted Traits Platform in research projects including identifying genes believed to be responsible for increases in yield in corn, increases in yield in rice, salt tolerance and sugar content in tomatoes and pest/disease resistance in soybeans, bananas and multiple other crops.

 

In the past century, agriculture has been characterized by enhanced productivity, the use of synthetic fertilizers and pesticides, selective breeding, mechanization, water contamination, and farm subsidies. Proponents of organic farming such as Sir Albert Howard argued in the early 20th century that the overuse of pesticides and synthetic fertilizers damages the long-term fertility of the soil. While this feeling lay dormant for decades, as environmental awareness has increased in the 21st century there has been a movement towards sustainable agriculture by some farmers, consumers, and policymakers.

 

Advances in genetic research and modification of crop species have led to increased yield, drought tolerance and disease/pest resistance. These advances have also led to an increased concentration within the providers of seed and production companies. The top companies control much of the implementation of new plant varieties through patents and licensing agreements. Genetic traits providers, like Evolutionary Genomics, identify and develop genes that impact traits of interest to the industry and market those genes to these companies.

 

13 
 

Business Model

 

Evolutionary Genomics’ primary source of revenue through September 30, 2020 had been contract services revenue and notes payable funding for research performed by Evolutionary Genomics on behalf of other commercial entities and grant income received from governmental agencies, industry associations and grant making foundations for research performed. Ownership of the intellectual property in these projects varies from Evolutionary Genomics retaining all intellectual property rights to retaining none of the developed intellectual property for the crop that is the subject of the project. In addition to contract services revenue for research, Evolutionary Genomics intends to continue to pursue grant funding from governmental agencies, industry associations and grant making foundations. These sources of funding are often subject to limitations in available funds, funding priorities in areas other than our area of focus, political uncertainties, long approval processes and competition with other research proposals.

 

Licensing revenue can be lump sum payments, milestone payments upon achievement of defined goals and/or percentages of revenue for products sold by licensee. These payments are often many years after completion of gene identification project as licensees engage in significant additional testing including field trials prior to integration into licensee commercial germplasm lines. There can be no guarantee that these licensing agreements will result in any additional revenue for Evolutionary Genomics as further development of licensed intellectual property is mostly controlled by the licensee.

 

The goal of the grant funded research projects was to discover genetic intellectual properties with commercial value. Evolutionary Genomics’ soybean pest resistance project is a multiple year illustration of the evolution of a project from concept through marketing to seed companies. The project has yielded identified genes for pest resistance in soybeans with partial validation complete. Evolutionary Genomics has partially completed two generation, whole plant validation testing but has decided to postpone further testing indefinitely to focus resources on our banana project. The Company has extended this soybean pest resistance research to other crops including beans, tomatoes, cotton and maize and has identified candidate genes. Further research on these crops is dependent on revenue from our banana project or additional capital funding. If we are able to complete additional validation testing, we intend to market these genes to the seed industry.

 

Our banana pest resistance project is another project illustration. We identified a gene (FusR1) in bananas that appears to confer resistance to Fusarium Fungus which leads to Panama Disease. We marketed the gene to banana companies and, in August 2020, executed a Development and Commercialization Agreement (“DCA”) with Dole Food Company (“Dole”) which includes three years of development work funded by Dole and the framework for a long-term licensing relationship. While Dole is supplying significant funding for the three-year development of this banana gene in the form of promissory notes, there can be no assurance that this development work will lead to licensing revenue as there are many risks involved in genetic trait development.

 

Evolutionary Genomics’ Business Strategy

 

The single most valuable step in the process of crop improvement is the identification of the key genes among the 30,000 or more in the genome that has the desired impact. The Company has identified pest/disease resistance genes in bananas, soybeans and other commercially valuable crops. If validation testing of these genes is successful, we will market them to the industry. This strategy requires Evolutionary Genomics to incur significant research costs prior to any confirmation of commercial viability and there can be no guarantee that the desired results can be achieved or that commercialization can be reached.

 

During the 1950s the global banana industry was devastated by a disease (caused by Fusarium fungus) that effectively wiped out the predominate variety of commercial bananas know as Gros Michel leading to the development of the Cavendish banana, which makes up well over 90% of the commercial banana market today. Cavendish was resistant to the strain of Fusarium that wiped out the Gros Michel variety but, in recent years, is being challenged by a new race of Fusarium that threatens to, once again, devastate the global banana industry. This crisis is imminent and has no solution. The recent emergence of Panama Disease TR4 in the Western Hemisphere makes a swift solution to the crisis even more urgent. A substantial part of the banana market consists of exports from Central and South America to the United States.

 

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In 2018, the Company began a project to identify genes in wild banana relatives that are resistant to Fusarium. We have previously used our technology to identify genes in common beans and, in our project for the Bill and Melinda Gates Foundation in common beans, proved that these genes provided increased resistance to Fusarium fungus. We used our platform to isolate a banana gene that controls Fusarium Wilt (FW), aka Panama Disease, Tropical Race 4. The gene, which we have named FusR1 (Fusarium Resistance 1), is a native gene in Musa species, including cultivated bananas. We have found that, for all FW-resistant banana cultivars/species that we have tested, one version of our gene exists while, in all FW-sensitive banana cultivars/species that we have tested, there is a different version of FusR1. And notably, a third version exists in semi-resistant varieties that has allowed us to identify the particular nucleotide changes that are crucial for resistance to Fusarium Wilt.

 

We have successfully introduced FusR1 into cultivated bananas using a gene transformation approach, particularly the Fusarium-sensitive Cavendish cultivar, and are now testing those banana plants for their level of resistant to Fusarium Wilt. Initial tests indicate some resistance has been achieved but many more events must be tested to reach conclusions. We believe that, given the threat of possible extinction for Cavendish, rapid approaches are not only warranted but essential and minimally genetically edited bananas will be accepted depending upon how the gene transfer is accomplished. Transfer of this native banana gene to cultivated bananas can also be accomplished with CRISPR technology, which allows a targeted, gene transfer and which, as compared to more traditional genetic editing techniques, minimizes potential side effects. We believe that Cavendish bananas can be rendered Fusarium Wilt resistant by changing only a few base pairs. These sorts of minimal changes have been allowed by the USDA and FDA in several crops. Even in Europe, use of CRISPR technology has gained some traction.

 

On June 26, 2019, we filed a United States patent application titled IDENTIFICATION AND RESISTANCE GENES FROM WILD RELATIVES OF BANANA AND THEIR USES IN CONTROLLING PANAMA DISEASE. We are awaiting review of these patents by the United States Patent Office. In December 2021, we filed patents in Europe, Africa, South and Central America, Australia and Asia.

 

On August 19, 2020, the Company entered into a Development and Commercialization Agreement (“DCA”) with Dole Food Company for the development of plant varieties within the Musa genus of the Musaceae family (including the Cavendish variety of banana) that exhibit resistance to Fusarium Wilt Tropical Race 4 (popularly known as Panama Disease). Subject to compliance with various provisions of the agreement, the agreement includes partial working capital funding from Dole to the Company through 2024. In addition to working capital funding, Dole reimburses the Company for the development of banana plants and Dole will incur additional costs for the commercialization of plants upon successful completion of the development portion of this project. From the effective date of the agreement, the Company has received $1,600,000 of working capital funding and $1,943,747 of reimbursement of development costs pursuant to this agreement. Per the Agreement, 50% of future royalties may be offset with the research funding provided by Dole. In the event that Dole terminates the agreement for material breach by the Company or the Company’s bankruptcy, the Company must repay all funding provided by Dole within six months of termination. The parties have agreed to negotiate the terms of the long-term license agreement upon successful completion of the development portion of this project.

 

During 2021 and the nine months ended September 30, 2022, the University of Wisconsin was able to successfully transform banana plants using our FusR1 gene and we currently have banana plants from multiple gene constructs growing in greenhouses and undergoing resistance testing. During 2022, in accordance with our DCA with Dole, we are engaged in testing on these plants to determine if our FusR1 gene successfully conferred resistance to Fusarium and Panama Disease and initial testing indicates some resistance. Upon successful completion of validation testing and field trials by Dole, under the terms of the agreement with Dole, we expect to negotiate a long-term royalty contract for the commercialization of banana plants using our genes. This licensing arrangement will likely be exclusively with Dole and contain royalty payments based on the number of plants and/or hectares of plants. Even if EG’s genes are proven to be effective, it is difficult to predict the future revenue stream that any licensing arrangement can generate and will be heavily dependent upon the speed with which Panama Disease spreads throughout the world necessitating a solution and any changes in the price of bananas based on supply and demand. Many articles are available in the public realm detailing the significance of the disease and the spread throughout the world.

 

Since bananas are seedless, they are propagated by clones which allows for very rapid production of plants. An initial batch of 100 successful plants can generate a secondary propagation of over 15,000 plants in one year (enough for 10 hectares) and 15 million in the next generation. There are over 400,000 hectares of banana production in Latin America from Mexico to Peru. Adoption of the new variety will be dependent upon its effectiveness and the infection rate of Panama disease.

 

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There are many risks associated with achieving these desired results including but not limited to:

 

-We may not be able to adequately establish patent protection for our intellectual property or others may have competing claims.
-Others may develop competitive approaches to compete with our genes.
-Our genes may cause unforeseen and undesirable changes beyond the pest resistance such as yield degradation or changes in the appearance or taste of the fruit.
-Our genes may fail to deliver the desired results of resistance to Fusarium.
-Global regulations and/or consumer preference may prevent the successful commercial launch of bananas with genetics changed using our methods.
-We will be dependent on others for the successful production and marketing of bananas with our genes and many factors will be outside of our control.
-Our expected future royalty revenue will be highly dependent upon the successful execution of the banana development project in the DCA with Dole and the negotiation of a long-term royalty licensing agreement.

 

While Panama Disease 1) is potentially existential to the banana industry, 2) has no known treatment and 3) is not yet widespread, Black Sigatoka Disease is a different disease that is very wide-spread and is treated with toxins at a cost of up to $2,300 per hectare per year. We spent the last two years researching wild banana plants to identify a gene that could potentially be used to develop plants that are resistant to Black Sigatoka with no or reduced use of toxins. On October 21, 2021, we filed a United States patent application titled IDENTIFICATION AND RESISTANCE GENES FROM WILD RELATIVES OF BANANA AND THEIR USES IN CONTROLLING BLACK SIGATOKA DISEASE. We are awaiting review of these patents by the United States Patent Office. We are in the early stages of developing this gene and others are working on competing approaches. There is no guarantee that this will lead to commercial success. Like our FusR1 project, transformation and validation can be very expensive and we will need funding from either grants or potential customers or additional capital from investors, none of which can be assured.

 

On April 29, 2014, the United States Patent and Trademark Office issued patent 8,710,300 titled EXPRESSION OF DIRIGENT GENE EG261 AND ITS ORTHOLOGS AND PARALOGS ENHANCES PATHOGEN RESISTANCE IN PLANTS. On December 5, 2017 and March 3, 2020, the United States Patent and Trademark Office issued additional patents which extended the previous patent to include additional variations of the gene. We have filed additional patents in multiple countries that are at various stages of processing. On January 18, 2022, the Company filed a patent application on its second soybean pest/disease resistance gene, EG19, and has included that gene in its ongoing two generation, whole plant validation research. The Company has also discovered additional candidate genes that may impact pathogen resistance. There can be no assurance that any of these genes will be proven effective in validation testing or lead to licensing agreements or revenue.

 

We entered into a Service Agreement with the Wisconsin Crop Innovation Center (“WCIC”) under which they have transformed soybeans using our genes and helped to establish the right combinations to achieve a range of expression. WCIC grew events from seven constructs of EG261 and EG19 in their greenhouses. The testing of these T2 generation seedlings at the University of Missouri is partially complete but we have indefinitely suspended work on these genes to focus our resources on our banana projects. If we resume these projects and results from the whole plant validation trials confirm the findings of the University of Wisconsin-Madison for EG261 and the effectiveness of the new gene, EG19, the Company intends to enter negotiations for a long-term research collaboration and licensing agreement with seed companies. The testing phase includes field trials which may proceed for several years prior to generating licensing revenue. There are many risks in this process including some that are outside of Evolutionary Genomics’ control and there can be no guarantee that we will ever generate any revenue from these potential agreements.

 

Evolutionary Genomics has no registered trademarks. The Company had two full time employees and one part-time employee as of September 30, 2022 and leases its operating facility on a month-to-month basis after September 30, 2017. Evolutionary Genomics is not currently involved in or aware of any threatened or actual legal proceedings.

 

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Unaudited Results of Operations

 

   Three Months Ended June 30,   Nine Months Ended September 30, 
   2022   2021   2022   2021 
   Amount   Percent of Revenue   Amount   Percent of Revenue   Amount   Percent of Revenue   Amount   Percent of Revenue 
Revenue  $—    N/A   $—    N/A   $—    N/A   $—    N/A 
Research and development   117,897    N/A    744,542    N/A    323,164    N/A    977,556    N/A 
Salaries and benefits   115,686    N/A    92,430    N/A    325,331    N/A    277,289    N/A 
General and administrative   312,098    N/A    305,335    N/A    953,562    N/A    955,019    N/A 
Total operating expenses   545,681    N/A    1,142,307    N/A    1,602,057    N/A    2,209,864    N/A 
Operating loss   (545,681)   N/A    (1,142,307)   N/A    (1,602,057)   N/A    (2,209,864)   N/A 
Other income   404    N/A    83,650    N/A    842    N/A    83,764    N/A 
Income taxes   —    N/A    —    N/A    —    N/A    —    N/A 
Net loss  $(545,277)   N/A   $(1,058,657)   N/A   $(1,601,215)   N/A   $(2,126,100)   N/A 
Preferred stock dividend   (81,133)   N/A    (71,392)   N/A    (232,159)   N/A    (214,176)   N/A 
Net loss attributable to common stockholders  $(626,410)   N/A   $(1,130,049)   N/A   $(1,833,374)   N/A   $(2,340,276)   N/A 

 

Operating Expenses

 

Operating expenses decreased $607,807, or 27.5% to $1,602,057 for the nine months ended September 30, 2022 from $2,209,864 for the nine months ended September 30, 2021. Changes in these items are described below.

 

Operating expenses decreased $596,626, or 52.2% to $545,681 for the three months ended September 30, 2022 from $1,142,307 for the three months ended September 30, 2021. Changes in these items are described below

 

Research and Development

 

Research and development decreased $654,392, or 66.9%, to $323,164 for the nine months ended September 30, 2022 from $977,556 for the nine months ended September 30, 2021. The decrease was primarily due to lower costs on our banana project partially offset by increased patent costs.

 

Research and development decreased $626,645, or 84.2%, to $117,897 for the three months ended September 30, 2022 from $744,542 for the three months ended September 30, 2021. The decrease was primarily due to lower costs on our banana project partially offset by increased patent costs.

 

Salaries and Benefits

 

Salaries and benefits increased $48,042, or 17.3%, to $325,331 for the nine months ended September 30, 2022 from $277,289 for the nine months ended September 30, 2021. The increase was primarily due to increased stock compensation costs.

 

Salaries and benefits increased $23,256, or 25.2%, to $115,686 for the three months ended September 30, 2022 from $92,430 for the three months ended September 30, 2021. The increase was primarily due to increased stock compensation costs.

 

General and Administrative

 

General and administrative expenses decreased $1,457, or 0.2%, to $953,562 for the nine months ended September 30, 2022 from $955,019 for the nine months ended September 30, 2021. The decrease was primarily due to lower insurance costs.

 

General and administrative expenses increased $6,763, or 2.2%, to $312,098 for the three months ended September 30, 2022 from $305,335 for the three months ended September 30, 2021. The increase was primarily due to increased professional fees.

 

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Other Income

 

Total other income decreased $82,922, or 99.0%, to $842 for the nine months ended September 30, 2022 from $83,764 for the nine months ended September 30, 2021. The decrease was primarily due to forgiveness of our PPP loan in the nine months ended September 30, 2021.

 

Total other income decreased $83,246, or 99.5%, to $404 for the three months ended September 30, 2022 from $83,650 for the three months ended September 30, 2021. The decrease was primarily due to forgiveness of our PPP loan in the three months ended September 30, 2021.

 

Net Loss

 

Net loss decreased $524,885, or 24.7%, to $1,601,215 for the nine months ended September 30, 2022 from $2,126,100 for the nine months ended September 30, 2021. The decrease was primarily due to lower banana project costs partially offset by increased patent expense and stock compensation costs.

 

Net loss decreased $513,380, or 48.5%, to $545,277 for the three months ended September 30, 2022 from $1,058,657 for the three months ended September 30, 2021. The decrease was primarily due to lower banana project costs partially offset by increased patent expense and stock compensation costs.

 

Financial Condition

 

The Company’s working capital increased $381,739 to $618,674 as of September 30, 2022 from $236,935 as of December 31, 2021 primarily due to proceeds received from stock issuances, which was partially offset by the operating loss.

 

Liquidity

 

As of September 30, 2022, the Company had $765,550 in operating cash and expects that our operating expenses net of contractual reimbursements and notes payable funding from Dole for the next twelve months will be approximately $599,000. Management believes the Company’s existing cash balances along with contractually obligated future funding from our current agreement with Dole are sufficient to provide the necessary liquidity to meet our obligations as they come due over the next year.

 

Off-Balance Sheet Arrangements

 

The Company has no off-balance sheet arrangements that have a material current effect, or that are reasonably likely to have a material future effect, on its financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.

 

Contractual Obligations

 

The Company leases its operating facility and pays its rent in monthly installments. The lease was renewed in June 2016 for a period of twelve months and monthly rentals for the period of July 1, 2016 through September 30, 2022 are $2,378 per month which continues on a month-to-month basis. There is no minimum lease commitment as of September 30, 2022. Renewals after June 30, 2017 are by mutual agreement. The Company’s rent expense for the nine months ended September 30, 2022 and 2021 was $19,023 and $21,401, respectively.

 

The Company is obligated to pay royalties to the United Soybean Board of 10% of the sale of products derived from the soybean genes that were the subject of the research performed by the Contractor or from royalties received by the Company from the sale of products by a third party not to exceed 150% of the total amount paid to the Contractor under this Agreement. The Company has recognized to date grant revenue from the contract of $262,400 as of September 30, 2022, thus limiting any future royalties as of September 30, 2022 to a total of $393,600. The Company has not accrued or paid any royalties under the terms of the Agreement as of and during the nine months ended September 30, 2022 because it has not received any revenue from the sale of products to date.

 

On September 18, 2020, the Company entered into a Standard Research Agreement with WCIC for the development of our banana genes. The agreement includes payments from the Company in the amount of $2,159,719 over the two-year expected term of the project. The initial term of this project ended on September 18, 2022 and the parties are continuing under verbal agreement to extend while a formal contract extension is being drafted. These costs will be reimbursed, in the form of notes payable by Dole in accordance with our DCA.

 

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On April 18, 2022, the Company entered into a Standard Research Agreement with UW for the testing of banana plants for resistance to TR4 Panama Disease. The agreement includes payments from the Company in the amount of $143,124 over the twelve-month expected term of the project. In the nine months ended September 30, 2022, the Company paid $128,809 under this contract and was fully reimbursed by Dole.

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required by smaller reporting companies.

 

ITEM 4.CONTROLS AND PROCEDURES

 

(a) Evaluation of disclosure controls and procedures.

 

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Furthermore, smaller reporting companies such as the Company face additional limitations. Smaller reporting companies employ fewer individuals and find it difficult to properly segregate duties. Often, one or two individuals control every aspect of our operation and are in a position to override any system of internal control. Additionally, smaller reporting companies tend to utilize general accounting software packages that lack a rigorous set of software controls.

 

Our management, with the participation of the Chief Executive Officer, evaluated the effectiveness of our internal control over financial reporting as of September 30, 2022. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — 2013 Integrated Framework. Based on this evaluation, our management, with the participation of the President, concluded that, as of September 30, 2022, our internal control over financial reporting was not effective due to the material weaknesses in the system of internal control described below.

 

Specifically, management identified the following control deficiencies: (1) the Company has not properly segregated duties as one or two individuals initiate, authorize, and complete all transactions. The Company has not implemented measures that would prevent the individuals from overriding the internal control system. (2) The Company has installed accounting software that does not prevent erroneous or unauthorized changes to previous reporting periods and does not provide an adequate audit trail of entries made in the accounting software. (3) Due to the size of the Company and limited personnel, the Company has not hired an individual with technical accounting expertise within the accounting function.

 

(b) Changes in internal controls.

 

Our Certifying Officers have indicated that there were no changes in our internal controls over financial reporting or other factors that could significantly affect such controls subsequent to the date of his evaluation, and there were no such control actions with regard to significant deficiencies and material weaknesses.

 

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PART II. OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

 

None.

 

ITEM 1A.RISK FACTORS

 

Impacts of COVID-19 on our business

 

The impact of a novel strain of coronavirus (COVID-19), and measures to prevent its spread are affecting the macroeconomic environment and while the full impact is uncertain, our business and results of operations could be materially adversely affected. The impact on our business will depend on a number of factors such as the duration and extent of COVID-19, governmental actions, changes in consumer behavior, responses of our third-party business partners and general economic activity.

 

We are attempting to conduct business as usual to the extent possible and are complying with the applicable orders issued by the Governor of Colorado. The Company has been granted the status of essential operations and our staff continues to work in our lab.

 

The impact of the COVID-19 outbreak may also exacerbate other risks discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K, any of which could have a material effect on us.

 

ITEM 2.UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.OTHER INFORMATION

 

None.

 

ITEM 6.EXHIBITS

 

31.1   Rule 13a-14(a)/15d-14(a) Certification
31.2   Rule 13a-14(a)/15d-14(a) Certification
32.1   Section 1350 Certification
101.INS   Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH   Inline XBRL Taxonomy Extension Schema Document
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  EVOLUTIONARY GENOMICS, INC.
   
   
BY:   /s/ Steve B Warnecke
  Steve B Warnecke
  Chief Executive Officer and Chief Financial Officer
   
  October 21, 2022
   

 

 

 

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