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, 2021

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 001-36159

STEREOTAXIS, INC.

(Exact name of the Registrant as Specified in its Charter)

delaware

94-3120386

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification Number)

4320 Forest Park Avenue, Suite 100

St. Louis, MO 63108

(Address of Principal Executive Offices including Zip Code)

(314) 678-6100

(Registrant’s Telephone Number, Including Area Code)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		STXS		NYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

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 “See 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, a 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 check mark 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 check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of outstanding shares of the registrant’s common stock on October 31, 2021 was 74,581,038.

Table of Contents

STEREOTAXIS, INC.

INDEX TO FORM 10-Q

		Page

Part I Financial Information

Item 1.	Financial Statements (unaudited)	3
	Balance Sheets	3
	Statements of Operations	4
	Statements of Convertible Preferred Stock and Stockholders’ Equity	5-6
	Statements of Cash Flows	7
	Notes to Financial Statements	8-18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19-25
Item 3.	[Reserved]	25
Item 4.	Controls and Procedures	25

Part II Other Information

Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26-27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults upon Senior Securities	27
Item 4.	[Reserved]	27
Item 5.	Other Information	27
Item 6.	Exhibits	27
Signatures		28

ITEM 1. FINANCIAL STATEMENTS

STEREOTAXIS, INC.

BALANCE SHEETS

	September 30, 2021			December 31, 2020
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	40,243,223		$	43,939,512
Restricted cash - current		1,604,331			-
Compensating cash arrangement		251,548			250,620
Accounts receivable, net of allowance of $153,148 and $123,614 at 2021 and 2020, respectively		5,073,265			3,515,136
Inventories, net		3,854,572			3,295,457
Prepaid expenses and other current assets		2,383,673			1,716,014
Total current assets		53,410,612			52,716,739
Property and equipment, net		1,153,231			195,129
Restricted cash		700,000			-
Operating lease right-of-use assets		6,403,035			2,235,442
Other assets		253,416			308,515
Total assets	$	61,920,294		$	55,455,825

Liabilities and stockholders’ equity
Current liabilities:
Short-term debt	$	-		$	1,185,058
Accounts payable		3,937,228			1,608,636
Accrued liabilities		2,562,390			3,209,235
Deferred revenue		6,688,239			5,282,770
Current portion of operating lease liabilities		654,611			2,287,487
Total current liabilities		13,842,468			13,573,186
Long-term debt		-			973,252
Long-term deferred revenue		1,793,298			548,915
Operating lease liabilities		5,911,757			-
Other liabilities		215,861			131,231
Total liabilities		21,763,384			15,226,584

Series A - Convertible preferred stock:
Convertible preferred stock, Series A, par value $0.001; 22,387 and 22,513 shares outstanding at 2021 and 2020, respectively		5,583,768			5,605,323

Stockholders’ equity:
Convertible preferred stock, Series B, par value $0.001; 10,000,000 shares authorized, 5,610,121 shares outstanding at 2021 and 2020		5,610			5,610

Common stock, par value $0.001; 300,000,000 shares authorized,74,579,198 and 73,694,203 shares issued at 2021 and 2020, respectively		74,579			73,694
Additional paid in capital		530,019,539			522,709,846
Treasury stock, 4,015 shares at 2021 and 2020		(205,999	)		(205,999	)
Accumulated deficit		(495,320,587	)		(487,959,233	)
Total stockholders’ equity		34,573,142			34,623,918
Total liabilities and stockholders’ equity	$	61,920,294		$	55,455,825

See accompanying notes.

STEREOTAXIS, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

	2021		2020		2021		2020
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue:
Systems	$	3,541,360	$	2,953,005	$	8,830,052	$	2,965,774
Disposables, service and accessories		5,318,562		5,504,048

SEC Form 10-Q filed by Stereotaxis, Inc.