þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware (State or other jurisdiction |
001-31564 (Commission File Number) |
87-0458888 (I.R.S. Employer |
||
of incorporation) | Identification No.) | |||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting company þ | |||
(Do not check if a smaller reporting company) |
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32 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
ITEM 1. | Financial statements. |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 3,310,138 | $ | 867,738 | ||||
Accounts receivable, net |
172,339 | 229,891 | ||||||
Inventory, net |
299,201 | 258,939 | ||||||
Prepaid expenses and other current assets |
335,965 | 559,082 | ||||||
Total current assets |
4,117,643 | 1,915,650 | ||||||
Property and equipment, net of accumulated depreciation of
$10,558 and $8,085, respectively |
36,607 | 21,589 | ||||||
Other assets |
250 | 250 | ||||||
Intangible assets |
6,340,656 | 6,340,656 | ||||||
Total assets |
$ | 10,495,156 | $ | 8,278,145 | ||||
Liabilities, Redeemable Preferred Stock, Shareholders Deficit and
Noncontrolling Interest |
||||||||
Current liabilities: |
||||||||
Current debt |
$ | 32,771 | $ | 56,911 | ||||
Accounts payable |
540,929 | 1,096,125 | ||||||
Accrued expenses |
751,422 | 789,482 | ||||||
Deferred revenue |
14,000 | | ||||||
Total current liabilities |
1,339,122 | 1,942,518 | ||||||
Long-term debt |
7,564,289 | 7,290,881 | ||||||
Deferred tax liability |
2,500,000 | 2,500,000 | ||||||
Warrant liability |
19,220,324 | 8,171,518 | ||||||
Derivative liability |
8,820,108 | 2,120,360 | ||||||
Other long-term liabilities |
227,205 | 255,606 | ||||||
Total liabilities |
39,671,048 | 22,280,883 | ||||||
Commitments and contingencies |
||||||||
Preferred stock series A, $0.001 par value; 9,000 shares
authorized; 3,250 shares issued and 2,886 and 2,886 shares
outstanding, respectively |
1,338,312 | 1,280,150 | ||||||
Preferred stock series B, $0.001 par value; 9,000 shares
authorized; 4,640 shares issued and 2,693 and 4,640 shares
outstanding, respectively |
| | ||||||
Preferred stock series B, $0.001 par value; subscription receivable |
| (210,000 | ) | |||||
Preferred stock series D, $0.001 par value; 8,000 shares
authorized; 7,779 and 1,645 shares issued and outstanding,
respectively |
| | ||||||
Fibrocell Science, Inc. shareholders deficit: |
||||||||
Successor common stock, $0.001 par value; 250,000,000 shares
authorized; 24,559,097 and 20,375,500 shares issued and
outstanding, respectively |
24,559 | 20,376 | ||||||
Additional paid-in capital |
4,055,108 | 2,437,893 | ||||||
Accumulated deficit during development stage |
(35,063,900 | ) | (17,981,530 | ) | ||||
Total Fibrocell Science, Inc. shareholders deficit |
(30,984,233 | ) | (15,523,261 | ) | ||||
Noncontrolling interest |
470,029 | 450,373 | ||||||
Total deficit and noncontrolling interest |
(30,514,204 | ) | (15,072,888 | ) | ||||
Total liabilities, preferred stock, shareholders deficit and
noncontrolling interest |
$ | 10,495,156 | $ | 8,278,145 | ||||
1
Successor | Successor | Successor | Predecessor | ||||||||||||||
Cumulative period | Cumulative period | ||||||||||||||||
from September 1, | from December 28, | ||||||||||||||||
For the three | For the three | 2009 (date of | 1995 (date of | ||||||||||||||
months ended | months ended | inception) to | inception) to | ||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | August 31, 2009 | ||||||||||||||
Revenue |
|||||||||||||||||
Product sales |
$ | 208,636 | $ | 209,070 | $ | 1,474,946 | $ | 4,818,994 | |||||||||
License fees |
| | | 260,000 | |||||||||||||
Total revenue |
208,636 | 209,070 | 1,474,946 | 5,078,994 | |||||||||||||
Cost of sales |
97,858 | 100,519 | 782,554 | 2,279,335 | |||||||||||||
Gross profit |
110,778 | 108,551 | 692,392 | 2,799,659 | |||||||||||||
Selling, general and administrative expenses |
2,354,383 | 2,019,913 | 11,578,320 | 84,805,520 | |||||||||||||
Research and development expenses |
1,616,529 | 1,192,610 | 8,926,044 | 56,269,869 | |||||||||||||
Operating loss |
(3,860,134 | ) | (3,103,972 | ) | (19,811,972 | ) | (138,275,730 | ) | |||||||||
Other income (expense) |
|||||||||||||||||
Interest income |
| | 1 | 6,989,539 | |||||||||||||
Reorganization items, net |
| 3,303 | (69,174 | ) | 73,538,984 | ||||||||||||
Other income |
| | 244,479 | 316,338 | |||||||||||||
Warrant expense |
(6,296,330 | ) | (1,417,244 | ) | (7,080,646 | ) | | ||||||||||
Derivative revaluation expense |
(6,620,726 | ) | | (6,620,726 | ) | | |||||||||||
Interest expense |
(273,408 | ) | (197,730 | ) | (1,565,781 | ) | (18,790,218 | ) | |||||||||
Loss from continuing operations before
income taxes |
(17,050,598 | ) | (4,715,643 | ) | (34,903,819 | ) | (76,221,087 | ) | |||||||||
Income tax benefit |
| | | 190,754 | |||||||||||||
Loss from continuing operations |
(17,050,598 | ) | (4,715,643 | ) | (34,903,819 | ) | (76,030,333 | ) | |||||||||
Loss from discontinued operations |
(12,116 | ) | (17,044 | ) | (73,034 | ) | (41,091,311 | ) | |||||||||
Net loss |
(17,062,714 | ) | (4,732,687 | ) | (34,976,853 | ) | (117,121,644 | ) | |||||||||
Deemed dividend associated with beneficial
conversion |
| | | (11,423,824 | ) | ||||||||||||
Preferred stock dividends |
| | | (1,589,861 | ) | ||||||||||||
Net (income)/loss attributable to
noncontrolling interest |
(19,656 | ) | (15,138 | ) | (87,047 | ) | 1,799,523 | ||||||||||
Net loss attributable to Fibrocell Science,
Inc. common shareholders |
$ | (17,082,370 | ) | $ | (4,747,825 | ) | $ | (35,063,900 | ) | $ | (128,335,806 | ) | |||||
Per share information: |
|||||||||||||||||
Loss from continuing operations-basic and
diluted |
$ | (0.80 | ) | $ | (0.30 | ) | $ | (1.91 | ) | $ | (4.30 | ) | |||||
Loss from discontinued operations-basic
and diluted |
| | | (2.32 | ) | ||||||||||||
Income (loss) attributable to noncontrolling interest |
| | (0.01 | ) | 0.10 | ||||||||||||
Deemed dividend associated with
beneficial conversion of preferred stock |
| | | (0.65 | ) | ||||||||||||
Preferred stock dividends |
| | | (0.09 | ) | ||||||||||||
Net loss attributable to common
shareholders per common sharebasic and
diluted |
$ | (0.80 | ) | $ | (0.30 | ) | $ | (1.92 | ) | $ | (7.26 | ) | |||||
Weighted average number of basic and
diluted common shares outstanding |
21,230,249 | 15,806,989 | 18,237,924 | 17,678,219 | |||||||||||||
2
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash on 12/28/95 |
| $ | | | $ | | 2,285,291 | $ | 2,285 | $ | (1,465 | ) | | $ | | $ | | $ | | $ | 820 | |||||||||||||||||||||||||||
Issuance of common stock for cash
on 11/7/96 |
| | | | 11,149 | 11 | 49,989 | | | | | 50,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 11/29/96 |
| | | | 2,230 | 2 | 9,998 | | | | | 10,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 12/19/96 |
| | | | 6,690 | 7 | 29,993 | | | | | 30,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 12/26/96 |
| | | | 11,148 | 11 | 49,989 | | | | | 50,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (270,468 | ) | (270,468 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/96 (Predecessor) |
| $ | | | $ | | 2,316,508 | $ | 2,316 | $ | 138,504 | | $ | | $ | | $ | (270,468 | ) | $ | (129,648 | ) | ||||||||||||||||||||||||||
Issuance of common stock for cash
on 12/27/97 |
| | | | 21,182 | 21 | 94,979 | | | | | 95,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for
services on 9/1/97 |
| | | | 11,148 | 11 | 36,249 | | | | | 36,260 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for
services on 12/28/97 |
| | | | 287,193 | 287 | 9,968 | | | | | 10,255 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (52,550 | ) | (52,550 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/97(Predecessor) |
| $ | | | $ | | 2,636,031 | $ | 2,635 | $ | 279,700 | | $ | | $ | | $ | (323,018 | ) | $ | (40,683 | ) |
3
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of
common stock for
cash on 8/23/98 |
| $ | | | $ | | 4,459 | $ | 4 | $ | 20,063 | | $ | | $ | | $ | | $ | 20,067 | ||||||||||||||||||||||||||||
Repurchase of
common stock on
9/29/98 |
| | | | | | | 2,400 | (50,280 | ) | | | (50,280 | ) | ||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (195,675 | ) | (195,675 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/98
(Predecessor) |
| $ | | | $ | | 2,640,490 | $ | 2,639 | $ | 299,763 | 2,400 | $ | (50,280 | ) | $ | | $ | (518,693 | ) | $ | (266,571 | ) | |||||||||||||||||||||||||
Issuance of
common stock for
cash on 9/10/99 |
| | | | 52,506 | 53 | 149,947 | | | | | 150,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (1,306,778 | ) | (1,306,778 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/99
(Predecessor) |
| $ | | | $ | | 2,692,996 | $ | 2,692 | $ | 449,710 | 2,400 | $ | (50,280 | ) | $ | | $ | (1,825,471 | ) | $ | (1,423,349 | ) | |||||||||||||||||||||||||
Issuance of
common stock for
cash on 1/18/00 |
| | | | 53,583 | 54 | 1,869 | | | | | 1,923 | ||||||||||||||||||||||||||||||||||||
Issuance of
common stock for
services on
3/1/00 |
| | | | 68,698 | 69 | (44 | ) | | | | | 25 | |||||||||||||||||||||||||||||||||||
Issuance of
common stock for
services on
4/4/00 |
| | | | 27,768 | 28 | (18 | ) | | | | | 10 | |||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (807,076 | ) | (807,076 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/00
(Predecessor) |
| $ | | | $ | | 2,843,045 | $ | 2,843 | $ | 451,517 | 2,400 | $ | (50,280 | ) | $ | | $ | (2,632,547 | ) | $ | (2,228,467 | ) |
4
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of
common stock for
services on 7/1/01 |
| $ | | | $ | | 156,960 | $ | 157 | $ | (101 | ) | | $ | | $ | | $ | | $ | 56 | |||||||||||||||||||||||||||
Issuance of common
stock for services
on 7/1/01 |
| | | | 125,000 | 125 | (80 | ) | | | | | 45 | |||||||||||||||||||||||||||||||||||
Issuance of common
stock for
capitalization of
accrued salaries on
8/10/01 |
| | | | 70,000 | 70 | 328,055 | | | | | 328,125 | ||||||||||||||||||||||||||||||||||||
Issuance of common
stock for
conversion of
convertible debt on
8/10/01 |
| | | | 1,750,000 | 1,750 | 1,609,596 | | | | | 1,611,346 | ||||||||||||||||||||||||||||||||||||
Issuance of common
stock for
conversion of
convertible
shareholder notes
payable on 8/10/01 |
| | | | 208,972 | 209 | 135,458 | | | | | 135,667 | ||||||||||||||||||||||||||||||||||||
Issuance of common
stock for bridge
financing on
8/10/01 |
| | | | 300,000 | 300 | (192 | ) | | | | | 108 | |||||||||||||||||||||||||||||||||||
Retirement of
treasury stock on
8/10/01 |
| | | | | | (50,280 | ) | (2,400 | ) | 50,280 | | | | ||||||||||||||||||||||||||||||||||
Issuance of common
stock for net
assets of Gemini on
8/10/01 |
| | | | 3,942,400 | 3,942 | (3,942 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common
stock for net
assets of AFH on
8/10/01 |
| | | | 3,899,547 | 3,900 | (3,900 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common
stock for cash on
8/10/01 |
| | | | 1,346,669 | 1,347 | 2,018,653 | | | | | 2,020,000 | ||||||||||||||||||||||||||||||||||||
Transaction and
fund raising
expenses on 8/10/01 |
| | | | | | (48,547 | ) | | | | | (48,547 | ) | ||||||||||||||||||||||||||||||||||
Issuance of common
stock for services
on 8/10/01 |
| | | | 60,000 | 60 | | | | | | 60 | ||||||||||||||||||||||||||||||||||||
Issuance of common
stock for cash on
8/28/01 |
| | | | 26,667 | 27 | 39,973 | | | | | 40,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common
stock for services
on 9/30/01 |
| | | | 314,370 | 314 | 471,241 | | | | | 471,555 |
5
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services3rd quarter |
| $ | | | $ | | | $ | | $ | 55,556 | | $ | | $ | | $ | | $ | 55,556 | ||||||||||||||||||||||||||||
Issuance of common stock for
services on 11/1/01 |
| | | | 145,933 | 146 | 218,754 | | | | | 218,900 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services4th quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (1,652,004 | ) | (1,652,004 | ) | ||||||||||||||||||||||||||||||||||
Balance, 12/31/01 (Predecessor) |
| $ | | | $ | | 15,189,563 | $ | 15,190 | $ | 5,321,761 | | $ | | $ | | $ | (4,284,551 | ) | $ | 1,052,400 | |||||||||||||||||||||||||||
Uncompensated contribution of
services1st quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 4/26/02 |
905,000 | 905 | | | | | 2,817,331 | | | | | 2,818,236 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 5/16/02 |
890,250 | 890 | | | | | 2,772,239 | | | | | 2,773,129 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 5/31/02 |
795,000 | 795 | | | | | 2,473,380 | | | | | 2,474,175 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 6/28/02 |
229,642 | 230 | | | | | 712,991 | | | | | 713,221 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services2nd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 7/15/02 |
75,108 | 75 | | | | | 233,886 | | | | | 233,961 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 8/1/02 |
| | | | 38,400 | 38 | 57,562 | | | | | 57,600 | ||||||||||||||||||||||||||||||||||||
Issuance of warrants for services
on 9/06/02 |
| | | | | | 103,388 | | | | | 103,388 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services3rd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services4th quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
dividends |
143,507 | 144 | | | | | 502,517 | | | | (502,661 | ) | | |||||||||||||||||||||||||||||||||||
Deemed dividend associated with
beneficial conversion of preferred
stock |
| | | | | | 10,178,944 | | | | (10,178,944 | ) | | |||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (5,433,055 | ) | (5,433,055 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income,
foreign currency translation
adjustment |
| | | | | | | | | 13,875 | | 13,875 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (5,419,180 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/02 (Predecessor) |
3,038,507 | $ | 3,039 | | $ | | 15,227,963 | $ | 15,228 | $ | 25,573,999 | | $ | | $ | 13,875 | $ | (20,399,211 | ) | $ | 5,206,930 |
6
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 1/7/03 |
| $ | | | $ | | 61,600 | $ | 62 | $ | 92,338 | | $ | | $ | | $ | | $ | 92,400 | ||||||||||||||||||||||||||||
Issuance of common stock for
patent pending acquisition on
3/31/03 |
| | | | 100,000 | 100 | 539,900 | | | | | 540,000 | ||||||||||||||||||||||||||||||||||||
Cancellation of common stock on
3/31/03 |
| | | | (79,382 | ) | (79 | ) | (119,380 | ) | | | | | (119,459 | ) | ||||||||||||||||||||||||||||||||
Uncompensated contribution of
services1st quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 5/9/03 |
| | 110,250 | 110 | | | 2,773,218 | | | | | 2,773,328 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock for
cash on 5/16/03 |
| | 45,500 | 46 | | | 1,145,704 | | | | | 1,145,750 | ||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into
common stock2nd qtr |
(70,954 | ) | (72 | ) | | | 147,062 | 147 | 40,626 | | | | | 40,701 | ||||||||||||||||||||||||||||||||||
Conversion of warrants into common
stock2nd qtr |
| | | | 114,598 | 114 | (114 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Uncompensated contribution of
services2nd quarter |
| | | | | | 100,000 | | | | | 100,000 | ||||||||||||||||||||||||||||||||||||
Issuance of preferred stock
dividends |
| | | | | | | | | | (1,087,200 | ) | (1,087,200 | ) | ||||||||||||||||||||||||||||||||||
Deemed dividend associated with
beneficial conversion of preferred
stock |
| | | | | | 1,244,880 | | | | (1,244,880 | ) | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash3rd qtr |
| | | | 202,500 | 202 | 309,798 | | | | | 310,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash
on 8/27/03 |
| | | | 3,359,331 | 3,359 | 18,452,202 | | | | | 18,455,561 | ||||||||||||||||||||||||||||||||||||
Conversion of preferred stock into
common stock3rd qtr |
(2,967,553 | ) | (2,967 | ) | (155,750 | ) | (156 | ) | 7,188,793 | 7,189 | (82,875 | ) | | | | | (78,809 | ) | ||||||||||||||||||||||||||||||
Conversion of warrants into common
stock3rd qtr |
| | | | 212,834 | 213 | (213 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on warrants
issued to non-employees |
| | | | | | 412,812 | | | | | 412,812 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash4th qtr |
| | | | 136,500 | 137 | 279,363 | | | | | 279,500 | ||||||||||||||||||||||||||||||||||||
Conversion of warrants into common
stock4th qtr |
| | | | 393 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (11,268,294 | ) | (11,268,294 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income,
foreign currency translation
adjustment |
| | | | | | | | | 360,505 | | 360,505 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (10,907,789 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/03 (Predecessor) |
| $ | | | $ | | 26,672,192 | $ | 26,672 | $ | 50,862,258 | | $ | | $ | 374,380 | $ | (33,999,585 | ) | $ | 17,263,725 |
7
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Conversion of warrants into common
stock1st qtr |
| $ | | | $ | | 78,526 | $ | 79 | $ | (79 | ) | | $ | | $ | | $ | | $ | | |||||||||||||||||||||||||||
Issuance of common stock for cash in
connection with exercise of stock
options1st qtr |
| | | | 15,000 | 15 | 94,985 | | | | | 95,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in
connection with exercise of
warrants1st qtr |
| | | | 4,000 | 4 | 7,716 | | | | | 7,720 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants
issued to non-employees and
directors1st qtr |
| | | | | | 1,410,498 | | | | | 1,410,498 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with
exercise of warrants2nd qtr |
| | | | 51,828 | 52 | (52 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash2nd qtr |
| | | | 7,200,000 | 7,200 | 56,810,234 | | | | | 56,817,434 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants
issued to non-employees and
directors2nd qtr |
| | | | | | 143,462 | | | | | 143,462 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with
exercise of warrants3rd qtr |
| | | | 7,431 | 7 | (7 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in
connection with exercise of stock
options3rd qtr |
| | | | 110,000 | 110 | 189,890 | | | | | 190,000 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock for cash in
connection with exercise of
warrants3rd qtr |
| | | | 28,270 | 28 | 59,667 | | | | | 59,695 | ||||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants
issued to non-employees and
directors3rd qtr |
| | | | | | 229,133 | | | | | 229,133 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with
exercise of warrants4th qtr |
| | | | 27,652 | 28 | (28 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on options and warrants
issued to non-employees, employees, and
directors4th qtr |
| | | | | | 127,497 | | | | | 127,497 | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock4th qtr |
| | | | | | | 4,000,000 | (25,974,000 | ) | | | (25,974,000 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (21,474,469 | ) | (21,474,469 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive income, foreign currency
translation adjustment |
| | | | | | | | | 79,725 | | 79,725 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net unrealized
gain on available-for-sale investments |
| | | | | | | | | 10,005 | | 10,005 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (21,384,739 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/04 (Predecessor) |
| $ | | | $ | | 34,194,899 | $ | 34,195 | $ | 109,935,174 | 4,000,000 | $ | (25,974,000 | ) | $ | 464,110 | $ | (55,474,054 | ) | $ | 28,985,425 |
8
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | (Deficit) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash in connection with
exercise of stock
options1st qtr |
| $ | | | $ | | 25,000 | $ | 25 | $ | 74,975 | | $ | | $ | | $ | | $ | 75,000 | ||||||||||||||||||||||||||||
Compensation expense on
options and warrants issued to
non-employees1st
qtr |
| | | | | | 33,565 | | | | | 33,565 | ||||||||||||||||||||||||||||||||||||
Conversion of warrants into
common stock2nd
qtr |
| | | | 27,785 | 28 | (28 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on
options and warrants issued to
non-employees2nd
qtr |
| | | | | | (61,762 | ) | | | | | (61,762 | ) | ||||||||||||||||||||||||||||||||||
Compensation expense on
options and warrants issued to
non-employees3rd
qtr |
| | | | | | (137,187 | ) | | | | | (137,187 | ) | ||||||||||||||||||||||||||||||||||
Conversion of warrants into
common stock3rd
qtr |
| | | | 12,605 | 12 | (12 | ) | | | | | | |||||||||||||||||||||||||||||||||||
Compensation expense on
options and warrants issued to
non-employees4th
qtr |
| | | | | | 18,844 | | | | | 18,844 | ||||||||||||||||||||||||||||||||||||
Compensation expense on
acceleration of
options4th qtr |
| | | | | | 14,950 | | | | | 14,950 | ||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock award issued
to employee4th
qtr |
| | | | | | 606 | | | | | 606 | ||||||||||||||||||||||||||||||||||||
Conversion of predecessor
company shares |
| | | | 94 | | | | | | | | ||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,777,584 | ) | (35,777,584 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss,
foreign currency translation
adjustment |
| | | | | | | | | (1,372,600 | ) | | (1,372,600 | ) | ||||||||||||||||||||||||||||||||||
Foreign exchange gain on
substantial liquidation of
foreign entity |
133,851 | 133,851 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net
unrealized gain on
available-for-sale investments |
| | | | | | | | | (10,005 | ) | | (10,005 | ) | ||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | (37,026,338 | ) | |||||||||||||||||||||||||||||||||||
Balance, 12/31/05 (Predecessor) |
| $ | | | $ | | 34,260,383 | $ | 34,260 | $ | 109,879,125 | 4,000,000 | $ | (25,974,000 | ) | $ | (784,644 | ) | $ | (91,251,638 | ) | $ | (8,096,897 | ) |
9
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees1st
qtr |
| $ | | | $ | | | $ | | $ | 42,810 | | $ | | $ | | $ | | $ | | $ | 42,810 | ||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors1st qtr |
| | | | | | 46,336 | | | | | | 46,336 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock issued to
employees1st qtr |
| | | | 128,750 | 129 | 23,368 | | | | | | 23,497 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees2nd
qtr |
| | | | | | 96,177 | | | | | | 96,177 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors2nd qtr |
| | | | | | 407,012 | | | | | | 407,012 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock to
employees2nd qtr |
| | | | | | 4,210 | | | | | | 4,210 | |||||||||||||||||||||||||||||||||||||||
Cancellation of unvested
restricted stock
2nd qtr |
| | | | (97,400 | ) | (97 | ) | 97 | | | | | | | |||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash in connection with
exercise of stock
options2nd qtr |
| | | | 10,000 | 10 | 16,490 | | | | | | 16,500 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees3rd
qtr |
| | | | | | 25,627 | | | | | | 25,627 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors3rd qtr |
| | | | | | 389,458 | | | | | | 389,458 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock to
employees3rd qtr |
| | | | | | 3,605 | | | | | | 3,605 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash in connection with
exercise of stock
options3rd qtr |
| | | | 76,000 | 76 | 156,824 | | | | | | 156,900 | |||||||||||||||||||||||||||||||||||||||
Acquisition of Agera |
| | | | | | | | | | | 2,182,505 | 2,182,505 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees4th
qtr |
| | | | | | 34,772 | | | | | | 34,772 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors4th qtr |
| | | | | | 390,547 | | | | | | 390,547 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock to
employees4th qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Cancellation of unvested
restricted stock
award4th qtr |
| | | | (15,002 | ) | (15 | ) | 15 | | | | | | | |||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,821,406 | ) | (78,132 | ) | (35,899,538 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive gain,
foreign currency translation
adjustment |
| | | | | | | | | 657,182 | | | 657,182 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (35,242,356 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/06 (Predecessor) |
| $ | | | $ | | 34,362,731 | $ | 34,363 | $ | 111,516,561 | 4,000,000 | $ | (25,974,000 | ) | $ | (127,462 | ) | $ | (127,073,044 | ) | $ | 2,104,373 | $ | (39,519,209 | ) |
10
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees1st
qtr |
| $ | | | $ | | | $ | | $ | 39,742 | | $ | | $ | | $ | | $ | | $ | 39,742 | ||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors1st qtr |
| | | | | | 448,067 | | | | | | 448,067 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock issued to
employees1st qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash in connection with
exercise of stock
options1st qtr |
| | | | 15,000 | 15 | 23,085 | | | | | | 23,100 | |||||||||||||||||||||||||||||||||||||||
Expense in connection with
modification of employee stock
options 1st qtr |
| | | | | | 1,178,483 | | | | | | 1,178,483 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on options
and warrants issued to
non-employees2nd
qtr |
| | | | | | 39,981 | | | | | | 39,981 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors2nd qtr |
| | | | | | 462,363 | | | | | | 462,363 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock issued to
employees2nd qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors3rd qtr |
| | | | | | 478,795 | | | | | | 478,795 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock issued to
employees3rd qtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon
exercise of
warrants3rd qtr |
| | | | 492,613 | 493 | 893,811 | | | | | | 894,304 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash, net of offering
costs3rd qtr |
| | | | 6,767,647 | 6,767 | 13,745,400 | | | | | | 13,752,167 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock for
cash in connection with
exercise of stock
options3rd qtr |
| | | | 1,666 | 2 | 3,164 | | | | | | 3,166 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to employees and
directors4thqtr |
| | | | | | 378,827 | | | | | | 378,827 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
restricted stock issued to
employees4thqtr |
| | | | | | 88 | | | | | | 88 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (35,573,114 | ) | (246,347 | ) | (35,819,461 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive gain,
foreign currency translation
adjustment |
| | | | | | | | | 846,388 | | | 846,388 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (34,973,073 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/07 (Predecessor) |
| $ | | | $ | | 41,639,657 | $ | 41,640 | $ | 129,208,631 | 4,000,000 | $ | (25,974,000 | ) | $ | 718,926 | $ | (162,646,158 | ) | $ | 1,858,026 | $ | (56,792,935 | ) |
11
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Shareholders | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options related to
non-employees1st qtr |
| $ | | | $ | | | $ | | $ | 44,849 | | $ | | $ | | $ | | $ | | $ | 44,849 | ||||||||||||||||||||||||||||||
Compensation expense on option awards issued to
employees and directors1st qtr |
| | | | | | 151,305 | | | | | | 151,305 | |||||||||||||||||||||||||||||||||||||||
Expense in connection with modification of employee
stock options 1st qtr |
| | | | | | 1,262,815 | | | | | | 1,262,815 | |||||||||||||||||||||||||||||||||||||||
Retirement of restricted stock |
| | | | (165 | ) | (1 | ) | | | | | | | (1 | ) | ||||||||||||||||||||||||||||||||||||
Compensation expense on vested options related to
non-employees2nd qtr |
| | | | | | 62,697 | | | | | | 62,697 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors2nd qtr |
| | | | | | 193,754 | | | | | | 193,754 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options
related to non-employees3rd qtr |
| | | | | | 166,687 | | | | | | 166,687 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors3rd qtr |
| | | | | | 171,012 | | | | | | 171,012 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options
related to non-employees4th qtr |
| | | | | | (86,719 | ) | | | | | | (86,719 | ) | |||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors4th qtr |
| | | | | | 166,196 | | | | | | 166,196 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (31,411,179 | ) | (1,680,676 | ) | (33,091,855 | ) | ||||||||||||||||||||||||||||||||||||
Reclassification of foreign exchange gain on
substantial liquidation of foreign entities |
| | | | | | | | | (2,152,569 | ) | | | (2,152,569 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive gain, foreign currency translation
adjustment |
| | | | | | | | | 1,433,643 | | | 1,433,643 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (33,810,781 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/08 (Predecessor) |
| $ | | | $ | | 41,639,492 | $ | 41,639 | $ | 131,341,227 | 4,000,000 | $ | (25,974,000 | ) | $ | | $ | (194,057,337 | ) | $ | 177,350 | $ | (88,471,121 | ) |
12
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on vested options
related to non-employees1st
qtr |
| $ | | | $ | | | $ | | $ | 1,746 | | $ | | $ | | $ | | $ | | $ | 1,746 | ||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and
directors1st qtr |
| | | | | | 138,798 | | | | | | 138,798 | |||||||||||||||||||||||||||||||||||||||
Conversion of debt into common stock
1st qtr 2009 |
| | | | 37,564 | 38 | 343,962 | | | | | | 344,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors2nd
qtr |
| | | | | | 112,616 | | | | | | 112,616 | |||||||||||||||||||||||||||||||||||||||
Conversion of debt into common stock
2nd qtr 2009 |
| | | | 1,143,324 | 1,143 | 10,468,857 | | | | | | 10,470,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to employees and directors2
months ended 8/31/09 |
| | | | | | 35,382 | | | | | | 35,382 | |||||||||||||||||||||||||||||||||||||||
Balance of expense due to cancellation
of options issued to employees and
directors in bankruptcy2 months ended
8/31/09 |
| | | | | | 294,912 | | | | | | 294,912 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income |
| | | | | | | | | | 65,721,531 | 205,632 | 65,927,163 | |||||||||||||||||||||||||||||||||||||||
Comprehensive income |
| | | | | | | | | | | | 65,927,163 | |||||||||||||||||||||||||||||||||||||||
Balance 8/31/09 (Predecessor) |
| | | | 42,820,380 | $ | 42,820 | $ | 142,737,500 | 4,000,000 | $ | (25,974,000 | ) | $ | | $ | (128,335,806 | ) | $ | 382,982 | $ | (11,146,504 | ) | |||||||||||||||||||||||||||||
Cancellation of Predecessor common stock
and fresh start adjustments |
| | | | (42,820,380 | ) | (42,820 | ) | (150,426,331 | ) | (4,000,000 | ) | 25,974,000 | | | | (124,495,151 | ) | ||||||||||||||||||||||||||||||||||
Elimination of Predecessor accumulated
deficit and accumulated other
comprehensive loss |
| | | | | | | | | | 128,335,806 | | 128,335,806 | |||||||||||||||||||||||||||||||||||||||
Balance 9/1/09 (Predecessor) |
| | | | | | (7,688,831 | ) | | | | | 382,982 | (7,305,849 | ) | |||||||||||||||||||||||||||||||||||||
Issuance of 11.4 million shares of
common stock in connection with
emergence from Chapter 11 |
| | | | 11,400,000 | 11,400 | 5,460,600 | | | | | | 5,472,000 | |||||||||||||||||||||||||||||||||||||||
Balance 9/1/09 (Successor) |
| | | | 11,400,000 | 11,400 | (2,228,231 | ) | | | | | 382,982 | (1,833,849 | ) | |||||||||||||||||||||||||||||||||||||
Issuance of 2.7 million shares of common
stock in connection with the exit
financing |
| | | | 2,666,666 | 2,667 | 1,797,333 | | | | | | 1,800,000 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock on Oct. 28, 2009 |
| | | | 25,501 | 25 | 58,627 | | | | | | 58,652 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares issued to
management |
| | | | 600,000 | 600 | 167,400 | | | | | | 168,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to directors |
| | | | | | 326,838 | | | | | | 326,838 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option awards
issued to non-employees |
| | | | | | 386,380 | | | | | | 386,380 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (5,049,999 | ) | 15,493 | (5,034,506 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (5,034,506 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/09 (Successor) |
| $ | | | $ | | 14,692,167 | $ | 14,692 | $ | 508,347 | | $ | | $ | | $ | (5,049,999 | ) | $ | 398,475 | $ | (4,128,485 | ) |
13
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Issuance of 5.1 million shares of
common stock in March 2010, net of
issuance costs of $338,100 |
| $ | | | $ | | 5,076,664 | $ | 5,077 | $ | 3,464,323 | | $ | | $ | | $ | | $ | | $ | 3,469,400 | ||||||||||||||||||||||||||||||
Warrant fair value associated with
common shares issued in March 2010 |
| | | | | | (2,890,711 | ) | | | | | | (2,890,711 | ) | |||||||||||||||||||||||||||||||||||||
Compensation expense on shares
issued to management 1Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
directors/employees 1Q10 |
| | | | | | 324,377 | | | | | | 324,377 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
non-employees 1Q10 |
| | | | | | 18,391 | | | | | | 18,391 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares
issued to management 2Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
directors/employees 2Q10 |
| | | | | | 222,011 | | | | | | 222,011 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
non-employees 2Q10 |
| | | | | | 33,206 | | | | | | 33,206 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares
issued to management 3Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
directors/employees 3Q10 |
| | | | | | 183,231 | | | | | | 183,231 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
non-employees 3Q10 |
| | | | | | 7,724 | | | | | | 7,724 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on shares
issued to management 4Q10 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
directors/employees 4Q10 |
| | | | | | 104,094 | | | | | | 104,094 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on option
awards issued to
non-employees 4Q10 |
| | | | | | 27,507 | | | | | | 27,507 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A conversion |
| | | | 606,667 | 607 | 363,393 | | | | | | 364,000 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (12,931,531 | ) | 51,898 | (12,879,633 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (12,879,633 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 12/31/10 (Successor) |
| $ | | | $ | | 20,375,498 | $ | 20,376 | $ | 2,437,893 | | $ | | $ | | $ | (17,981,530 | ) | $ | 450,373 | $ | (15,072,888 | ) | ||||||||||||||||||||||||||||
14
Accumulated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | Series B | Accumulated | Deficit | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional | Treasury Stock | Other | During | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Paid-In | Number of | Comprehensive | Development | Noncontrolling | Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Shares | Amount | Income (Loss) | Stage | Interest | (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense on
shares issued to
management 1Q11 |
| | | | | | 18,000 | | | | | | 18,000 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
option awards issued to
directors/employees 1Q11 |
| | | | | | 995,551 | | | | | | 995,551 | |||||||||||||||||||||||||||||||||||||||
Compensation expense on
option awards issued to
non-employees 1Q11 |
| | | | | | 38,203 | | | | | | 38,203 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock and
warrants exercised 1Q11 |
| | | | 289,599 | 289 | 241,542 | | | | | | 241,831 | |||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A
and B converted 1Q11 |
| | | | 3,894,000 | 3,894 | 323,919 | | | | | | 327,813 | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
| | | | | | | | | | (17,082,370 | ) | 19,656 | (17,062,714 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive loss |
| | | | | | | | | | | | (17,062,714 | ) | ||||||||||||||||||||||||||||||||||||||
Balance 3/31/11 (Successor) |
| $ | | | $ | | 24,559,097 | $ | 24,559 | $ | 4,055,108 | | $ | | $ | | $ | (35,063,900 | ) | $ | 470,029 | $ | (30,514,204 | ) | ||||||||||||||||||||||||||||
15
Successor | Successor | Successor | Predecessor | ||||||||||||||
Cumulative | Cumulative | ||||||||||||||||
period from | period from | ||||||||||||||||
September 1, | December 31, | ||||||||||||||||
For the three | For the three | 2009 (date of | 1995 (date of | ||||||||||||||
months ended | months ended | inception) to | inception) to | ||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | August 31, 2009 | ||||||||||||||
Cash flows from operating activities: |
|||||||||||||||||
Net loss |
$ | (17,082,370 | ) | $ | (4,747,825 | ) | $ | (35,063,900 | ) | $ | (115,322,121 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating
activities: |
|||||||||||||||||
Reorganization items, net |
| | 72,477 | (74,648,976 | ) | ||||||||||||
Expense related to equity awards and issuance of stock |
1,051,754 | 360,768 | 2,925,513 | 10,608,999 | |||||||||||||
Warrant expense |
6,296,330 | 1,417,244 | 7,080,646 | | |||||||||||||
Derivative revaluation expense |
6,620,726 | | 6,620,726 | | |||||||||||||
Uncompensated contribution of services |
| | | 755,556 | |||||||||||||
Depreciation and amortization |
2,473 | 852 | 10,558 | 9,091,990 | |||||||||||||
Provision for doubtful accounts |
(8,372 | ) | (4,948 | ) | (62,809 | ) | 337,810 | ||||||||||
Provision for excessive and/or obsolete inventory |
5,387 | (34,532 | ) | (43,315 | ) | 259,427 | |||||||||||
Amortization of debt issue costs |
| | | 4,107,067 | |||||||||||||
Amortization of debt discounts on investments |
| | | (508,983 | ) | ||||||||||||
Loss on disposal or impairment of property and equipment |
| | | 17,668,477 | |||||||||||||
Foreign exchange loss (gain) on substantial liquidation of
foreign entity |
(859 | ) | 2,448 | (8,545 | ) | (2,256,408 | ) | ||||||||||
Net (loss) income attributable to non-controlling interest |
19,656 | 15,138 | 87,047 | (1,799,523 | ) | ||||||||||||
Change in operating assets and liabilities, excluding
effects of acquisition: |
|||||||||||||||||
Decrease (increase) in accounts receivable |
65,924 | 994 | 137,154 | (91,496 | ) | ||||||||||||
Decrease (increase) in other receivables |
1,674 | (88 | ) | 2,381 | 218,978 | ||||||||||||
Decrease (increase) in inventory |
(45,649 | ) | 818 | 12,733 | (455,282 | ) | |||||||||||
Decrease in prepaid expenses |
221,449 | 110,650 | 19,343 | 34,341 | |||||||||||||
Decrease in other assets |
| | 4,120 | 71,000 | |||||||||||||
Increase (decrease) in accounts payable |
(555,196 | ) | (23,887 | ) | 403,528 | 57,648 | |||||||||||
Increase in accrued expenses, liabilities subject to
compromise and other liabilities |
238,320 | 583,164 | 1,068,666 | 3,311,552 | |||||||||||||
Increase (decrease) in deferred revenue |
14,000 | | 14,000 | (50,096 | ) | ||||||||||||
Net cash used in operating activities |
(3,154,753 | ) | (2,319,204 | ) | (16,719,677 | ) | (148,610,040 | ) | |||||||||
Cash flows from investing activities: |
|||||||||||||||||
Acquisition of Agera, net of cash acquired |
| | | (2,016,520 | ) | ||||||||||||
Purchase of property and equipment |
(17,491 | ) | (26,335 | ) | (47,165 | ) | (25,515,170 | ) | |||||||||
Proceeds from the sale of property and equipment, net of
selling costs |
| | | 6,542,434 | |||||||||||||
Purchase of investments |
| | | (152,998,313 | ) | ||||||||||||
Proceeds from sales and maturities of investments |
| | | 153,507,000 | |||||||||||||
Net cash used in investing activities |
(17,491 | ) | (26,335 | ) | (47,165 | ) | (20,480,569 | ) | |||||||||
Cash flows from financing activities: |
|||||||||||||||||
Proceeds from convertible debt |
| | | 91,450,000 | |||||||||||||
Offering costs associated with the issuance of convertible debt |
| | | (3,746,193 | ) | ||||||||||||
Proceeds from notes payable to shareholders, net |
| | | 135,667 | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
A, net |
| | 2,870,000 | 12,931,800 | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
B, net |
193,200 | | 4,212,770 | | |||||||||||||
Proceeds from the issuance of redeemable preferred stock series
D, net |
5,642,780 | | 7,152,180 | | |||||||||||||
Proceeds from the issuance of common stock, net |
| 3,469,400 | 5,269,400 | 93,753,857 | |||||||||||||
Costs associated with secured loan and debtor-in-possession loan |
| | | (360,872 | ) | ||||||||||||
Proceeds from secured loan |
| | | 500,471 | |||||||||||||
Proceeds from debtor-in-possession loan |
| | | 2,750,000 | |||||||||||||
Payments on insurance loan |
(24,139 | ) | (20,273 | ) | (109,713 | ) | (79,319 | ) | |||||||||
Cash dividends paid on preferred stock |
(198,227 | ) | | (337,977 | ) | (1,087,200 | ) | ||||||||||
Cash paid for fractional shares of preferred stock |
| | | (38,108 | ) | ||||||||||||
Merger and acquisition expenses |
| | | (48,547 | ) | ||||||||||||
Repurchase of common stock |
| | | (26,024,280 | ) | ||||||||||||
Net cash provided by financing activities |
5,613,614 | 3,449,127 | 19,056,660 | 170,137,276 | |||||||||||||
Effect of exchange rate changes on cash balances |
1,030 | (2,631 | ) | 10,044 | (36,391 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents |
2,442,400 | 1,100,957 | 2,299,862 | 1,010,276 | |||||||||||||
Cash and cash equivalents, beginning of period |
867,738 | 1,362,488 | 1,010,276 | | |||||||||||||
Cash and cash equivalents, end of period |
$ | 3,310,138 | $ | 2,463,445 | $ | 3,310,138 | $ | 1,010,276 | |||||||||
Supplemental disclosures of cash flow information: |
|||||||||||||||||
Predecessor cash paid for interest |
$ | | $ | | $ | | $ | 12,715,283 | |||||||||
Successor cash paid for dividends |
198,227 | | 337,977 | | |||||||||||||
Non-cash investing and financing activities: |
|||||||||||||||||
Predecessor deemed dividend associated with beneficial
conversion of preferred stock |
$ | | $ | | $ | | $ | 11,423,824 | |||||||||
Predecessor preferred stock dividend |
| | | 1,589,861 | |||||||||||||
Successor accrued preferred stock dividend |
197,582 | 48,260 | 197,582 | | |||||||||||||
Predecessor uncompensated contribution of services |
| | | 755,556 | |||||||||||||
Predecessor common stock issued for intangible assets |
| | | 540,000 | |||||||||||||
Predecessor common stock issued in connection with conversion
of debt |
| | | 10,814,000 | |||||||||||||
Predecessor equipment acquired through capital lease |
| | | 167,154 | |||||||||||||
Successor/Predecessor financing of insurance premiums |
| | 178,582 | 87,623 | |||||||||||||
Successor issuance of notes payable |
| | | 6,000,060 | |||||||||||||
Successor common stock issued in connection with reorganization |
| | | 5,472,000 | |||||||||||||
Successor intangible assets |
| | | 6,340,656 | |||||||||||||
Successor deferred tax liability in connection with fresh-start |
| | | 2,500,000 | |||||||||||||
Elimination of Predecessor common stock and fresh start
adjustment |
| | | 14,780,320 | |||||||||||||
Successor accrued warrant liability |
4,994,307 | 2,890,711 | 12,381,509 | | |||||||||||||
Successor conversion of preferred stock into common stock |
327,813 | | 691,813 | | |||||||||||||
Exercise of warrants-cashless |
241,831 | | 241,831 | | |||||||||||||
Successor accrued derivative liability |
510,810 | | 2,631,170 | | |||||||||||||
16
17
18
Level 1: Unadjusted quoted prices in active markets that are accessible at the
measurement date for identical, unrestricted assets or liabilities; |
Level 2: Quoted prices in markets that are not active or inputs which are observable,
either directly or indirectly, for substantially the full term of the asset or liability. |
Level 3: Prices or valuation techniques that require inputs that are both significant
to the fair value measurement and unobservable (i.e., supported by little or no market
activity). |
Fair value measurement using | ||||||||||||||||
Significant | Significant | |||||||||||||||
Quoted prices in | other | unobservable | ||||||||||||||
active markets | observable | inputs | ||||||||||||||
(Level 1) | inputs (Level 2) | (Level 3) | Total | |||||||||||||
Balance at March 31, 2011 |
||||||||||||||||
Cash and cash equivalents |
$ | 3,310,138 | $ | | $ | | $ | 3,310,138 | ||||||||
Liabilities |
||||||||||||||||
Warrant liability |
$ | | $ | | $ | 19,220,324 | $ | 19,220,324 | ||||||||
Derivative liability |
| | 8,820,108 | 8,820,108 | ||||||||||||
Total |
$ | | $ | | $ | 28,040,432 | $ | 28,040,432 | ||||||||
Fair value measurement using | ||||||||||||||||
Significant | Significant | |||||||||||||||
Quoted prices in | other | unobservable | ||||||||||||||
active markets | observable | inputs | ||||||||||||||
(Level 1) | inputs (Level 2) | (Level 3) | Total | |||||||||||||
Balance at December 31, 2010 |
||||||||||||||||
Cash and cash equivalents |
$ | 867,738 | $ | | $ | | $ | 867,738 | ||||||||
Liabilities |
||||||||||||||||
Warrant liability |
$ | | $ | | $ | 8,171,518 | $ | 8,171,518 | ||||||||
Derivative liability |
| | 2,120,360 | 2,120,360 | ||||||||||||
Total |
$ | | $ | | $ | 10,291,878 | $ | 10,291,878 | ||||||||
Warrant | ||||
Liability | ||||
Balance at December 31, 2010 |
$ | 8,171,518 | ||
Issuance of additional warrants |
4,994,307 | |||
Exercise of warrants |
(241,831 | ) | ||
Change in fair value of warrant liability |
6,296,330 | |||
Balance at March 31, 2011 |
$ | 19,220,324 | ||
19
Derivative | ||||
Liability | ||||
Balance at December 31, 2010 |
$ | 2,120,360 | ||
Issuance of additional preferred stock |
510,810 | |||
Conversion of preferred stock |
(431,788 | ) | ||
Change in fair value of derivative liability |
6,620,726 | |||
Balance at March 31, 2011 |
$ | 8,820,108 | ||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Accrued professional fees |
$ | 393,392 | $ | 413,384 | ||||
Accrued compensation |
40,676 | 7,076 | ||||||
Dividend on preferred stock payable |
190,772 | 191,417 | ||||||
Accrued other |
126,582 | 177,605 | ||||||
Accrued expenses |
$ | 751,422 | $ | 789,482 | ||||
Preferred Stock Series A |
2,886 | |||
Preferred Stock Series B |
2,693 | |||
Preferred Stock Series D |
7,779 | |||
Total |
13,358 | |||
20
Number of shares of | Number of warrants | |||||||
Date of Financing | Series D Preferred (1) | issued (2) | ||||||
January 21, 2011 |
1,234 | 2,665,440 | ||||||
January 28, 2011 |
1,414 | 3,054,240 | ||||||
February 9, 2011 |
3,436 | 7,421,760 | ||||||
March 1, 2011 |
50 | 108,000 | ||||||
6,134 | 13,249,440 | |||||||
(1) | Series D Preferred at a stated par value of $1,000. |
|
(2) | Warrants issued shares of Common Stock at an exercise price of $0.50 per share to
certain accredited investors and placement agents. |
March 31, 2011 | December 31, 2010 | |||||||
Expected life (years) |
1.4 years | 1.6 years | ||||||
Interest rate |
0.6 | % | 1.3 | % | ||||
Dividend yield |
| | ||||||
Volatility |
62 | % | 63 | % |
21
March 31, 2011 | December 31, 2010 | |||||||
Expected life (years) |
4.6 years | 4.7 years | ||||||
Interest rate |
2.2 | % | 1.8 | % | ||||
Dividend yield |
| | ||||||
Volatility |
62 | % | 63 | % |
The following table summarizes outstanding warrants to purchase Common Stock as of March
31, 2011: |
Warrant liability | ||||||||||||
Number of | Balance as of | |||||||||||
Warrants | Expiration Dates | March 31, 2011 | ||||||||||
Warrants and
co-placement
warrants issued in
Series A Preferred
Stock offering |
3,555,493 | Oct. 2014 | $ | 1,484,193 | ||||||||
Warrants and
co-placement
warrants issued in
March 2010 offering |
10,183,469 | Mar. 2015 | 4,380,593 | |||||||||
Warrants and
co-placement
warrants issued in
Series B Preferred
Stock offering |
12,932,565 | Jul.-Nov. 2015 | 5,774,963 | |||||||||
Warrants and
co-placement
warrants issued in
Series D Preferred
Stock offering |
16,802,640 | Dec. 2015-Mar. 2016 | 7,580,575 | |||||||||
Total |
43,474,167 | $ | 19,220,324 | |||||||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Stock option compensation expense for employees
and directors |
$ | 995,551 | $ | 324,377 | ||||
Restricted stock expense |
18,000 | 18,000 | ||||||
Equity awards for nonemployees issued for services |
38,203 | 18,391 | ||||||
Total stock-based compensation expense |
$ | 1,051,754 | $ | 360,768 | ||||
22
Weighted- | ||||||||||||||||
average | ||||||||||||||||
Weighted- | remaining | |||||||||||||||
average | contractual | Aggregate | ||||||||||||||
Number of | exercise | term (in | intrinsic | |||||||||||||
shares | price | years) | value | |||||||||||||
Outstanding at December 31, 2010 |
5,677,000 | $ | 0.86 | 7.46 | $ | | ||||||||||
Granted |
5,008,000 | $ | 0.62 | |||||||||||||
Exercised |
| $ | | |||||||||||||
Forfeited |
| $ | | |||||||||||||
Outstanding at March 31, 2011 |
10,685,000 | $ | 0.75 | 8.28 | $ | 694,960 | ||||||||||
Exercisable at March 31, 2011 |
6,379,720 | $ | 0.75 | 7.97 | $ | 330,380 | ||||||||||
March 31, 2011 | March 31, 2010 | |||||||
Expected life (years) |
5.4 years | 5.5 years | ||||||
Interest rate |
2.1 | % | 2.4 | % | ||||
Dividend yield |
| | ||||||
Volatility |
62 | % | 65 | % |
23
Segment | ||||||||||||
Three Months Ended March 31, 2011 | Fibrocell Therapy | Agera | Consolidated | |||||||||
Total operating revenue |
$ | | $ | 208,636 | $ | 208,636 | ||||||
Segment income (loss) from
continuing operations |
$ | (17,072,010 | ) | $ | 21,412 | $ | (17,050,598 | ) | ||||
Supplemental information related to
continuing operations |
||||||||||||
Depreciation and amortization expense |
$ | 2,473 | $ | | $ | 2,473 | ||||||
Total assets, including assets from
discontinued operations as of March
31, 2011 |
9,859,336 | 635,820 | 10,495,156 | |||||||||
Property and equipment, net |
36,607 | | 36,607 | |||||||||
Intangible assets, net |
6,340,656 | | 6,340,656 |
Segment | ||||||||||||
Three Months Ended March 31, 2010 | Fibrocell Therapy | Agera | Consolidated | |||||||||
Total operating revenue |
$ | | $ | 209,070 | $ | 209,070 | ||||||
Segment income (loss) from
continuing operations |
$ | (4,726,548 | ) | $ | 10,905 | $ | (4,715,643 | ) | ||||
Supplemental information related to
continuing operations |
||||||||||||
Depreciation and amortization expense |
$ | 852 | $ | | $ | 852 | ||||||
Total assets, including assets from
discontinued operations as of March
31, 2010 |
9,094,140 | 683,610 | 9,777,750 | |||||||||
Property and equipment, net |
25,483 | | 25,483 | |||||||||
Intangible assets, net |
6,340,656 | | 6,340,656 |
24
Three months ended | Three months ended | |||||||
March 31, 2011 | March 31, 2010 | |||||||
United States |
$ | 48,123 | $ | 60,194 | ||||
United Kingdom |
148,164 | 141,667 | ||||||
Other |
12,349 | 7,209 | ||||||
Total |
$ | 208,636 | $ | 209,070 | ||||
25
Item 2. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
26
27
Three months ended | Increase | |||||||||||||||
March 31, | (Decrease) | |||||||||||||||
2011 | 2010 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Total revenue |
$ | 209 | $ | 209 | $ | | | % | ||||||||
Cost of sales |
98 | 100 | (2 | ) | (2 | %) | ||||||||||
Gross profit |
$ | 111 | $ | 109 | $ | (2 | ) | (2 | %) | |||||||
Three months ended | Increase | |||||||||||||||
March 31, | (Decrease) | |||||||||||||||
2011 | 2010 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 1,264 | $ | 951 | $ | 313 | 33 | % | ||||||||
External services consulting |
236 | 237 | (1 | ) | ( | %) | ||||||||||
Facilities and related expense and other |
854 | 832 | 22 | 3 | % | |||||||||||
Total selling, general and administrative expense |
$ | 2,354 | $ | 2,020 | $ | 334 | 17 | % | ||||||||
28
Three months ended | Increase | |||||||||||||||
March 31, | (Decrease) | |||||||||||||||
2011 | 2010 | $ | % | |||||||||||||
(in thousands) | ||||||||||||||||
Compensation and related expense |
$ | 524 | $ | 364 | $ | 160 | 44 | % | ||||||||
External services consulting |
622 | 397 | 225 | 57 | % | |||||||||||
Lab costs and related expense |
277 | 223 | 54 | 24 | % | |||||||||||
Facilities and related expense |
194 | 209 | (15 | ) | (7 | %) | ||||||||||
Total research and development expense |
$ | 1,617 | $ | 1,193 | $ | 424 | 36 | % | ||||||||
29
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
(in thousands) | ||||||||
Statement of Cash Flows Data: |
||||||||
Total cash provided by (used in): |
||||||||
Operating activities |
$ | (3,155 | ) | $ | (2,319 | ) | ||
Investing activities |
(17 | ) | (26 | ) | ||||
Financing activities |
5,613 | 3,449 |
30
Item 3. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. | Controls and Procedures. |
31
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities. |
Item 4. | (Removed and Reserved) |
Item 5. | Other Information. |
Item 6. | Exhibits |
EXHIBIT NO. | IDENTIFICATION OF EXHIBIT | |
*31.1 | Certification pursuant to Rule 13a-14(a) and 15d-14(a),
required under Section 302 of the Sarbanes-Oxley Act of
2002 |
|
*31.2 | Certification pursuant to Rule 13a-14(a) and 15d-14(a),
required under Section 302 of the Sarbanes-Oxley Act of
2002 |
|
*32.1 | Certification pursuant to 18 U.S.C. Section 1350 as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 |
|
*32.2 | Certification pursuant to 18 U.S.C. Section 1350 as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 |
* | -Filed herewith |
32