2014 Q4 Form 10-Q Financial Statement

#000114420414067164 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $0.00 $3.426K $76.60K
YoY Change -100.0% -95.53% -27.45%
Cost Of Revenue $0.00 $0.00 $25.94K
YoY Change -100.0% -100.0% 188.2%
Gross Profit $0.00 $3.426K $50.66K
YoY Change -100.0% -93.24% -44.02%
Gross Profit Margin 100.0% 66.14%
Selling, General & Admin $1.720M $2.326M $3.231M
YoY Change -23.56% -28.03% 376.57%
% of Gross Profit 67878.34% 6378.82%
Research & Development -$750.0K $923.2K $321.1K
YoY Change -302.7% 187.49% -41.41%
% of Gross Profit 26945.97% 633.87%
Depreciation & Amortization $180.0K $24.64K $27.17K
YoY Change 50.0% -9.28% 171.65%
% of Gross Profit 719.29% 53.62%
Operating Expenses $980.0K $3.249M $3.553M
YoY Change -62.74% -8.55% 189.73%
Operating Profit -$980.0K -$3.245M -$3.502M
YoY Change -62.45% -7.33% 208.35%
Interest Expense $0.00 $151.00 $1.00
YoY Change 15000.0% -99.99%
% of Operating Profit
Other Income/Expense, Net -$140.00
YoY Change
Pretax Income -$3.330M -$3.245M -$3.502M
YoY Change 20.65% -7.32% 206.27%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.810M -$3.245M -$3.502M
YoY Change 110.51% -7.32% 206.27%
Net Earnings / Revenue -94728.4% -4571.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$41.50M -$23.21M -$38.89M
COMMON SHARES
Basic Shares Outstanding 24.56M shares 24.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.500M $11.40M $7.700M
YoY Change 34.92% 48.05% 1825.0%
Cash & Equivalents $8.501M $11.37M $7.694M
Short-Term Investments
Other Short-Term Assets $0.00 $300.0K $600.0K
YoY Change -100.0% -50.0% 100.0%
Inventory $9.276K $0.00
Prepaid Expenses $194.0K $559.4K
Receivables $298.0K $0.00 $299.3K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.086M $11.70M $8.595M
YoY Change 34.37% 36.12% 855.05%
LONG-TERM ASSETS
Property, Plant & Equipment $136.7K $200.0K $443.3K
YoY Change -16.21% -54.88% 343.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.19K $500.0K $4.444M
YoY Change 32.23% -88.75%
Total Long-Term Assets $2.678M $5.100M $4.887M
YoY Change -48.96% 4.36% 1.81%
TOTAL ASSETS
Total Short-Term Assets $9.086M $11.70M $8.595M
Total Long-Term Assets $2.678M $5.100M $4.887M
Total Assets $11.76M $16.80M $13.48M
YoY Change -2.04% 24.61% 136.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $513.0K $400.0K $31.13K
YoY Change 106.75% 1184.89% -68.87%
Accrued Expenses $254.1K $393.7K $1.400M
YoY Change -13.95% -71.88% -26.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.214M $1.500M $1.942M
YoY Change 57.98% -22.77% -15.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.214M $1.500M $1.942M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.266M $1.500M $1.900M
YoY Change 61.0% -21.05% -17.39%
SHAREHOLDERS EQUITY
Retained Earnings -$35.17M -$17.76M
YoY Change 71.44%
Common Stock $24.56K $17.45K
YoY Change 32.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.498M $15.20M $11.54M
YoY Change
Total Liabilities & Shareholders Equity $11.76M $16.80M $13.48M
YoY Change -2.04% 24.61% 136.53%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$5.810M -$3.245M -$3.502M
YoY Change 110.51% -7.32% 206.27%
Depreciation, Depletion And Amortization $180.0K $24.64K $27.17K
YoY Change 50.0% -9.28% 171.65%
Cash From Operating Activities -$2.720M -$2.980M -$2.740M
YoY Change 2.64% 8.76% 1726.67%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$100.0K -$310.0K
YoY Change -44.44% -67.74%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$100.0K -$310.0K
YoY Change -44.44% -67.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 150.0K 8.300M
YoY Change -107.19% -98.19% 1593.88%
NET CHANGE
Cash From Operating Activities -2.720M -2.980M -2.740M
Cash From Investing Activities -50.00K -100.0K -310.0K
Cash From Financing Activities -100.0K 150.0K 8.300M
Net Change In Cash -2.870M -2.930M 5.250M
YoY Change 112.59% -155.81% 1444.12%
FREE CASH FLOW
Cash From Operating Activities -$2.720M -$2.980M -$2.740M
Capital Expenditures -$50.00K -$100.0K -$310.0K
Free Cash Flow -$2.670M -$2.880M -$2.430M
YoY Change 4.3% 18.52% 1520.0%

Facts In Submission

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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M16D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y5M19D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y1M10D
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
282063 USD
atos Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodTotalIntrinsicValue
21540 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
69388 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
117267 USD
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
15856 USD
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
108485 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
22728 shares
CY2013Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
24510 shares
CY2014Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
50000 USD
CY2013Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
50000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1187717 USD
us-gaap Share Based Compensation
ShareBasedCompensation
545115 USD
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
188763 USD
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
147399 USD
CY2014Q2 atos Directors Compensation Paid
DirectorsCompensationPaid
35000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
380977 USD
us-gaap Provision For Doubtful Accounts
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228841 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80870 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
386514 USD
us-gaap Increase Decrease In Accounts Receivable
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-29051 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P2Y11M23D
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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2117017 shares
CY2014Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1596602 USD
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14002162 USD
us-gaap Stock Issued During Period Value Issued For Services
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atos Financing Fee From Public Offerig
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225000 USD
us-gaap Increase Decrease In Inventories
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45867 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-71439 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
71099 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-43160 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-42512 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-37086 USD
atos Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
32000 USD
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
200000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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545115 USD
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us-gaap Depreciation Depletion And Amortization
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us-gaap Increase Decrease In Employee Related Liabilities
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149493 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
205879 USD
atos Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
60753 USD
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IncreaseDecreaseInDeferredRent
-39608 USD
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Loss Contingency Accrual Carrying Value Period Increase Decrease
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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
20300 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-11274 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-6182060 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7836146 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
346007 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
102530 USD
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
54667 USD
us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
184979 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-400674 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-287509 USD
atos Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
12551098 USD
atos Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
13155745 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12551098 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13155745 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5968364 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5032090 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1725197 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7693561 USD
us-gaap Interest Paid
InterestPaid
359 USD
us-gaap Interest Paid
InterestPaid
2343 USD
atos Non Cash Reclassification Of Furniture And Equipment To Prepaid Expenses
NonCashReclassificationOfFurnitureAndEquipmentToPrepaidExpenses
0 USD
atos Non Cash Reclassification Of Furniture And Equipment To Prepaid Expenses
NonCashReclassificationOfFurnitureAndEquipmentToPrepaidExpenses
15000 USD
atos Common Stock Issued For Commitment Fee In Stock Purchase Agreement
CommonStockIssuedForCommitmentFeeInStockPurchaseAgreement
2387250 USD
atos Common Stock Issued For Commitment Fee In Stock Purchase Agreement
CommonStockIssuedForCommitmentFeeInStockPurchaseAgreement
0 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>NOTE 1: NATURE OF OPERATIONS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Atossa Genetics Inc. (the &#8220;Company&#8221;) was incorporated on April 30, 2009 in the State of Delaware. The Company was initially formed to develop and market medical devices that collect specimens for further testing. The Company&#8217;s fiscal year ends on December 31st.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In December 2011, the Company established The National Reference Laboratory for Breast Health, Inc., or the NRLBH, as a wholly-owned subsidiary. The NRLBH is a CLIA-certified laboratory which performs tests including nipple aspirate fluid&#160;(&#8220;NAF&#8221;) cytology testing&#160;and pharmacogenetics testing. The NRLBH is also developing other tests such as the&#160;NextCYTE test.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In September 2012, the Company acquired the assets of Acueity Healthcare, Inc. (&#8220;Acueity&#8221;). The purchased assets included intellectual property rights related to the Viaduct Miniscope and accessories, the Manoa Breast Biopsy system, the Excisor Bioptome, the Acueity Medical Light Source, the Viaduct Microendoscope and accessories, and cash in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">400,000</font>. No liabilities were assumed by Atossa and Atossa assumed no future financial obligations. In consideration for the assets, Atossa provided the following consideration to the shareholders of Acueity:&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 862,500</font> shares of common stock, valued at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.00</font> per share, and warrants to purchase up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 325,000</font> shares of common stock at an exercise price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.00</font> per share, valued at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.3457</font> per warrant, using a Black-Scholes-Merton Valuation Technique.&#160;The acquired patents relate to intraductal diagnostic and therapeutic devices and methods of use. The Company did not, however, acquire an inventory of these diagnostic tools, manufacturing capabilities or any personnel to market and sell the tools. The Company cannot provide any assurance that it will be successful commercializing these tools.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Since its inception, the Company has been dependent upon the receipt of capital investment to fund its continuing activities. In addition to the normal risks associated with a new business venture, there can be no assurance that the Company&#8217;s business plan will be successfully executed. The Company&#8217;s ability to execute its business plan will depend on its ability to obtain additional financing and achieve a profitable level of operations. There can be no assurance that sufficient financing will be obtained. Further, the Company cannot give any assurance that it will generate substantial revenue or that its business operations will prove to be profitable.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
ATOSSA GENETICS INC
dei Entity Central Index Key
EntityCentralIndexKey
0001488039
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
ATOS
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
24564058 shares
CY2014Q3 us-gaap Health Care Organization Medical Supplies And Drugs Expense
HealthCareOrganizationMedicalSuppliesAndDrugsExpense
162600 USD

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