2015 Q3 Form 10-Q Financial Statement

#000114420415064686 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $0.00 $0.00 $3.426K
YoY Change -100.0% -100.0% -95.53%
Cost Of Revenue $313.4K $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit $458.8K $0.00 $3.426K
YoY Change 13292.82% -100.0% -93.24%
Gross Profit Margin 100.0%
Selling, General & Admin $3.756M $1.720M $2.326M
YoY Change 61.51% -23.56% -28.03%
% of Gross Profit 818.58% 67878.34%
Research & Development $1.090M -$750.0K $923.2K
YoY Change 18.11% -302.7% 187.49%
% of Gross Profit 237.63% 26945.97%
Depreciation & Amortization $80.00K $180.0K $24.64K
YoY Change 224.64% 50.0% -9.28%
% of Gross Profit 17.44% 719.29%
Operating Expenses $4.846M $980.0K $3.249M
YoY Change 49.18% -62.74% -8.55%
Operating Profit -$4.387M -$980.0K -$3.245M
YoY Change 35.2% -62.45% -7.33%
Interest Expense $70.00K $0.00 $151.00
YoY Change 46257.62% 15000.0%
% of Operating Profit
Other Income/Expense, Net $69.35K -$140.00
YoY Change -49632.14%
Pretax Income -$3.773M -$3.330M -$3.245M
YoY Change 16.27% 20.65% -7.32%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.318M -$5.810M -$3.245M
YoY Change 33.05% 110.51% -7.32%
Net Earnings / Revenue -94728.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$28.80M -$41.50M -$23.21M
COMMON SHARES
Basic Shares Outstanding 24.56M shares 24.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.800M $8.500M $11.40M
YoY Change -31.58% 34.92% 48.05%
Cash & Equivalents $7.839M $8.501M $11.37M
Short-Term Investments
Other Short-Term Assets $500.0K $0.00 $300.0K
YoY Change 66.67% -100.0% -50.0%
Inventory $170.9K $9.276K $0.00
Prepaid Expenses $194.0K
Receivables $1.055M $298.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.542M $9.086M $11.70M
YoY Change -18.44% 34.37% 36.12%
LONG-TERM ASSETS
Property, Plant & Equipment $484.5K $136.7K $200.0K
YoY Change 142.27% -16.21% -54.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.65K $48.19K $500.0K
YoY Change -89.47% 32.23% -88.75%
Total Long-Term Assets $2.858M $2.678M $5.100M
YoY Change -43.96% -48.96% 4.36%
TOTAL ASSETS
Total Short-Term Assets $9.542M $9.086M $11.70M
Total Long-Term Assets $2.858M $2.678M $5.100M
Total Assets $12.40M $11.76M $16.80M
YoY Change -26.19% -2.04% 24.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.179M $513.0K $400.0K
YoY Change 194.83% 106.75% 1184.89%
Accrued Expenses $934.7K $254.1K $393.7K
YoY Change 137.41% -13.95% -71.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.300M $2.214M $1.500M
YoY Change 120.0% 57.98% -22.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.300M $2.214M $1.500M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.298M $2.266M $1.500M
YoY Change 119.89% 61.0% -21.05%
SHAREHOLDERS EQUITY
Retained Earnings -$35.17M
YoY Change 71.44%
Common Stock $24.56K
YoY Change 32.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.059M $9.498M $15.20M
YoY Change
Total Liabilities & Shareholders Equity $12.36M $11.76M $16.80M
YoY Change -26.44% -2.04% 24.61%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$4.318M -$5.810M -$3.245M
YoY Change 33.05% 110.51% -7.32%
Depreciation, Depletion And Amortization $80.00K $180.0K $24.64K
YoY Change 224.64% 50.0% -9.28%
Cash From Operating Activities -$3.480M -$2.720M -$2.980M
YoY Change 16.78% 2.64% 8.76%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$50.00K -$100.0K
YoY Change -70.0% -44.44% -67.74%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$50.00K -$100.0K
YoY Change -70.0% -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 -50.00K -100.0K 150.0K
YoY Change -133.33% -107.19% -98.19%
NET CHANGE
Cash From Operating Activities -3.480M -2.720M -2.980M
Cash From Investing Activities -30.00K -50.00K -100.0K
Cash From Financing Activities -50.00K -100.0K 150.0K
Net Change In Cash -3.560M -2.870M -2.930M
YoY Change 21.5% 112.59% -155.81%
FREE CASH FLOW
Cash From Operating Activities -$3.480M -$2.720M -$2.980M
Capital Expenditures -$30.00K -$50.00K -$100.0K
Free Cash Flow -$3.450M -$2.670M -$2.880M
YoY Change 19.79% 4.3% 18.52%

Facts In Submission

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CY2015Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
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CY2015Q3 us-gaap Cash Uninsured Amount
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CY2014Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2693384 shares
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
703726 USD
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
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147399 USD
us-gaap Allocated Share Based Compensation Expense
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545115 USD
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CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.53
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.31
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.38
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.37
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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344000 USD
atos Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedInPeriodTotalIntrinsicValue
63223 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3675634 shares
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1640822 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
atos Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Total Intrinsic Value
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0 USD
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2015Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
275000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
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CY2015Q3 us-gaap Preferred Stock Shares Issued
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PreferredStockSharesOutstanding
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CY2015Q3 us-gaap Preferred Stock Shares Outstanding
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0 shares
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
0 USD
atos Purchases Of Equipment Recorded In Accounts Payable
PurchasesOfEquipmentRecordedInAccountsPayable
128875 USD
atos Purchases Of Equipment Recorded In Accounts Payable
PurchasesOfEquipmentRecordedInAccountsPayable
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;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">NOTE 1: NATURE OF OPERATIONS</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">&#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: transparent">Atossa Genetics Inc. (the &#8220;Company&#8221;) was incorporated on April 30, 2009 in the State of Delaware. The Company was formed to develop and market medical devices, laboratory tests and therapeutics to address breast health conditions. The Company&#8217;s fiscal year ends on December 31st.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: transparent">The Company&#8217;s current therapeutic programs include Afimoxifene Gel and Fulvestrant administered through the Company&#8217;s patented intraductal Microcatheters, both of which are in Phase II clinical development. The Company&#8217;s medical devices consist primarily of its ForeCYTE Breast Aspirator (formerly called the Mammary Aspirate Specimen Cytology Test System, or MASCT), the FullCYTE Breast Aspirator and the intraductal Microcatheters. In December 2011, the Company established The National Reference Laboratory for Breast Health, Inc., the NRLBH, as a wholly-owned subsidiary which performs nipple aspirate fluid (&#8220;NAF&#8221;) cytology testing on NAF specimens, including those collected with the Company&#8217;s breast aspirator devices, and pharmacogenomics tests. The NRLBH is certified by College of American Pathologists (CAP) and by Clinical Laboratory Improvement Amendments (CLIA) and it is certified under ISO 15189:2012.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">Use of Estimates:</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">&#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.&#160;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q3 atos Prepaid Professional Fees
PrepaidProfessionalFees
41196 USD
CY2014Q4 atos Prepaid Professional Fees
PrepaidProfessionalFees
0 USD
CY2015Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8244423 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12651832 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9497658 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12651832 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9497658 shares
CY2014Q3 us-gaap Other Commitments Description
OtherCommitmentsDescription
On September 1, 2014, the NRLBH entered into a three year agreement with TME Research LLC (TME) which requires TME to provide to the NRLBH 100 tissue specimens in connection with the development of the NextCYTE test. Fees payable to TME under the agreement includes $99,600 up front, $31,500 upon supplying the first 25 specimens and $31,500 at the time of final delivery of all specimens. The agreement is terminable with 60 days prior written notice or immediately upon a material breach.
CY2015Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
317986 USD
CY2014Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
147399 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
703726 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
545114 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
350000 shares
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9498557 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13155745 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
49215 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
9449342 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13155745 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-110749 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-287509 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
275000 USD
CY2015Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
177822 USD
CY2014Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
109653 USD
CY2015Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1182777 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
564456 USD
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
625499 USD
CY2014Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16111 USD

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