$EYPT
EyePoint Pharmaceuticals, Inc.

2012 Q3 Form 10-K Financial Statement

#000119312512406956 Filed on September 27, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 2011 Q2
Revenue $553.0K $3.526M $3.715M
YoY Change -66.67% -28.98% -76.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.620M $6.870M $2.170M
YoY Change -21.36% -15.19% 23.3%
% of Gross Profit
Research & Development $1.523M $7.039M $1.850M
YoY Change -28.46% 2.55% 3.35%
% of Gross Profit
Depreciation & Amortization $55.00K $190.0K $850.0K
YoY Change 129.17% 258.49% 6.25%
% of Gross Profit
Operating Expenses $3.143M $28.74M $4.020M
YoY Change -24.99% 91.99% 13.24%
Operating Profit -$2.590M -$25.21M -$308.0K
YoY Change 2.33% 152.03%
Interest Expense $10.00K $210.0K $20.00K
YoY Change -80.0% -82.05% -97.78%
% of Operating Profit
Other Income/Expense, Net $6.000K $207.0K $0.00
YoY Change -87.76% -82.11% -100.0%
Pretax Income -$2.584M -$25.00M -$290.0K
YoY Change 4.11% 182.66% -102.22%
Income Tax -$33.00K -$169.0K -$150.0K
% Of Pretax Income
Net Earnings -$2.551M -$24.84M -$140.0K
YoY Change 5.11% 187.84% -101.07%
Net Earnings / Revenue -461.3% -704.34% -3.77%
Basic Earnings Per Share -$1.19
Diluted Earnings Per Share -$1.143M -$1.19 -$67.63K
COMMON SHARES
Basic Shares Outstanding 23.30M shares 20.79M shares
Diluted Shares Outstanding 20.79M shares

Balance Sheet

Concept 2012 Q3 2012 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.60M $14.60M $24.10M
YoY Change -17.37% -39.42% 36.93%
Cash & Equivalents $8.388M $4.600M $12.91M
Short-Term Investments $9.300M $9.900M $11.20M
Other Short-Term Assets $300.0K $400.0K $400.0K
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses
Receivables $900.0K $1.000M $800.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.90M $16.00M $25.37M
YoY Change -15.25% -37.01% 33.51%
LONG-TERM ASSETS
Property, Plant & Equipment $289.0K $300.0K $123.0K
YoY Change -27.75% 200.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $4.439M $4.600M $21.75M
YoY Change -78.66% -78.8% -9.39%
TOTAL ASSETS
Total Short-Term Assets $18.90M $16.00M $25.37M
Total Long-Term Assets $4.439M $4.600M $21.75M
Total Assets $23.34M $20.60M $47.11M
YoY Change -45.85% -56.26% 9.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $266.0K $400.0K $328.0K
YoY Change -46.8% 33.33% -18.0%
Accrued Expenses $801.0K $600.0K $1.322M
YoY Change 0.13% -53.85% 10.17%
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 $3.462M $3.200M $5.032M
YoY Change -13.45% -36.0% 73.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.700M $3.800M $4.600M
YoY Change -5.13% -17.39% -32.35%
Total Long-Term Liabilities $3.700M $3.800M $4.600M
YoY Change -5.13% -17.39% -32.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.462M $3.200M $5.032M
Total Long-Term Liabilities $3.700M $3.800M $4.600M
Total Liabilities $7.176M $7.000M $9.680M
YoY Change -9.16% -27.84% -3.2%
SHAREHOLDERS EQUITY
Retained Earnings -$254.3M -$226.9M
YoY Change
Common Stock $23.00K $21.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.16M $13.60M $37.43M
YoY Change
Total Liabilities & Shareholders Equity $23.34M $20.60M $47.11M
YoY Change -45.85% -56.26% 9.57%

Cashflow Statement

Concept 2012 Q3 2012 2011 Q2
OPERATING ACTIVITIES
Net Income -$2.551M -$24.84M -$140.0K
YoY Change 5.11% 187.84% -101.07%
Depreciation, Depletion And Amortization $55.00K $190.0K $850.0K
YoY Change 129.17% 258.49% 6.25%
Cash From Operating Activities -$1.621M -$9.001M $1.250M
YoY Change -39.06% 183.94% -90.82%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $405.0K -$60.00K
YoY Change -98.19% 204.51% 200.0%
Acquisitions
YoY Change
Other Investing Activities $650.0K $1.010M -$1.550M
YoY Change -296.97% -110.78% -24.39%
Cash From Investing Activities $647.0K $606.0K -$1.610M
YoY Change -217.21% -106.38% -22.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.735M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.735M 114.0K -20.00K
YoY Change 4053.51% -98.87%
NET CHANGE
Cash From Operating Activities -1.621M -9.001M 1.250M
Cash From Investing Activities 647.0K 606.0K -1.610M
Cash From Financing Activities 4.735M 114.0K -20.00K
Net Change In Cash 3.761M -8.281M -380.0K
YoY Change -221.4% 217.52% -103.29%
FREE CASH FLOW
Cash From Operating Activities -$1.621M -$9.001M $1.250M
Capital Expenditures $4.000K $405.0K -$60.00K
Free Cash Flow -$1.625M -$9.406M $1.310M
YoY Change -43.6% 184.77% -90.39%

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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentrations of Risk</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June&#xA0;30, 2012, substantially all of the Company&#x2019;s interest-bearing cash equivalent balances, aggregating approximately $4.3 million, were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. government agency securities, treasury bills and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. Marketable securities at June&#xA0;30, 2012 consist of investment-grade corporate bonds, commercial paper and certificates of deposit. The Company&#x2019;s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Pfizer accounted for $754,000, or 21%, of total revenues in fiscal 2012 and $3.3 million, or 67%, of total revenues in fiscal 2011. Bausch&#xA0;&amp; Lomb accounted for $1.4 million, or 41%, of total revenues in fiscal 2012 and $1.4 million, or 27%, of total revenues in fiscal 2011. Alimera accounted for approximately $22.3 million, or 97%, of total revenues in fiscal 2010.</font></p> </div>
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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>1.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Operations</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">pSivida Corp. (together with its subsidiaries, the &#x201C;Company&#x201D;), incorporated in Delaware, develops tiny, sustained release, drug delivery products that are administered by implantation, injection or insertion and designed to deliver drug at a controlled and steady rate for months or years. The Company is currently focused on the treatment of chronic eye diseases utilizing its core technology systems, Durasert&#x2122; and BioSilicon&#x2122;. The Company&#x2019;s most recently approved product, ILUVIEN<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#xAE;</sup></font>, is an injectable, sustained-release micro-insert delivering the corticosteroid fluocinolone acetonide (&#x201C;FAc&#x201D;) for up to 3 years for the treatment of vision impairment associated with chronic diabetic macular edema (&#x201C;DME&#x201D;) considered insufficiently responsive to available therapies. The Company has two sustained-release drug delivery products approved by the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) to treat other back-of-the-eye diseases. The FDA recently cleared the Company&#x2019;s Investigational New Drug (&#x201C;IND&#x201D;) application to study the same micro-insert used in ILUVIEN for the treatment of posterior uveitis and an investigator-sponsored trial is ongoing for an injectable bioerodible insert delivering latanoprost designed to treat glaucoma.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">ILUVIEN, licensed to Alimera Sciences, Inc. (&#x201C;Alimera&#x201D;), has received marketing authorization in the United Kingdom (&#x201C;U.K.&#x201D;), Austria, France, Germany and Portugal, and has been recommended for marketing authorization in Italy and Spain following completion of the Decentralized Procedure (&#x201C;DCP&#x201D;) involving all seven of these countries in the European Union (&#x201C;EU&#x201D;). Subject to determination of pricing and reimbursement, Alimera has announced its intention to directly commercialize ILUVIEN in Germany, the U.K. and France in 2013. Following a meeting with the FDA in June 2012 in response to receipt of the FDA&#x2019;s November 2011 Complete Response Letter (&#x201C;2011 CRL&#x201D;), Alimera reported that it intends to resubmit its New Drug Application (&#x201C;NDA&#x201D;) for ILUVIEN for DME to the FDA in early 2013. Alimera further reported that it intends to include additional analysis of the benefits and risks of ILUVIEN based upon the clinical data from its two previously completed pivotal Phase III clinical trials (the &#x201C;FAME&#x2122; Study&#x201D;) and to focus on the same indication for which regulatory approval has been granted in the various EU countries.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In June 2011, the Company amended and restated its 2007 collaborative research and license agreement with Pfizer, Inc.(&#x201C;Pfizer&#x201D;) to focus solely on the development of an injectable bioerodible sustained-release Durasert implant to deliver latanoprost for the treatment of patients with ocular hypertension and glaucoma (the &#x201C;Latanoprost Product&#x201D;). The Company granted Pfizer an exclusive option, under various circumstances, to license the development and commercialization of the Latanoprost Product worldwide. The Company is currently developing a prototype of this implant that contains BioSilicon to assist in the delivery of latanoprost.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"> <font style="font-family:Times New Roman" size="2">The Company&#x2019;s two FDA-approved products utilizing earlier generations of the Durasert technology system, second-generation Retisert<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#xAE;</sup></font> for the treatment of posterior uveitis and first-generation Vitrasert<font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&#xAE;</sup></font> for the treatment of AIDS-related cytomegalovirus (&#x201C;CMV&#x201D;) retinitis, have been licensed to Bausch&#xA0;&amp; Lomb Incorporated (&#x201C;Bausch&#xA0;&amp; Lomb&#x201D;).</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">BioSilicon, the Company&#x2019;s other principal technology system, is a fully-erodible, nanostructured, porous silicon designed to provide sustained delivery of various therapeutics, including small drug molecules, proteins and peptides. Based on results of its preliminary studies, the Company is currently targeting BioSilicon as a second key drug delivery technology.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company is subject to risks, including, but not limited to, the ability of Alimera to successfully complete pricing and reimbursement discussions and to successfully finance and execute the direct commercialization of ILUVIEN for DME in the applicable EU countries, from which the Company is entitled to a share of net profits, as defined; the ability of Alimera to achieve FDA approval of ILUVIEN for DME</font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">following its planned NDA resubmission and if so, to successfully commercialize the product in the U.S.; the Company&#x2019;s ability, and that of its collaboration partners, to obtain adequate financing to fund its and their respective operations through collaborations, sales of securities or otherwise, to successfully advance research, pre-clinical and clinical development of, and obtain regulatory approvals for, product candidates utilizing the Company&#x2019;s technologies and to successfully commercialize them, to protect proprietary technologies, to comply with FDA and other governmental regulations and approval requirements and to execute on business strategies; competitive products and new disease treatments; and dependence on key personnel.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">The Company has a history of operating losses and has financed its operations in recent years primarily from license fees, research and development funding and contingent cash payments from its collaboration partners, and from sales of equity securities. The Company&#x2019;s future operating results are expected to depend, among other things, upon the success of, consideration received from, and revenue recognition associated with, and costs of, product research, development and commercialization by the Company and its current and any potential future collaborative partners. The Company believes that its cash, cash equivalents and marketable securities of $14.6 million at June&#xA0;30, 2012, together with $4.7 million of net proceeds from a registered direct offering of common shares and warrants consummated in August 2012 and expected royalty income, should enable the Company to maintain its current and planned operations through calendar year 2013. The Company&#x2019;s ability to fund its planned operations internally beyond then, including completion of planned Phase III trials of the posterior uveitis micro-insert, may be substantially dependent upon whether Alimera successfully commercializes ILUVIEN for DME in the EU and if and when ILUVIEN for DME is approved by the FDA and successfully commercialized in the U.S., although even so, the amount and timing of the Company&#x2019;s receipt of any revenues from such activities is uncertain.</font></p> </div>
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AllocatedShareBasedCompensationExpense
1411000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-25004000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
1163000
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recoverability of intangible assets, realization of deferred tax assets and the valuation of stock option awards. Actual results could differ from these estimates.</font></p> </div>
CY2012 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
64000
CY2012 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0003 pure
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-8501000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-13000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9001000
CY2012 psdv Increase In Valuation Allowances And Reserves
IncreaseInValuationAllowancesAndReserves
7500000
CY2012 psdv Increase Decrease In Prepaid Expense And Other Current Assets
IncreaseDecreaseInPrepaidExpenseAndOtherCurrentAssets
44000
CY2012 psdv Defined Contribution Plans Employee Contribution Percentage Of Eligible Compensation Matched By Employer
DefinedContributionPlansEmployeeContributionPercentageOfEligibleCompensationMatchedByEmployer
0.05 pure
CY2012 psdv Operating Lease Agreements Expiration Date
OperatingLeaseAgreementsExpirationDate
August 2016
CY2012 psdv Net Proceeds From Issuance Of Common Stock
NetProceedsFromIssuanceOfCommonStock
4700000
CY2011Q2 us-gaap License And Services Revenue
LicenseAndServicesRevenue
3300000
CY2012 psdv Percentage Of Likelihood For Term More Likely Than Not
PercentageOfLikelihoodForTermMoreLikelyThanNot
0.50 pure
CY2012 psdv Period Of Identified Performane Obligations Under Licence Agreement Recognized As Research And Development Revenue
PeriodOfIdentifiedPerformaneObligationsUnderLicenceAgreementRecognizedAsResearchAndDevelopmentRevenue
17 Year
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20803000 shares
CY2012 psdv Increase Decrease In Accrued Expenses
IncreaseDecreaseInAccruedExpenses
-712000
CY2012 psdv Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
114000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2310000
CY2012 psdv Optional Termination Of Lease Expiration Date
OptionalTerminationOfLeaseExpirationDate
September 2014
CY2012 psdv Milestone Payment Due Upon Approval By Fda
MilestonePaymentDueUponApprovalByFda
25000000
CY2012 psdv Operating Lease Expiration Year
OperatingLeaseExpirationYear
2016
CY2012 psdv Defined Contribution Plan Employee Maximum Contribution Percentage
DefinedContributionPlanEmployeeMaximumContributionPercentage
0.15 pure
CY2012 psdv Outstanding Australian Warrants Expiration Date
OutstandingAustralianWarrantsExpirationDate
July 19, 2012
CY2012 psdv Operating Leases Option Expiration Months Until Lease Expiration
OperatingLeasesOptionExpirationMonthsUntilLeaseExpiration
6 Month
CY2011Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2011Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20177000 shares
CY2011Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3139000
CY2011Q1 us-gaap Net Income Loss
NetIncomeLoss
-2685000
CY2011Q1 us-gaap Revenues
Revenues
360000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20803000 shares
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2727000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-2686000
CY2012Q1 us-gaap Revenues
Revenues
538000
CY2011Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2011Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20745000 shares
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-308000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-140000
CY2011Q2 us-gaap Revenues
Revenues
3715000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-2262000
CY2011Q3 us-gaap License And Services Revenue
LicenseAndServicesRevenue
1100000
CY2012Q2 us-gaap Revenues
Revenues
699000
CY2010Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2010Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18531000 shares
CY2010Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3435000
CY2011Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.84
CY2011Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20803000 shares
CY2011Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-17643000
CY2011Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
14800000
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
-17460000
CY2011Q4 us-gaap Revenues
Revenues
630000
CY2010Q3 us-gaap Net Income Loss
NetIncomeLoss
-3108000
CY2010Q3 us-gaap Revenues
Revenues
476000
CY2010Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2010Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18531000 shares
CY2010Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-3121000
CY2010Q4 us-gaap Net Income Loss
NetIncomeLoss
-2695000
CY2010Q4 us-gaap Revenues
Revenues
414000
CY2011Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2011Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20757000 shares
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2531000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
-2427000
CY2011Q3 us-gaap Revenues
Revenues
1659000

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