2016 Q3 Form 10-Q Financial Statement

#000114420416117796 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $975.0K $2.230M $0.00
YoY Change 3800.0%
Cost Of Revenue $41.00K $324.0K $0.00
YoY Change
Gross Profit $934.0K $1.906M $0.00
YoY Change 3636.0%
Gross Profit Margin 95.79% 85.47%
Selling, General & Admin $8.864M $8.635M $4.530M
YoY Change 9.72% 90.62% 89.54%
% of Gross Profit 949.04% 453.04%
Research & Development $7.316M $2.060M $2.411M
YoY Change -19.37% -14.56% 1.43%
% of Gross Profit 783.3% 108.08%
Depreciation & Amortization $200.0K $82.00K $5.000K
YoY Change 3233.33% 1540.0% -16.67%
% of Gross Profit 21.41% 4.3%
Operating Expenses $17.22M $17.37M $7.762M
YoY Change -4.84% 123.73% 62.96%
Operating Profit -$17.18M -$17.04M -$7.762M
YoY Change -5.07% 119.56% 62.96%
Interest Expense $689.0K $529.0K $352.0K
YoY Change 96.86% 50.28% 195.8%
% of Operating Profit
Other Income/Expense, Net -$710.0K -$1.253M $1.344M
YoY Change -60.18% -193.23% 2484.62%
Pretax Income -$16.96M -$16.39M -$6.420M
YoY Change -14.6% 155.3% 36.31%
Income Tax
% Of Pretax Income
Net Earnings -$12.98M -$12.48M -$6.175M
YoY Change -28.52% 102.07% 31.08%
Net Earnings / Revenue -1331.38% -559.55%
Basic Earnings Per Share
Diluted Earnings Per Share -$323.4K -$313.0K -$158.0K
COMMON SHARES
Basic Shares Outstanding 48.67M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.70M $71.30M $66.60M
YoY Change 21.68% 7.05% -12.48%
Cash & Equivalents $82.54M $71.34M $41.04M
Short-Term Investments $2.200M $25.57M
Other Short-Term Assets $5.600M $1.600M $1.000M
YoY Change 409.09% 60.0% 150.0%
Inventory $123.0K $100.0K
Prepaid Expenses
Receivables $5.007M $967.0K
Other Receivables $3.200M $2.500M
Total Short-Term Assets $98.60M $76.60M $62.03M
YoY Change 48.05% 23.48% -18.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.164M $4.500M $90.00K
YoY Change 1064.0% 4900.0% -10.0%
Goodwill $21.74M
YoY Change
Intangibles
YoY Change
Long-Term Investments $250.0K $250.0K $250.0K
YoY Change 0.0% 0.0% -16.67%
Other Assets $48.00K $14.60M $172.0K
YoY Change -99.68% 8388.37% -98.78%
Total Long-Term Assets $46.82M $21.46M $21.67M
YoY Change 131.06% -0.94% 50.45%
TOTAL ASSETS
Total Short-Term Assets $98.60M $76.60M $62.03M
Total Long-Term Assets $46.82M $21.46M $21.67M
Total Assets $145.4M $98.06M $83.70M
YoY Change 67.41% 17.16% -7.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.80M $5.100M $583.0K
YoY Change 1593.86% 774.79% 94.33%
Accrued Expenses $8.605M $8.500M $4.386M
YoY Change 20.57% 93.8% 41.48%
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 $38.59M $14.30M $4.995M
YoY Change 356.72% 186.29% 45.33%
LONG-TERM LIABILITIES
Long-Term Debt $27.40M $21.80M $23.20M
YoY Change 17.6% -6.03% 65.71%
Other Long-Term Liabilities $4.583M $3.700M $264.0K
YoY Change 2168.81% 1301.52% -64.99%
Total Long-Term Liabilities $4.583M $25.50M $264.0K
YoY Change 2168.81% 9559.09% -75.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.59M $14.30M $4.995M
Total Long-Term Liabilities $4.583M $25.50M $264.0K
Total Liabilities $70.58M $62.70M $28.49M
YoY Change 120.96% 120.07% 53.99%
SHAREHOLDERS EQUITY
Retained Earnings -$227.8M -$160.0M
YoY Change 27.9% 19.89%
Common Stock $49.00K $47.00K
YoY Change 4.26% 6.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.63M $35.34M $55.88M
YoY Change
Total Liabilities & Shareholders Equity $145.4M $98.10M $83.70M
YoY Change 67.41% 17.21% -7.92%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$12.98M -$12.48M -$6.175M
YoY Change -28.52% 102.07% 31.08%
Depreciation, Depletion And Amortization $200.0K $82.00K $5.000K
YoY Change 3233.33% 1540.0% -16.67%
Cash From Operating Activities -$8.820M -$7.380M -$6.160M
YoY Change -41.86% 19.81% 53.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.460M -$2.160M -$50.00K
YoY Change 3550.0% 4220.0%
Acquisitions
YoY Change
Other Investing Activities $3.620M -$2.060M -$1.700M
YoY Change -131.95% 21.18% 466.67%
Cash From Investing Activities $2.160M -$4.220M -$1.750M
YoY Change -119.0% 141.14% 483.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.86M 1.520M 30.00K
YoY Change 61.34% 4966.67% -76.92%
NET CHANGE
Cash From Operating Activities -8.820M -7.380M -6.160M
Cash From Investing Activities 2.160M -4.220M -1.750M
Cash From Financing Activities 17.86M 1.520M 30.00K
Net Change In Cash 11.20M -10.08M -7.880M
YoY Change -172.4% 27.92% 88.07%
FREE CASH FLOW
Cash From Operating Activities -$8.820M -$7.380M -$6.160M
Capital Expenditures -$1.460M -$2.160M -$50.00K
Free Cash Flow -$7.360M -$5.220M -$6.110M
YoY Change -51.35% -14.57% 51.99%

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dei Entity Registrant Name
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dei Entity Central Index Key
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
350000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1250000 USD
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
1000 USD
us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
0 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
175000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
108000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6921000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10036000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
216000 USD
fbio Proceeds From Issuance Of Common Stock Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockEmployeeStockPurchasePlan
81000 USD
fbio Proceeds From Issuance Of Common Stock Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockEmployeeStockPurchasePlan
26000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
570000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
49000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2792000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
10000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
855000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1000000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
150000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-906000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
9387000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-26846000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8722000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
49759000 USD
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
41037000 USD
us-gaap Interest Paid
InterestPaid
158000 USD
us-gaap Interest Paid
InterestPaid
80000 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
2000 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1998000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
727000 USD
CY2015Q2 us-gaap Assets
Assets
83699000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3884000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1300000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
1099000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2599000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
-1719000 USD
CY2016Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2068000 USD
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4160000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
1407000 USD
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
5567000 USD
CY2016Q2 fbio Accrued Cost Of Good Sold
AccruedCostOfGoodSold
309000 USD
CY2015Q4 fbio Accrued Cost Of Good Sold
AccruedCostOfGoodSold
0 USD
CY2016Q2 fbio Lease Impairment Current
LeaseImpairmentCurrent
146000 USD
CY2015Q4 fbio Lease Impairment Current
LeaseImpairmentCurrent
146000 USD
CY2016Q2 fbio Deferred Rent And Long Term Lease Abandonment Non Current
DeferredRentAndLongTermLeaseAbandonmentNonCurrent
3706000 USD
CY2015Q4 fbio Deferred Rent And Long Term Lease Abandonment Non Current
DeferredRentAndLongTermLeaseAbandonmentNonCurrent
584000 USD
us-gaap Sale Of Stock Percentage Of Ownership After Transaction
SaleOfStockPercentageOfOwnershipAfterTransaction
0.12 pure
CY2016Q2 fbio Reimbursement Of Transaction Expenses
ReimbursementOfTransactionExpenses
800000 USD
CY2016Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
21000 USD
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
84000 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
25000 shares
fbio Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedIntrinsicValue
0 USD
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
88000 USD
fbio Employee Stock Purchase Plan Compensation Expense Recognized
EmployeeStockPurchasePlanCompensationExpenseRecognized
16000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
81000 USD
fbio Proceeds From Issuance Of At Market Offering
ProceedsFromIssuanceOfAtMarketOffering
434000 USD
fbio Proceeds From Issuance Of At Market Offering
ProceedsFromIssuanceOfAtMarketOffering
0 USD
CY2015Q1 fbio Agreement Description Terms
AgreementDescriptionTerms
(i) issue annually to the Company, on the anniversary date of the Founders Agreement, shares of common stock equal to 2.5% of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when the Company no longer has majority voting control in Checkpoints voting equity, equal to 2.5% of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to 4.5% of Checkpoints annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five times (5x) the product of (i) net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10000 shares
CY2016Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
150556 shares
CY2016Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
49000 USD
CY2016Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
400000 USD
CY2016Q2 fbio Employee Stock Purchase Plan Compensation Expense Recognized
EmployeeStockPurchasePlanCompensationExpenseRecognized
30000 USD
fbio Employee Stock Purchase Plan Compensation Expense Recognized
EmployeeStockPurchasePlanCompensationExpenseRecognized
56000 USD
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
33958 shares
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2230000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2890000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
500000 USD
CY2016Q2 us-gaap Gross Profit
GrossProfit
1906000 USD
CY2015Q2 us-gaap Gross Profit
GrossProfit
0 USD
us-gaap Gross Profit
GrossProfit
2566000 USD
us-gaap Gross Profit
GrossProfit
500000 USD
CY2015Q1 fbio Agreement Description Terms
AgreementDescriptionTerms
(i) issue annually to the Company, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one half percent (2.5%) of the fully-diluted outstanding equity of Avenue at the time of issuance; (ii) pay an equity fee in shares of Avenue common stock, payable within five (5) business days of the closing of any equity or debt financing for Avenue or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Avenues voting equity, equal to two and one half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Avenues annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), the Company will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
CY2015Q1 fbio Agreement Description Terms
AgreementDescriptionTerms
(i) issue annually to the Company, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one half percent (2.5%) of the fully-diluted outstanding equity of Helocyte at the time of issuance; (ii) pay an equity fee in shares of Helocyte common stock, payable within five (5) business days of the closing of any equity or debt financing for Helocyte or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Helocytes voting equity, equal to two and one half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Helocytes annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), the Company will pay a one-time change in control fee equal to five (5x) times the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
CY2015Q1 fbio Agreement Description Terms
AgreementDescriptionTerms
(i) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Mustang or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when the Company no longer has majority voting control in Mustangs voting equity, equal to two and one-half (2.5%) of the gross amount of any such equity or debt financing; and (ii) pay a cash fee equal to four and one-half percent (4.5%) of Mustangs annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control, Mustang will pay a one-time change in control fee equal to five (5x) times the product of (A) monthly net sales for the twelve (12) months immediately preceding the change in control and (B) four and one-half percent (4.5%).
us-gaap Stock Issued1
StockIssued1
48000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
99000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD

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