$ISCO
International Stem Cell CORP

2024 Q2 Form 10-Q Financial Statement

#000095017024059478 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $2.331M $2.129M $1.889M
YoY Change 26.62% 2.06% -22.26%
Cost Of Revenue $913.0K $887.0K $863.0K
YoY Change 28.05% 7.65% -24.03%
Gross Profit $1.418M $1.242M $1.026M
YoY Change 25.71% -1.58% -20.71%
Gross Profit Margin 60.83% 58.34% 54.31%
Selling, General & Admin $1.186M $1.243M $1.284M
YoY Change -3.34% 11.48% 15.88%
% of Gross Profit 83.64% 100.08% 125.15%
Research & Development $83.00K $177.0K $166.0K
YoY Change 84.44% 22.07% 32.8%
% of Gross Profit 5.85% 14.25% 16.18%
Depreciation & Amortization $50.00K $49.00K $48.00K
YoY Change 4.17% -3.92% -7.69%
% of Gross Profit 3.53% 3.95% 4.68%
Operating Expenses $1.269M $1.420M $1.450M
YoY Change -0.24% 12.7% 17.6%
Operating Profit $149.0K -$178.0K -$424.0K
YoY Change -203.47% -9000.0% -795.08%
Interest Expense $35.00K $36.00K -$34.00K
YoY Change 0.0% 0.0% 3.03%
% of Operating Profit 23.49%
Other Income/Expense, Net -$30.00K -$36.00K $0.00
YoY Change -104.72% 0.0% -100.0%
Pretax Income $119.0K -$214.0K -$458.0K
YoY Change -75.81% 529.41% -2091.3%
Income Tax
% Of Pretax Income
Net Earnings $119.0K -$214.0K -$303.0K
YoY Change -75.81% 529.41% -1417.39%
Net Earnings / Revenue 5.11% -10.05% -16.04%
Basic Earnings Per Share $0.01 -$0.03
Diluted Earnings Per Share $0.01 -$0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 8.004M 8.004M 8.004M
Diluted Shares Outstanding 8.004M 8.004M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.290M $1.386M $1.588M
YoY Change -6.66% 46.98% 114.02%
Cash & Equivalents $1.290M $1.386M $1.588M
Short-Term Investments
Other Short-Term Assets $11.00K $32.00K $96.00K
YoY Change -65.63% 23.08% 6.67%
Inventory $1.415M $1.273M $1.263M
Prepaid Expenses $209.0K $270.0K $80.00K
Receivables $810.0K $632.0K $574.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.819M $3.593M $3.521M
YoY Change 3.66% 11.03% 18.83%
LONG-TERM ASSETS
Property, Plant & Equipment $286.0K $196.0K $215.0K
YoY Change 11.72% -15.52% -13.31%
Goodwill
YoY Change
Intangibles $833.0K $854.0K $875.0K
YoY Change -0.48% -0.47% -0.34%
Long-Term Investments
YoY Change
Other Assets $271.0K $291.0K $297.0K
YoY Change -25.34% -11.28% -6.9%
Total Long-Term Assets $1.775M $1.776M $1.869M
YoY Change -15.56% -15.63% -13.95%
TOTAL ASSETS
Total Short-Term Assets $3.819M $3.593M $3.521M
Total Long-Term Assets $1.775M $1.776M $1.869M
Total Assets $5.594M $5.369M $5.390M
YoY Change -3.32% 0.52% 4.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $377.0K $360.0K $364.0K
YoY Change 13.9% 2.56% 13.04%
Accrued Expenses $572.0K $578.0K $485.0K
YoY Change 9.79% -8.54% -4.53%
Deferred Revenue
YoY Change
Short-Term Debt $3.523M $3.490M $3.457M
YoY Change 3.92% 3.96% 3.97%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.024M $4.966M $4.832M
YoY Change 5.9% 2.79% 4.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $286.0K $367.0K $445.0K
YoY Change -51.36% -44.05% -38.19%
Total Long-Term Liabilities $286.0K $367.0K $445.0K
YoY Change -51.36% -44.05% -38.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.024M $4.966M $4.832M
Total Long-Term Liabilities $286.0K $367.0K $445.0K
Total Liabilities $5.310M $5.333M $5.277M
YoY Change -0.41% -2.81% -1.46%
SHAREHOLDERS EQUITY
Retained Earnings -$110.6M -$110.7M -$110.5M
YoY Change 0.64% 0.27% 0.18%
Common Stock $8.000K $8.000K $8.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.016M -$4.264M -$4.187M
YoY Change
Total Liabilities & Shareholders Equity $5.594M $5.369M $5.390M
YoY Change -3.32% 0.52% 4.97%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $119.0K -$214.0K -$303.0K
YoY Change -75.81% 529.41% -1417.39%
Depreciation, Depletion And Amortization $50.00K $49.00K $48.00K
YoY Change 4.17% -3.92% -7.69%
Cash From Operating Activities $23.00K -$193.0K $161.0K
YoY Change -95.31% -189.35% 103.8%
INVESTING ACTIVITIES
Capital Expenditures $119.0K $8.000K $0.00
YoY Change 133.33% -46.67% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$3.000K
YoY Change
Cash From Investing Activities -$119.0K -$9.000K -$3.000K
YoY Change 133.33% -40.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 23.00K -193.0K 161.0K
Cash From Investing Activities -119.0K -9.000K -3.000K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -96.00K -202.0K 158.0K
YoY Change -121.87% -200.5% 107.89%
FREE CASH FLOW
Cash From Operating Activities $23.00K -$193.0K $161.0K
Capital Expenditures $119.0K $8.000K $0.00
Free Cash Flow -$96.00K -$201.0K $161.0K
YoY Change -121.87% -200.0% 111.84%

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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates include patent life (remaining legal life versus remaining useful life), inventories carrying values, and the fair value of stock option grants using the Black-Scholes option valuation model. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from these estimates.</span></p>
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The Company's revenue consists primarily of sales of products from its two revenue-generating operating segments, the biomedical market (LCT) and anti-aging market (LSC). The anti-aging market sells products solely through the ecommerce channel. The biomedical market sells primary human cell research products with two product categories, cells and media, which are sold both domestically and internationally. The biomedical market also offers performance of quality control (QC) testing services. No revenue from services was earned during the three months ended March 31, 2024 and 2023.
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CY2023Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
0
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
96000
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12935014
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Customer Concentrations</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">51</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">47</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of consolidated product sales, respectively, and approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">57</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">53</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of biomedical product sales. As of March 31, 2024 and December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the same customer accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">46</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">47</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of accounts receivable, net, respectively.</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024 and 2023, no other single customer accounted for more than 10% of revenues in any segment. No other single customer accounted for more than 10% of accounts receivable, net as of March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. As of December 31, 2023, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customers individually accounted for more than 10% of accounts receivable, net and in the aggregate, accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of accounts receivable, net.</span></p>
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InventoryRawMaterials
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CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2024Q1 us-gaap Inventory Work In Process
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CY2023Q4 us-gaap Inventory Work In Process
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CY2024Q1 us-gaap Inventory Finished Goods
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CY2023Q4 us-gaap Inventory Gross
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CY2024Q1 us-gaap Inventory Valuation Reserves
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CY2023Q4 isco Inventory Net Current And Noncurrent
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CY2024Q1 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2024Q1 us-gaap Inventory Noncurrent
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CY2023Q4 us-gaap Inventory Noncurrent
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CY2024Q1 isco Inventory Net Current And Noncurrent
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CY2024Q1 us-gaap Prepaid Expense Current
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CY2024Q1 us-gaap Other Assets Current
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CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2549000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2541000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
196000
CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2024Q1 us-gaap Depreciation And Amortization
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CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2024Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
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CY2023Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
586000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
565000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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CY2024Q1 us-gaap Indefinite Lived Trademarks
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CY2023Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2024Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2024Q1 us-gaap Preferred Stock Shares Authorized
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20000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
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20000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Dividends Preferred Stock
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CY2024Q1 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
The holders of Series B, Series D, and Series G are entitled to one vote for each share of common stock into which it would convert.
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
532000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M19D
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
37351888
CY2021Q4 isco Lease Costs Incurred Percentage
LeaseCostsIncurredPercentage
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CY2024Q1 isco Number Of Operating Leases
NumberOfOperatingLeases
3
CY2021Q4 us-gaap Lease Expiration Date1
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2026-12-31
CY2021Q4 us-gaap Operating Lease Expense
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CY2021Q4 isco Percentage Of Increase Rent Per Annum Over Lease Term
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CY2021Q4 isco Percentage Of Base Rent Abated
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0.50
CY2021Q4 us-gaap Lease Expiration Date1
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2026-12-31
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
4000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
70000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
71000
CY2024Q1 isco Finance Leases
FinanceLeases
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CY2023Q4 isco Finance Leases
FinanceLeases
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
262000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
360000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
119000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
741000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
86000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
655000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
288000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
367000
CY2024Q1 us-gaap Number Of Reportable Segments
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3
CY2024Q1 isco Number Of Business Units
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2
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2129000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2086000
CY2024Q1 us-gaap Costs And Expenses
CostsAndExpenses
2307000
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
2084000
CY2024Q1 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Operating Income Loss
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2000
CY2024Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-36000
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-36000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-214000
CY2023Q1 us-gaap Net Income Loss
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-34000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 isco Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 isco Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

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