$ISCO
International Stem Cell CORP

2013 Form 10-K Financial Statement

#000119312514102696 Filed on March 17, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012
Revenue $6.147M $1.250M $4.567M
YoY Change 34.6% 17.92% 0.82%
Cost Of Revenue $1.643M $320.0K $1.272M
YoY Change 29.17% -31.91% -21.48%
Gross Profit $4.504M $930.0K $3.295M
YoY Change 36.69% 57.63% 13.23%
Gross Profit Margin 73.27% 74.4% 72.15%
Selling, General & Admin $8.490M $2.630M $9.511M
YoY Change -10.73% 12.88% -3.34%
% of Gross Profit 188.5% 282.8% 288.65%
Research & Development $3.560M $900.0K $3.599M
YoY Change -1.08% -23.08% -18.76%
% of Gross Profit 79.04% 96.77% 109.23%
Depreciation & Amortization $464.0K $100.0K $474.0K
YoY Change -2.11% -9.09% -3.27%
% of Gross Profit 10.3% 10.75% 14.39%
Operating Expenses $12.05M $3.520M $13.11M
YoY Change -8.09% 0.57% -8.13%
Operating Profit -$7.546M -$2.590M -$9.815M
YoY Change -23.12% -11.0% -13.6%
Interest Expense $3.000K $0.00 $2.000K
YoY Change 50.0% -100.0% -99.91%
% of Operating Profit
Other Income/Expense, Net -$2.933M -$10.00K -$18.00K
YoY Change 16194.44% -92.86% -88.0%
Pretax Income -$10.48M -$2.600M -$9.833M
YoY Change 6.57% -0.76% 7.23%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.48M -$2.600M -$9.833M
YoY Change 6.57% -0.76% 7.22%
Net Earnings / Revenue -170.47% -208.0% -215.31%
Basic Earnings Per Share
Diluted Earnings Per Share -$12.78M -$4.483M -$17.25M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.240M $650.0K $650.0K
YoY Change 244.62% -51.49% -51.49%
Cash & Equivalents $2.240M $654.0K $650.0K
Short-Term Investments
Other Short-Term Assets $710.0K $460.0K $460.0K
YoY Change 54.35% 70.37% 70.37%
Inventory $1.370M $1.199M $1.200M
Prepaid Expenses
Receivables $310.0K $273.0K $270.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.630M $2.582M $2.580M
YoY Change 79.46% -14.5% -14.57%
LONG-TERM ASSETS
Property, Plant & Equipment $830.0K $1.134M $1.130M
YoY Change -26.55% -20.14% -20.42%
Goodwill
YoY Change
Intangibles $1.634M
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $20.00K $20.00K
YoY Change 50.0% 0.0% 0.0%
Total Long-Term Assets $3.110M $2.788M $2.790M
YoY Change 11.47% 2.5% 2.57%
TOTAL ASSETS
Total Short-Term Assets $4.630M $2.582M $2.580M
Total Long-Term Assets $3.110M $2.788M $2.790M
Total Assets $7.740M $5.370M $5.370M
YoY Change 44.13% -6.45% -6.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.0K $969.0K $970.0K
YoY Change -45.36% 8.88% 8.99%
Accrued Expenses $1.290M $730.0K $730.0K
YoY Change 76.71% -2.67% -2.67%
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 $7.020M $2.187M $2.190M
YoY Change 220.55% 3.65% 3.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.020M $2.187M $2.190M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.020M $2.190M $2.190M
YoY Change 220.55% 3.79% 3.79%
SHAREHOLDERS EQUITY
Retained Earnings -$71.79M
YoY Change
Common Stock $87.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $720.0K -$1.758M $3.180M
YoY Change
Total Liabilities & Shareholders Equity $7.740M $5.370M $5.370M
YoY Change 44.13% -6.45% -6.45%

Cashflow Statement

Concept 2013 2012 Q4 2012
OPERATING ACTIVITIES
Net Income -$10.48M -$2.600M -$9.833M
YoY Change 6.57% -0.76% 7.22%
Depreciation, Depletion And Amortization $464.0K $100.0K $474.0K
YoY Change -2.11% -9.09% -3.27%
Cash From Operating Activities -$5.638M -$1.570M -$6.689M
YoY Change -15.71% 9.79% -3.89%
INVESTING ACTIVITIES
Capital Expenditures $167.0K -$150.0K -$790.0K
YoY Change -121.14% 15.38% -15.96%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0%
Cash From Investing Activities -$896.0K -$160.0K -$786.0K
YoY Change 13.99% 23.08% -16.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.538M $2.084M
YoY Change 213.72% -37.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.123M 0.000 6.792M
YoY Change 19.6% -100.0% 96.3%
NET CHANGE
Cash From Operating Activities -5.638M -1.570M -6.689M
Cash From Investing Activities -896.0K -160.0K -786.0K
Cash From Financing Activities 8.123M 0.000 6.792M
Net Change In Cash 1.589M -1.730M -683.0K
YoY Change -332.65% 38.4% -84.62%
FREE CASH FLOW
Cash From Operating Activities -$5.638M -$1.570M -$6.689M
Capital Expenditures $167.0K -$150.0K -$790.0K
Free Cash Flow -$5.805M -$1.420M -$5.899M
YoY Change -1.59% 9.23% -2.01%

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CY2013Q4 isco Deposits And Other Assets
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37888154 shares
CY2013Q4 isco Revenue Realized From Agreement
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0
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0.937 pure
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4925000
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0.03 pure
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CY2013Q3 us-gaap Proceeds From Issuance Of Common Stock
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2377000
CY2011 isco Share Based Compensation Arrangement By Share Based Payment Award Vesting Term
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Four quarters
CY2013 dei Trading Symbol
TradingSymbol
ISCO
CY2013 dei Entity Registrant Name
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International Stem Cell CORP
CY2013 dei Entity Current Reporting Status
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Yes
CY2013 dei Amendment Flag
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false
CY2013 dei Entity Filer Category
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Smaller Reporting Company
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Type
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10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
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0001355790
CY2013 dei Entity Well Known Seasoned Issuer
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No
CY2013 dei Current Fiscal Year End Date
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CY2013 dei Document Fiscal Period Focus
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FY
CY2013 dei Entity Voluntary Filers
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No
CY2013 invest Investment Warrants Expiration Date
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2013-10-24
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2016-09-30
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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CY2013 us-gaap Number Of Reportable Segments
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CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2013 us-gaap Increase Decrease In Restricted Cash
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CY2013 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassification</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts within the Consolidated Statements of Operations for the prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on the Company&#x2019;s previously reported results of operations.</font></p> </div>
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CY2013 us-gaap Stock Issued During Period Value New Issues
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CY2013 isco Burn Rate Excluding Capital Expenditures And Patent Costs
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CY2013 isco Reversal Of Preferred Dividends Accreted
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CY2013 isco Number Of Products
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130 Product
CY2013 isco Number Of Wholly Owned Subsidiaries
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CY2013 isco Accretion Of Preferred Stock Dividends
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DividendsPreferredStock
222000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
44000
CY2012 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
1375000
CY2012 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4000
CY2012 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
73000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-683000
CY2012 us-gaap Marketing Expense
MarketingExpense
2065000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-22000
CY2012 us-gaap Interest Expense
InterestExpense
2000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
192000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2084000
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
1272000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-786000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3599000
CY2012 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
5000
CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
190000
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
474000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
CY2012 us-gaap Depreciation
Depreciation
420000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2361000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
286000
CY2012 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
129000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2012 isco Revaluation Expenses Recognized
RevaluationExpensesRecognized
38000
CY2012 isco Reversal Of Preferred Dividends Accreted
ReversalOfPreferredDividendsAccreted
93000
CY2012 isco Right Of Return Guarantee Period
RightOfReturnGuaranteePeriod
P30D
CY2012 isco Accretion Of Preferred Stock Dividends
AccretionOfPreferredStockDividends
93000
CY2012 isco Deemed Dividend On Preferred Stock
DeemedDividendOnPreferredStock
1375000
CY2012 isco Related Party Rent Expense
RelatedPartyRentExpense
113000
CY2012 isco Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.08 pure
CY2012 isco Commission Percentage On Direct Sale
CommissionPercentageOnDirectSale
0.25 pure
CY2012 isco Adjustments To Additional Paid In Capital Preferred Stock With Beneficial Conversion Feature
AdjustmentsToAdditionalPaidInCapitalPreferredStockWithBeneficialConversionFeature
1375000
CY2012 isco Warrants Issued For Placements Agent Services
WarrantsIssuedForPlacementsAgentServices
CY2012 isco Adjustments To Additional Paid In Capital Warrant Issued For Services
AdjustmentsToAdditionalPaidInCapitalWarrantIssuedForServices
73000
CY2012 isco Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresInPeriodWeightedAverageExercisePrice
0.66
CY2012 isco Income Tax Expense Benefit Continuing Operation
IncomeTaxExpenseBenefitContinuingOperation
CY2012 isco Change In Inventory Obsolescence
ChangeInInventoryObsolescence
-40000
CY2012 isco Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements Due To Expiry
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlementsDueToExpiry
38000

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