$ISCO
International Stem Cell CORP

2013 Q3 Form 10-Q Financial Statement

#000156459014005595 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2
Revenue $1.670M $1.457M
YoY Change 40.69% 37.97%
Cost Of Revenue $447.0K $329.0K
YoY Change 39.69% 5.11%
Gross Profit $1.223M $1.128M
YoY Change 41.06% 51.82%
Gross Profit Margin 73.23% 77.42%
Selling, General & Admin $1.994M $2.344M
YoY Change -2.59% 1.78%
% of Gross Profit 163.04% 207.8%
Research & Development $932.0K $974.0K
YoY Change 3.56% 12.6%
% of Gross Profit 76.21% 86.35%
Depreciation & Amortization $100.0K $100.0K
YoY Change -5.66% -5.66%
% of Gross Profit 8.18% 8.87%
Operating Expenses $2.926M $3.318M
YoY Change -0.71% 4.73%
Operating Profit -$1.703M -$2.190M
YoY Change -18.13% -9.69%
Interest Expense $30.00K $1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.096M -$8.000K
YoY Change 209500.0% -84.62%
Pretax Income -$3.799M -$2.200M
YoY Change 82.56% -11.18%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.799M -$2.200M
YoY Change 82.56% -11.18%
Net Earnings / Revenue -227.49% -151.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.471M -$2.933M
COMMON SHARES
Basic Shares Outstanding 132.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.790M $650.0K
YoY Change -24.79% -84.85%
Cash & Equivalents $1.792M $1.792M
Short-Term Investments
Other Short-Term Assets $460.0K $710.0K
YoY Change 58.62% 144.83%
Inventory $1.360M $1.370M
Prepaid Expenses
Receivables $398.0K $454.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.007M $3.191M
YoY Change -4.82% -47.34%
LONG-TERM ASSETS
Property, Plant & Equipment $851.0K $928.0K
YoY Change -31.37% -25.76%
Goodwill
YoY Change
Intangibles $2.036M $1.947M
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K
YoY Change 50.0% 50.0%
Total Long-Term Assets $2.920M $2.907M
YoY Change 0.34% 2.0%
TOTAL ASSETS
Total Short-Term Assets $4.007M $3.191M
Total Long-Term Assets $2.920M $2.907M
Total Assets $6.927M $6.098M
YoY Change -2.71% -31.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $522.0K $743.0K
YoY Change -50.75% -25.7%
Accrued Expenses $1.056M $1.389M
YoY Change 124.68% 78.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.389M $2.576M
YoY Change 225.97% 15.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.389M $2.576M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $6.390M $2.580M
YoY Change 226.02% 15.18%
SHAREHOLDERS EQUITY
Retained Earnings -$79.50M -$75.71M
YoY Change
Common Stock $134.0K $113.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.403M -$1.419M
YoY Change
Total Liabilities & Shareholders Equity $6.927M $6.098M
YoY Change -2.71% -31.56%

Cashflow Statement

Concept 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$3.799M -$2.200M
YoY Change 82.56% -11.18%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change -5.66% -5.66%
Cash From Operating Activities -$1.340M -$1.040M
YoY Change -19.28% -27.27%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$200.0K
YoY Change -22.22% -16.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$140.0K -$200.0K
YoY Change -22.22% -13.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.377M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.620M 0.000
YoY Change -3842.86% -100.0%
NET CHANGE
Cash From Operating Activities -1.340M -1.040M
Cash From Investing Activities -140.0K -200.0K
Cash From Financing Activities 2.620M 0.000
Net Change In Cash 1.140M -1.240M
YoY Change -159.69% -27.91%
FREE CASH FLOW
Cash From Operating Activities -$1.340M -$1.040M
Capital Expenditures -$140.0K -$200.0K
Free Cash Flow -$1.200M -$840.0K
YoY Change -18.92% -29.41%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassification </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts within the unaudited condensed 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&#8217;s previously reported results of operations. </p></div>
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0.001
CY2013Q3 isco Percentage Of Gross Proceeds Paid To Agent
PercentageOfGrossProceedsPaidToAgent
0.05
CY2013Q3 isco Agents Fees Percentage On Gross Proceeds
AgentsFeesPercentageOnGrossProceeds
0.05
CY2013 invest Investment Warrants Expiration Date
InvestmentWarrantsExpirationDate
2013-10-24
CY2013Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.15
CY2013Q4 isco Common Stock Capital Shares Reserved For Future Issuance Of Exercise Of Outstanding Warrants
CommonStockCapitalSharesReservedForFutureIssuanceOfExerciseOfOutstandingWarrants
37888154
CY2014Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3333333
CY2014Q2 isco Stock Issued During Period New Issues Value Per Share
StockIssuedDuringPeriodNewIssuesValuePerShare
0.15
CY2014Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
500000
CY2014Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5500000
CY2014Q2 isco Stock Issued During Period New Issues Value Per Share
StockIssuedDuringPeriodNewIssuesValuePerShare
0.10
CY2014Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
550000
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6000000
CY2014Q3 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.10
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
600000000
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4444445
CY2014Q3 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.09
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
400000000
CY2014Q2 isco Stock Issued During Period Shares For Warrant Exchange
StockIssuedDuringPeriodSharesForWarrantExchange
44665783
CY2014Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
132340872
CY2014Q3 isco Related Party Rent Expense
RelatedPartyRentExpense
41000
CY2013Q3 isco Related Party Rent Expense
RelatedPartyRentExpense
39000
isco Related Party Rent Expense
RelatedPartyRentExpense
122000
isco Related Party Rent Expense
RelatedPartyRentExpense
118000
CY2014Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1144000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2013Q1 isco Warrant Term
WarrantTerm
P5Y
CY2013Q1 isco Warrant Term
WarrantTerm
P5Y
CY2013Q4 us-gaap Share Price
SharePrice
0.21
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.15
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.843
CY2013Q3 isco Fair Value Of Warrant Liabilities In Excess Of Proceeds
FairValueOfWarrantLiabilitiesInExcessOfProceeds
1390000
CY2013Q3 isco Warrant Liabilities
WarrantLiabilities
4485000
CY2013Q4 isco Warrant Liabilities
WarrantLiabilities
4925000
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1271000
CY2014Q3 isco Common Stock Capital Shares Reserved For Future Issuance Of Exercise Of Outstanding Warrants
CommonStockCapitalSharesReservedForFutureIssuanceOfExerciseOfOutstandingWarrants
0
CY2013Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.25
CY2012Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3500000
CY2013 isco Warrant Issued
WarrantIssued
64983988
CY2013 isco Warrant Exercised
WarrantExercised
16954822
CY2013 isco Warrant Forfeited Or Cancelled
WarrantForfeitedOrCancelled
6545178
CY2013Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
44983988
isco Warrant Issued
WarrantIssued
0
isco Warrant Exchanged
WarrantExchanged
37221488
isco Warrant Exercised
WarrantExercised
0
isco Warrant Forfeited Or Cancelled
WarrantForfeitedOrCancelled
0
CY2014Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7762500
CY2014Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
79000
CY2013Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
77000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
236000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
235000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
97000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
397000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
101000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3000
CY2014Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
598000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
isco Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
2
isco Number Of Products
NumberOfProducts
130

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