$ISCO
International Stem Cell CORP

2015 Q1 Form 10-Q Financial Statement

#000156459015003812 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $1.622M $1.820M $1.649M
YoY Change -1.64% 4.6% 28.33%
Cost Of Revenue $418.0K $560.0K $439.0K
YoY Change -4.78% 5.66% 31.44%
Gross Profit $1.204M $1.260M $1.210M
YoY Change -0.5% 5.0% 27.23%
Gross Profit Margin 74.23% 69.23% 73.38%
Selling, General & Admin $2.052M $1.980M $2.317M
YoY Change -11.44% -10.41% 19.25%
% of Gross Profit 170.43% 157.14% 191.49%
Research & Development $1.118M $1.630M $958.0K
YoY Change 16.7% 77.17% 32.87%
% of Gross Profit 92.86% 129.37% 79.17%
Depreciation & Amortization $131.0K $110.0K $116.0K
YoY Change 12.93% 0.0% 0.0%
% of Gross Profit 10.88% 8.73% 9.59%
Operating Expenses $3.170M $3.600M $3.275M
YoY Change -3.21% 14.65% 22.94%
Operating Profit -$1.966M -$2.340M -$2.065M
YoY Change -4.79% 20.62% 20.55%
Interest Expense $680.0K $510.0K $1.000K
YoY Change 67900.0% -165.38% 0.0%
% of Operating Profit
Other Income/Expense, Net $679.0K -$2.770M $630.0K
YoY Change 7.78% 5440.0% 62900.0%
Pretax Income -$1.287M -$4.600M -$1.435M
YoY Change -10.31% 66.06% -16.18%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.287M -$4.600M -$1.435M
YoY Change -10.31% 66.06% -16.18%
Net Earnings / Revenue -79.35% -252.75% -87.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.07 -$3.026M -$1.412M
COMMON SHARES
Basic Shares Outstanding 245.6M 153.5M
Diluted Shares Outstanding 1.830M 153.5M

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $610.0K $1.110M $990.0K
YoY Change -38.38% -50.45% -48.17%
Cash & Equivalents $611.0K $1.111M $991.0K
Short-Term Investments
Other Short-Term Assets $430.0K $540.0K $690.0K
YoY Change -37.68% -23.94% 40.82%
Inventory $1.670M $1.517M $1.357M
Prepaid Expenses
Receivables $440.0K $453.0K $501.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.150M $3.616M $3.535M
YoY Change -10.89% -21.83% -11.4%
LONG-TERM ASSETS
Property, Plant & Equipment $630.0K $714.0K $742.0K
YoY Change -15.09% -13.98% -27.96%
Goodwill
YoY Change
Intangibles $2.795M $2.342M
YoY Change 24.22%
Long-Term Investments
YoY Change
Other Assets $50.00K $50.00K $30.00K
YoY Change 66.67% 66.67% 50.0%
Total Long-Term Assets $3.540M $3.563M $3.117M
YoY Change 13.57% 14.46% 10.14%
TOTAL ASSETS
Total Short-Term Assets $3.150M $3.616M $3.535M
Total Long-Term Assets $3.540M $3.563M $3.117M
Total Assets $6.690M $7.179M $6.652M
YoY Change 0.57% -7.24% -2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.770M $670.0K $518.0K
YoY Change 241.7% 25.94% 20.47%
Accrued Expenses $1.390M $1.711M $952.0K
YoY Change 46.01% 32.64% 26.93%
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 $6.770M $6.858M $6.048M
YoY Change 11.94% -2.32% 280.38%
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 $6.770M $6.858M $6.048M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.770M $6.860M $6.050M
YoY Change 11.9% -2.28% 280.5%
SHAREHOLDERS EQUITY
Retained Earnings -$94.75M -$83.71M
YoY Change 15.17%
Common Stock $262.0K $239.0K $157.0K
YoY Change 66.88% 58.28% -92.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$80.00K $321.0K -$4.337M
YoY Change
Total Liabilities & Shareholders Equity $6.690M $7.179M $6.652M
YoY Change 0.57% -7.24% -2.46%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income -$1.287M -$4.600M -$1.435M
YoY Change -10.31% 66.06% -16.18%
Depreciation, Depletion And Amortization $131.0K $110.0K $116.0K
YoY Change 12.93% 0.0% 0.0%
Cash From Operating Activities -$760.0K -$1.970M -$2.030M
YoY Change -62.56% 39.72% 9.73%
INVESTING ACTIVITIES
Capital Expenditures $15.00K -$240.0K $13.00K
YoY Change 15.38% -38.46% -107.65%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$170.0K -$240.0K -$160.0K
YoY Change 6.25% -38.46% -5.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.104M
YoY Change 10.4%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 430.0K 2.840M 940.0K
YoY Change -54.26% 27.35% -71.25%
NET CHANGE
Cash From Operating Activities -760.0K -1.970M -2.030M
Cash From Investing Activities -170.0K -240.0K -160.0K
Cash From Financing Activities 430.0K 2.840M 940.0K
Net Change In Cash -500.0K 630.0K -1.250M
YoY Change -60.0% 46.51% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$760.0K -$1.970M -$2.030M
Capital Expenditures $15.00K -$240.0K $13.00K
Free Cash Flow -$775.0K -$1.730M -$2.043M
YoY Change -62.07% 69.61% 21.61%

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;">Product Sales </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;">The Company recognizes revenue from product sales at the time of shipment to the customer, provided no significant obligations remain and collection of the receivable is reasonably assured. If the customer has a right of return, the Company recognizes product revenues upon shipment, provided that future returns can be reasonably estimated. In the case where returns cannot be reasonably estimated, revenue will be deferred until such estimates can be made or the right of return has lapsed. LCT contributed 48% and 51% of total revenue during the three months ended March 31, 2015 and 2014, respectively. LSC contributed 52% and 49% of total revenue during the three months ended March 31, 2015 and 2014, respectively. </p></div>
CY2013Q1 isco Warrant Term
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FiniteLivedIntangibleAssetsAccumulatedAmortization
572000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
59000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
78000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
78000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
78000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
45000
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2479000
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2817000
CY2008Q2 isco Advances From Nonaffiliated Collaboration
AdvancesFromNonaffiliatedCollaboration
250000
CY2008Q2 isco Specified Amount Of Revenue To Be Utilized First For Advances
SpecifiedAmountOfRevenueToBeUtilizedFirstForAdvances
250000
CY2015Q1 isco Revenue Realized From Agreement
RevenueRealizedFromAgreement
0
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2008Q2 isco Number Of Accredited Investors
NumberOfAccreditedInvestors
5
CY2015Q1 isco Convertible Preferred Stock Conversion Ratio
ConvertiblePreferredStockConversionRatio
5.0518
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10125000
CY2013Q1 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.20
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2025000
CY2013Q1 isco Warrant Term
WarrantTerm
P5Y
CY2013Q1 isco Common Stock Warrants Issued To Purchase Common Stock Percentage
CommonStockWarrantsIssuedToPurchaseCommonStockPercentage
0.50
CY2013Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5062500
CY2013Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.20
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5000000
CY2013Q1 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.20
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000
CY2013Q1 isco Common Stock Warrants Issued To Purchase Common Stock Percentage
CommonStockWarrantsIssuedToPurchaseCommonStockPercentage
0.50
CY2013Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2500000
CY2013Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.20
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
4444445
CY2014Q3 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.09
CY2014Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
400000
CY2014Q2 isco Stock Issued During Period Shares For Warrant Exchange
StockIssuedDuringPeriodSharesForWarrantExchange
44665783
CY2014Q2 isco Warrant Exchanged
WarrantExchanged
36554822
CY2015Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
311895932
CY2015Q1 isco Related Party Rent Expense
RelatedPartyRentExpense
35000
CY2014Q1 isco Related Party Rent Expense
RelatedPartyRentExpense
35000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
127508118
CY2015Q1 isco Warrant Exercised
WarrantExercised
9616876
CY2014 isco Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
0.06
CY2014 isco Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exchanged
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExchanged
0.15
CY2014 isco Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exercised
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercised
0.06
CY2015Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
73000
CY2014Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
79000
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
277000
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
104000
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
250000
CY2014Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
347000
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
807000
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y5M27D
CY2014Q4 isco Fair Value Of Warrant Liabilities In Excess Of Proceeds
FairValueOfWarrantLiabilitiesInExcessOfProceeds
1779000
CY2014Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4831000
CY2013Q3 isco Percentage Of Gross Proceeds Paid To Agent
PercentageOfGrossProceedsPaidToAgent
0.05
CY2015Q1 isco Warrant Liability Reclassified To Equity Upon Warrant Exchange
WarrantLiabilityReclassifiedToEquityUponWarrantExchange
3031000
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1271000
CY2015Q1 isco Warrant Exchange Inducement Expense
WarrantExchangeInducementExpense
3445000
CY2015Q1 isco Stock Issued During Period Value For Warrant Exchange
StockIssuedDuringPeriodValueForWarrantExchange
6428000
CY2013Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
44983988
CY2014 isco Warrant Issued
WarrantIssued
125639832
CY2014 isco Warrant Exchanged
WarrantExchanged
37221488
CY2014 isco Warrant Exercised
WarrantExercised
5894214
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
386000
CY2015Q1 isco Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
2

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