$ISCO
International Stem Cell CORP

2019 Q3 Form 10-Q Financial Statement

#000156459019042862 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $2.096M $2.321M $2.223M
YoY Change -34.4% -23.6% 20.82%
Cost Of Revenue $799.0K $857.0K $834.0K
YoY Change -39.24% -21.74% 34.52%
Gross Profit $1.297M $1.464M $1.389M
YoY Change -31.01% -24.65% 13.85%
Gross Profit Margin 61.88% 63.08% 62.48%
Selling, General & Admin $2.005M $2.137M $2.100M
YoY Change 4.05% 15.02% -16.0%
% of Gross Profit 154.59% 145.97% 151.19%
Research & Development $115.0K $268.0K $517.0K
YoY Change -81.33% -40.71% -13.83%
% of Gross Profit 8.87% 18.31% 37.22%
Depreciation & Amortization $40.00K $66.00K $93.00K
YoY Change -11.11% 50.0% 16.25%
% of Gross Profit 3.08% 4.51% 6.7%
Operating Expenses $2.110M $2.405M $2.649M
YoY Change -17.03% 4.11% -15.9%
Operating Profit -$813.0K -$941.0K -$1.260M
YoY Change 22.62% 156.4% -34.72%
Interest Expense $816.0K $20.00K $254.0K
YoY Change 4700.0% 185.71% -52.96%
% of Operating Profit
Other Income/Expense, Net $816.0K $293.0K -$22.00K
YoY Change 1797.67% -1185.19%
Pretax Income $3.000K -$648.0K -$1.028M
YoY Change -97.52% 66.15% -26.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings $3.000K -$648.0K -$1.028M
YoY Change -97.52% 64.47% -26.04%
Net Earnings / Revenue 0.14% -27.92% -46.24%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share $397.60 -$0.09 -$150.0K
COMMON SHARES
Basic Shares Outstanding 7.533M 7.533M 6.771M
Diluted Shares Outstanding 7.533M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $463.0K $600.0K $1.080M
YoY Change -22.18% 25.0% 260.0%
Cash & Equivalents $463.0K $600.0K $1.075M
Short-Term Investments
Other Short-Term Assets $307.0K $440.0K $540.0K
YoY Change -30.23% -22.81% -30.77%
Inventory $1.409M $1.317M $1.501M
Prepaid Expenses
Receivables $1.080M $976.0K $651.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.259M $3.328M $3.770M
YoY Change -2.07% -23.32% 32.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.475M $697.0K $469.0K
YoY Change 325.07% 83.42% 46.11%
Goodwill
YoY Change
Intangibles $2.790M $2.674M
YoY Change -8.49%
Long-Term Investments
YoY Change
Other Assets $835.0K $880.0K $880.0K
YoY Change -4.79% 12.82% 14.29%
Total Long-Term Assets $5.001M $5.213M $4.026M
YoY Change -4.07% 27.77% 0.42%
TOTAL ASSETS
Total Short-Term Assets $3.259M $3.328M $3.770M
Total Long-Term Assets $5.001M $5.213M $4.026M
Total Assets $8.260M $8.541M $7.796M
YoY Change -3.29% 1.44% 13.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $722.0K $731.0K $458.0K
YoY Change -1.23% -59.84% -44.82%
Accrued Expenses $887.0K $548.0K $579.0K
YoY Change 9.1% -33.17% -4.61%
Deferred Revenue
YoY Change
Short-Term Debt $1.848M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.707M $4.458M $5.077M
YoY Change -16.85% -34.15% 5.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $929.0K $970.0K $180.0K
YoY Change -4.62%
Total Long-Term Liabilities $929.0K $970.0K $180.0K
YoY Change -4.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.707M $4.458M $5.077M
Total Long-Term Liabilities $929.0K $970.0K $180.0K
Total Liabilities $4.636M $5.432M $5.259M
YoY Change -14.65% -19.76% 9.56%
SHAREHOLDERS EQUITY
Retained Earnings -$103.7M -$106.7M
YoY Change 2.04%
Common Stock $8.000K $7.000K
YoY Change 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$676.0K -$1.191M $2.537M
YoY Change
Total Liabilities & Shareholders Equity $8.260M $8.540M $7.796M
YoY Change -3.29% 1.43% 13.58%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income $3.000K -$648.0K -$1.028M
YoY Change -97.52% 64.47% -26.04%
Depreciation, Depletion And Amortization $40.00K $66.00K $93.00K
YoY Change -11.11% 50.0% 16.25%
Cash From Operating Activities -$27.00K -$648.0K $34.00K
YoY Change -95.14% 27.06% -106.94%
INVESTING ACTIVITIES
Capital Expenditures -$105.0K -$172.0K -$132.0K
YoY Change -18.6% -14.0% -37.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$105.0K -$172.0K -$132.0K
YoY Change -18.6% -14.0% -37.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 800.0K 12.00K
YoY Change -100.0% 8.11% -97.6%
NET CHANGE
Cash From Operating Activities -27.00K -648.0K 34.00K
Cash From Investing Activities -105.0K -172.0K -132.0K
Cash From Financing Activities 0.000 800.0K 12.00K
Net Change In Cash -132.0K -20.00K -86.00K
YoY Change -119.21% -166.67% -57.0%
FREE CASH FLOW
Cash From Operating Activities -$27.00K -$648.0K $34.00K
Capital Expenditures -$105.0K -$172.0K -$132.0K
Free Cash Flow $78.00K -$476.0K $166.0K
YoY Change -118.27% 53.55% -159.29%

Facts In Submission

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<p style="text-align:justify;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;">Use of Estimates </p> <p style="text-align:justify;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 preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Significant estimates include patent life (remaining legal life versus remaining useful life), inventory carrying values, allowance for excess and obsolete inventories, allowance for sales returns and doubtful accounts, and transactions using the Black-Scholes option pricing model, e.g., stock options, as well as the Monte-Carlo valuation method for warrants. Actual results could differ from those estimates. </p>
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The Company's revenue consists primarily of sales of products from its two revenue-generating operating segments, the biomedical products and anti-aging cosmetics products business segments. The cosmetic market segment markets and sells a line of luxury skincare products sold through two sales channels: ecommerce and professional. The ecommerce channel sells direct to customers through online orders, while the professional sales are to spas, salons and other skincare providers. The biomedical market segment markets and sells primary human cell research products with two product categories, cells and media, sold both within and outside the United States.
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145000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
361000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2018Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
590000
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
216000
CY2019Q3 isco Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
2154000
CY2018Q4 isco Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
2306000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3434000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3121000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2743000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2652000
CY2019Q3 us-gaap Depreciation
Depreciation
40000
CY2018Q3 us-gaap Depreciation
Depreciation
45000
us-gaap Depreciation
Depreciation
115000
us-gaap Depreciation
Depreciation
130000
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3706000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3632000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1015000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
958000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2691000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2674000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
26000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
30000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
88000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
85000
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000000
CY2019Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
49000
isco Convertible Common Stock Conversion Price
ConvertibleCommonStockConversionPrice
1.75
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19531182
isco Related Party Rent Expense
RelatedPartyRentExpense
120000
isco Related Party Rent Expense
RelatedPartyRentExpense
120000
CY2019Q2 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
1000000
CY2019Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
800000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
512000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
501000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1589000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1165000
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2365000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M24D
CY2018Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3951052
isco Warrant Forfeited Or Cancelled
WarrantForfeitedOrCancelled
CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3951052
CY2018Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.75
CY2019Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.75
isco Number Of Operating Leases
NumberOfOperatingLeases
3
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1165000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
117000
us-gaap Operating Lease Cost
OperatingLeaseCost
370000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
124000
us-gaap Operating Lease Payments
OperatingLeasePayments
360000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1389000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y11M26D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1755
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
125000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
368000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
347000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
220000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
226000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
473000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1759000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
594000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
491000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
368000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
347000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
220000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
227000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
454000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2107000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
isco Number Of Business Units
NumberOfBusinessUnits
2

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