$ISCO
International Stem Cell CORP

2019 Form 10-K Financial Statement

#000156459020027718 Filed on June 01, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $9.472M $2.223M $11.09M
YoY Change -14.58% 20.82% 48.73%
Cost Of Revenue $3.933M $834.0K $4.069M
YoY Change -3.34% 34.52% 91.75%
Gross Profit $5.539M $1.389M $7.020M
YoY Change -21.1% 13.85% 31.61%
Gross Profit Margin 58.48% 62.48% 63.31%
Selling, General & Admin $8.341M $2.100M $8.098M
YoY Change 3.0% -16.0% 6.3%
% of Gross Profit 150.59% 151.19% 115.36%
Research & Development $1.386M $517.0K $2.279M
YoY Change -39.18% -13.83% -9.53%
% of Gross Profit 25.02% 37.22% 32.46%
Depreciation & Amortization $285.0K $93.00K $308.0K
YoY Change -7.47% 16.25% -5.52%
% of Gross Profit 5.15% 6.7% 4.39%
Operating Expenses $9.727M $2.649M $10.49M
YoY Change -7.31% -15.9% 37.75%
Operating Profit -$5.728M -$1.260M -$3.474M
YoY Change 64.88% -34.72% -29.7%
Interest Expense $77.00K $254.0K $48.00K
YoY Change 60.42% -52.96% -18.64%
% of Operating Profit
Other Income/Expense, Net $1.463M -$22.00K $1.343M
YoY Change 8.94% -219.17%
Pretax Income -$4.265M -$1.028M -$2.131M
YoY Change 100.14% -26.04% -64.89%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.265M -$1.028M -$2.131M
YoY Change 100.14% -26.04% -64.89%
Net Earnings / Revenue -45.03% -46.24% -19.22%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$567.7K -$150.0K -$0.33
COMMON SHARES
Basic Shares Outstanding 6.771M 6.388M
Diluted Shares Outstanding 6.388M

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.0K $1.080M $1.075M
YoY Change -54.98% 260.0% 253.62%
Cash & Equivalents $1.075M $1.075M
Short-Term Investments
Other Short-Term Assets $207.0K $540.0K $543.0K
YoY Change -61.88% -30.77% -30.3%
Inventory $1.246M $1.501M $1.501M
Prepaid Expenses
Receivables $1.515M $651.0K $651.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.452M $3.770M $3.770M
YoY Change -8.44% 32.05% 32.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.385M $469.0K $469.0K
YoY Change 195.31% 46.11% 46.11%
Goodwill
YoY Change
Intangibles $2.674M
YoY Change -8.49%
Long-Term Investments
YoY Change
Other Assets $448.0K $880.0K $883.0K
YoY Change -49.26% 14.29% 15.27%
Total Long-Term Assets $3.168M $4.026M $4.026M
YoY Change -21.31% 0.42% 0.42%
TOTAL ASSETS
Total Short-Term Assets $3.452M $3.770M $3.770M
Total Long-Term Assets $3.168M $4.026M $4.026M
Total Assets $6.620M $7.796M $7.796M
YoY Change -15.08% 13.58% 13.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $654.0K $458.0K $458.0K
YoY Change 42.79% -44.82% -44.82%
Accrued Expenses $1.009M $579.0K $579.0K
YoY Change 74.27% -4.61% -4.61%
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 $1.913M $5.077M $5.077M
YoY Change -62.32% 5.77% 5.77%
LONG-TERM LIABILITIES
Long-Term Debt $2.370M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $925.0K $180.0K $182.0K
YoY Change 408.24%
Total Long-Term Liabilities $3.295M $180.0K $182.0K
YoY Change 1710.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.913M $5.077M $5.077M
Total Long-Term Liabilities $3.295M $180.0K $182.0K
Total Liabilities $5.208M $5.259M $5.259M
YoY Change -0.97% 9.56% 9.56%
SHAREHOLDERS EQUITY
Retained Earnings -$106.7M
YoY Change 2.04%
Common Stock $7.000K
YoY Change 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.412M $2.537M $2.537M
YoY Change
Total Liabilities & Shareholders Equity $6.620M $7.796M $7.796M
YoY Change -15.08% 13.58% 13.58%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$4.265M -$1.028M -$2.131M
YoY Change 100.14% -26.04% -64.89%
Depreciation, Depletion And Amortization $285.0K $93.00K $308.0K
YoY Change -7.47% 16.25% -5.52%
Cash From Operating Activities -$1.397M $34.00K -$1.082M
YoY Change 29.11% -106.94% -49.49%
INVESTING ACTIVITIES
Capital Expenditures $164.0K -$132.0K $185.0K
YoY Change -11.35% -37.14% 65.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$494.0K -$132.0K -$661.0K
YoY Change -25.26% -37.14% -23.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $500.0K
YoY Change 0.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.300M 12.00K 2.514M
YoY Change -48.29% -97.6% -21.44%
NET CHANGE
Cash From Operating Activities -1.397M 34.00K -1.082M
Cash From Investing Activities -494.0K -132.0K -661.0K
Cash From Financing Activities 1.300M 12.00K 2.514M
Net Change In Cash -591.0K -86.00K 771.0K
YoY Change -176.65% -57.0% -75.91%
FREE CASH FLOW
Cash From Operating Activities -$1.397M $34.00K -$1.082M
Capital Expenditures $164.0K -$132.0K $185.0K
Free Cash Flow -$1.561M $166.0K -$1.267M
YoY Change 23.2% -159.29% -43.79%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;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 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., warrants and stock options, as well as the Monte-Carlo valuation method for certain 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 cosmetics products and biomedical products business segments. The cosmetic market segment markets and sells a line of luxury skincare products sold through three sales channels: ecommerce, professional, and international. The ecommerce channel sells direct to customers through online orders, while the professional sales are to spas, salons and other skincare providers. International sales are primarily through distributors. The biomedical market segment markets and sells primary human cell research products with two product categories, cells and media, both sold within and outside the United States
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FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
84000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
84000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
84000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
84000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
840000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2019 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. The holders of Series I-1 and Series I-2 have no voting rights
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000000
CY2019Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
49000
CY2019 isco Convertible Common Stock Conversion Price
ConvertibleCommonStockConversionPrice
1.75
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19507866
CY2019Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
800000
CY2019Q4 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
500000
CY2019 isco Related Party Rent Expense
RelatedPartyRentExpense
160000
CY2018 isco Related Party Rent Expense
RelatedPartyRentExpense
160000
CY2019Q2 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
1000000
CY2019Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
500000
CY2019 isco Operating Loss Carryforwards Latest Expiration Year
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2039
CY2019 isco Operating Loss Carryforwards Expiration Date Description
OperatingLossCarryforwardsExpirationDateDescription
various years through 2039
CY2019Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
70000000
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
67200000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 isco Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.03
CY2018 isco Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.06
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.00
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.04
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.05
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.02
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.13
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.27
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Leases
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseLeases
0.02
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Leases
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseLeases
0.00
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.19
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.00
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.00
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.01
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.01
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.01
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2019 isco Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost Adjustments
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCostAdjustments
392000
CY2019 isco Increase Decrease In Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncreaseDecreaseInEffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.13
CY2019 isco Increase Decrease In Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
IncreaseDecreaseInEffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.13
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
18452000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
17569000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1980000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2437000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2871000
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2729000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
547000
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
260000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
23850000
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
22995000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
23850000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
22995000
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2087000
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1681000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1919000
CY2019 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M3D
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3951052
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3951052
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.75
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
486000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1180000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1765
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
367000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
347000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
220000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
226000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
233000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
240000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1633000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
548000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
491000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
368000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
347000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
220000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
227000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
454000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2107000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
322000

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