$ISCO
International Stem Cell CORP

2022 Q3 Form 10-Q Financial Statement

#000156459022029273 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.703M $2.027M $2.020M
YoY Change -7.55% 10.58% 21.83%
Cost Of Revenue $690.0K $718.0K $725.0K
YoY Change -15.23% -6.75% 17.89%
Gross Profit $1.013M $1.309M $1.295M
YoY Change -1.46% 23.14% 24.16%
Gross Profit Margin 59.48% 64.58% 64.11%
Selling, General & Admin $1.166M $1.195M $1.133M
YoY Change -21.53% -11.87% -18.78%
% of Gross Profit 115.1% 91.29% 87.49%
Research & Development $147.0K $83.00K $137.0K
YoY Change -10.91% -26.55% -36.28%
% of Gross Profit 14.51% 6.34% 10.58%
Depreciation & Amortization $55.00K $55.00K $56.00K
YoY Change -15.38% -14.06% -15.15%
% of Gross Profit 5.43% 4.2% 4.32%
Operating Expenses $1.313M $1.278M $1.133M
YoY Change -20.47% -13.0% -18.78%
Operating Profit -$300.0K $31.00K $25.00K
YoY Change -51.85% -107.64% -104.41%
Interest Expense -$35.00K -$33.00K -$34.00K
YoY Change 94.44% -15.38% -206.25%
% of Operating Profit -106.45% -136.0%
Other Income/Expense, Net -$43.00K -$33.00K $34.00K
YoY Change -109.39% -105.31% -206.25%
Pretax Income -$343.0K -$2.000K -$9.000K
YoY Change 107.88% -100.93% -98.5%
Income Tax
% Of Pretax Income
Net Earnings -$343.0K -$2.000K -$9.000K
YoY Change 107.88% -100.93% -98.5%
Net Earnings / Revenue -20.14% -0.1% -0.45%
Basic Earnings Per Share -$0.04 $0.00 $0.00
Diluted Earnings Per Share -$0.04 $0.00 -$1.124K
COMMON SHARES
Basic Shares Outstanding 8.004M 8.004M 8.004M
Diluted Shares Outstanding 8.004M 8.004M 8.004M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $666.0K $586.0K $398.0K
YoY Change 31.88% -21.87% -64.37%
Cash & Equivalents $666.0K $586.0K $398.0K
Short-Term Investments
Other Short-Term Assets $53.00K $63.00K $338.0K
YoY Change -69.54% -84.86% -22.65%
Inventory $1.415M $1.361M $1.322M
Prepaid Expenses
Receivables $427.0K $663.0K $902.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.700M $2.994M $2.960M
YoY Change 8.61% 7.47% -2.82%
LONG-TERM ASSETS
Property, Plant & Equipment $279.0K $313.0K $348.0K
YoY Change -33.41% -30.6% -73.17%
Goodwill
YoY Change
Intangibles $896.0K $917.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $403.0K $392.0K $425.0K
YoY Change -1.95% -5.08% -2.07%
Total Long-Term Assets $2.342M $2.422M $2.541M
YoY Change -4.45% -14.27% -14.53%
TOTAL ASSETS
Total Short-Term Assets $2.700M $2.994M $2.960M
Total Long-Term Assets $2.342M $2.422M $2.541M
Total Assets $5.042M $5.416M $5.501M
YoY Change 2.13% -3.48% -8.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $378.0K $477.0K $635.0K
YoY Change -38.13% 1.71% 24.02%
Accrued Expenses $475.0K $501.0K $701.0K
YoY Change -17.53% -39.64% -21.06%
Deferred Revenue
YoY Change
Short-Term Debt $3.291M $3.258M $3.225M
YoY Change 13.02% 13.05% 13.08%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.613M $4.694M $4.811M
YoY Change 6.07% 5.94% 1.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $781.0K $840.0K $896.0K
YoY Change 21.09% 17.65% 14.72%
Total Long-Term Liabilities $781.0K $840.0K $896.0K
YoY Change 21.09% -29.41% -47.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.613M $4.694M $4.811M
Total Long-Term Liabilities $781.0K $840.0K $896.0K
Total Liabilities $5.394M $5.534M $5.707M
YoY Change 8.01% -1.55% -11.06%
SHAREHOLDERS EQUITY
Retained Earnings -$110.4M -$110.0M -$110.0M
YoY Change 0.64% 0.46%
Common Stock $8.000K $8.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.652M -$4.418M -$4.506M
YoY Change
Total Liabilities & Shareholders Equity $5.042M $5.416M $5.501M
YoY Change 2.13% -3.48% -8.61%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$343.0K -$2.000K -$9.000K
YoY Change 107.88% -100.93% -98.5%
Depreciation, Depletion And Amortization $55.00K $55.00K $56.00K
YoY Change -15.38% -14.06% -15.15%
Cash From Operating Activities $84.00K $192.0K -$23.00K
YoY Change -137.5% -152.89% -94.16%
INVESTING ACTIVITIES
Capital Expenditures -$4.000K -$4.000K $0.00
YoY Change -80.95% 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.000K -$4.000K $0.00
YoY Change -80.95% 0.0% -100.0%
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 0.000 250.0K
YoY Change -69.66%
NET CHANGE
Cash From Operating Activities 84.00K 192.0K -23.00K
Cash From Investing Activities -4.000K -4.000K 0.000
Cash From Financing Activities 0.000 0.000 250.0K
Net Change In Cash 80.00K 188.0K 250.0K
YoY Change -132.65% -151.23% -41.59%
FREE CASH FLOW
Cash From Operating Activities $84.00K $192.0K -$23.00K
Capital Expenditures -$4.000K -$4.000K $0.00
Free Cash Flow $88.00K $196.0K -$23.00K
YoY Change -143.35% -154.6% -94.13%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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The Company's revenue consists primarily of sales of products from its two revenue-generating operating segments, the biomedical market (LCT) and anti-aging market (LSC). The biomedical market sells primary human cell research products with two product categories, cells and media, which are sold both domestically and internationally. The biomedical market also offers performance of quality control (QC) testing services. No revenue from services was earned during the three and six months ended June 30, 2022 and 2021.   Prior to January 1, 2022, the anti-aging market sold skincare products through two sales channels: ecommerce and professional. The ecommerce channel sold directly to customers through online orders, while professional sales were primarily to spas, salons, and other skincare providers. As of January 1, 2022, the anti-aging market sells products solely through the ecommerce channel. As such, there was no revenue earned pertaining to the professional channel for skin care during the three and six months ended June 30, 2022.
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0089
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.9029
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.9029
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.8385
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.8385
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
90000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
172000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
181000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
406000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
774000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2027000
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15609580
CY2021Q4 isco Lease Costs Incurred Percentage
LeaseCostsIncurredPercentage
0.40
isco Number Of Operating Leases
NumberOfOperatingLeases
3
CY2021Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2026-12-31
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
11000
CY2021Q4 isco Percentage Of Increase Rent Per Annum Over Lease Term
PercentageOfIncreaseRentPerAnnumOverLeaseTerm
0.035
CY2021Q4 isco Percentage Of Base Rent Abated
PercentageOfBaseRentAbated
0.50
CY2021Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2026-12-31
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
72000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
118000
us-gaap Operating Lease Cost
OperatingLeaseCost
145000
us-gaap Operating Lease Cost
OperatingLeaseCost
236000
CY2021Q4 isco Finance Leases
FinanceLeases
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
163000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
338000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
349000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
360000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
119000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1329000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
281000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1833000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4047000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3491000
CY2022Q2 us-gaap Costs And Expenses
CostsAndExpenses
1996000
CY2021Q2 us-gaap Costs And Expenses
CostsAndExpenses
2239000
us-gaap Costs And Expenses
CostsAndExpenses
3991000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
216000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
590000
us-gaap Net Income Loss
NetIncomeLoss
-11000
us-gaap Net Income Loss
NetIncomeLoss
-383000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8004000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7654000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8004000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7767000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8004000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7654000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
144000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
148000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
242000
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-13000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
109000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
169000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6000
CY2021Q4 isco Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
1556000
CY2021Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
4000
CY2022Q2 isco Finance Leases
FinanceLeases
0
us-gaap Costs And Expenses
CostsAndExpenses
4464000

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