2014 Q3 Form 10-Q Financial Statement
#000119312514306672 Filed on August 12, 2014
Income Statement
Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
---|---|---|---|
Revenue | $124.4K | $219.2K | $643.3K |
YoY Change | -81.37% | -65.92% | -56.83% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.580M | $2.120M | $900.0K |
YoY Change | 98.46% | 135.56% | -19.64% |
% of Gross Profit | |||
Research & Development | $4.046M | $2.710M | $7.788M |
YoY Change | -2.68% | -65.21% | -17.85% |
% of Gross Profit | |||
Depreciation & Amortization | $6.409K | $6.430K | $10.00K |
YoY Change | 35.53% | -35.7% | -66.67% |
% of Gross Profit | |||
Operating Expenses | $4.046M | $2.710M | $7.788M |
YoY Change | -2.68% | -65.21% | -26.53% |
Operating Profit | -$6.504M | -$4.612M | -$8.048M |
YoY Change | 35.91% | -42.7% | |
Interest Expense | $2.032K | $231.8K | |
YoY Change | -99.12% | 2217.56% | |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$6.420M | -$4.530M | -$8.280M |
YoY Change | 30.75% | -45.29% | -8.91% |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$6.416M | -$4.534M | -$8.277M |
YoY Change | 30.62% | -45.23% | -9.04% |
Net Earnings / Revenue | -5156.58% | -2067.86% | -1286.78% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$218.5K | -$154.8K | -$1.007M |
COMMON SHARES | |||
Basic Shares Outstanding | 29.39M shares | 29.23M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $136.0M | $140.5M | $10.30M |
YoY Change | 195.01% | 1264.08% | |
Cash & Equivalents | $68.92M | $91.14M | $8.340M |
Short-Term Investments | $67.10M | $49.40M | $2.000M |
Other Short-Term Assets | $1.400M | $500.0K | $100.0K |
YoY Change | 75.0% | 400.0% | |
Inventory | |||
Prepaid Expenses | |||
Receivables | $124.4K | $219.2K | $300.0K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $137.5M | $141.2M | $10.70M |
YoY Change | 191.71% | 1219.7% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $57.44K | $63.85K | $100.0K |
YoY Change | -24.12% | -36.15% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $70.94K | $70.94K | $100.0K |
YoY Change | -45.74% | -29.06% | |
Total Long-Term Assets | $128.4K | $134.8K | $200.0K |
YoY Change | -37.82% | -32.6% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $137.5M | $141.2M | $10.70M |
Total Long-Term Assets | $128.4K | $134.8K | $200.0K |
Total Assets | $137.6M | $141.3M | $10.90M |
YoY Change | 190.71% | 1196.72% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $503.9K | $415.8K | $2.800M |
YoY Change | -87.49% | -85.15% | |
Accrued Expenses | $3.100M | $2.300M | $3.800M |
YoY Change | -6.06% | -39.47% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $15.30M |
YoY Change | -100.0% | ||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.578M | $2.739M | $22.70M |
YoY Change | -53.98% | -87.93% | |
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 | $3.578M | $2.739M | $22.70M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $3.600M | $2.700M | $22.70M |
YoY Change | -53.85% | -88.11% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$73.06M | -$66.64M | |
YoY Change | 47.52% | ||
Common Stock | $2.940K | $2.934K | |
YoY Change | 32.85% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $134.0M | $138.6M | -$11.80M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $137.6M | $141.3M | $10.90M |
YoY Change | 190.71% | 1196.72% |
Cashflow Statement
Concept | 2014 Q3 | 2014 Q2 | 2013 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$6.416M | -$4.534M | -$8.277M |
YoY Change | 30.62% | -45.23% | -9.04% |
Depreciation, Depletion And Amortization | $6.409K | $6.430K | $10.00K |
YoY Change | 35.53% | -35.7% | -66.67% |
Cash From Operating Activities | -$4.420M | -$5.200M | -$9.200M |
YoY Change | -7.14% | -43.48% | 0.11% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$10.00K | -$10.00K |
YoY Change | -100.0% | 0.0% | -66.67% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$17.84M | -$47.44M | $1.500M |
YoY Change | -3262.67% | -53.13% | |
Cash From Investing Activities | -$17.84M | -$47.45M | $1.490M |
YoY Change | 89100.0% | -3284.56% | -53.0% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 30.00K | 170.0K | 400.0K |
YoY Change | -99.93% | -57.5% | |
NET CHANGE | |||
Cash From Operating Activities | -4.420M | -5.200M | -9.200M |
Cash From Investing Activities | -17.84M | -47.45M | 1.490M |
Cash From Financing Activities | 30.00K | 170.0K | 400.0K |
Net Change In Cash | -22.23M | -52.48M | -7.310M |
YoY Change | -162.2% | 617.92% | 21.43% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$4.420M | -$5.200M | -$9.200M |
Capital Expenditures | $0.00 | -$10.00K | -$10.00K |
Free Cash Flow | -$4.420M | -$5.190M | -$9.190M |
YoY Change | -6.75% | -43.53% | 0.33% |
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ConcentrationRiskCreditRisk
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash equivalents are held with major financial institutions in the United States. Certificates of deposit held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.</p> </div> | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
0.30 | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.</p> </div> | ||
us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Deferred Revenue</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash received as prepayment on future services is deferred and recognized as revenue as the services are performed. The Company must remit interest on any deferred revenue related to a governmental agency. As of June 30, 2014 and December 31, 2013, no interest was due as the Company did not have any deferred revenue.</p> </div> | ||
us-gaap |
Revenues
Revenues
|
387025 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-329498 | ||
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-9124572 | ||
us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-47749 | ||
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
27866 | ||
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
116297 | ||
us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
0 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-9186047 | ||
us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
72444786 | ||
us-gaap |
Interest Paid
InterestPaid
|
7073 | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
748538 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-117080 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-9076823 | ||
us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-41753 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
8325 | ||
us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
4034071 | ||
us-gaap |
Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
|
25000000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
115622638 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
490215 | ||
us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
9573072 | ||
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
55989214 | ||
CY2014Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2121120 | |
CY2014Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
290461 | |
CY2014Q2 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
4830822 | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-47453111 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1115507 | ||
us-gaap |
Interest Expense
InterestExpense
|
7073 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2979276 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
116191285 | ||
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
5539001 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
70058 | ||
us-gaap |
Depreciation
Depreciation
|
12747 | ||
itci |
Percentage Of Dividend Rate
PercentageOfDividendRate
|
0.00 | pure | |
itci |
Proceeds From Common Stock Subscribed
ProceedsFromCommonStockSubscribed
|
109833 | ||
itci |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm
|
P1Y | ||
itci |
License Expiration Periods
LicenseExpirationPeriods
|
The later of expiration of the last licensed patent covering a licensed product, its method of manufacture or use, the expiration of other government grants providing market exclusivity or 10 years after first commercial sale of a licensed product in such country, subject to rights of the parties to sooner terminate the agreement on certain events and the right of Takeda to unilaterally terminate the agreement upon a specified number of days' prior notice | ||
itci |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageRemainingContractualTerm2
|
P9Y10M24D | ||
itci |
Maturity Period Of Liquid Investments To Be Considered As Cash Equivalents
MaturityPeriodOfLiquidInvestmentsToBeConsideredAsCashEquivalents
|
Three months or less | ||
itci |
Available For Sale Securities Maturity Period
AvailableForSaleSecuritiesMaturityPeriod
|
More than three months | ||
CY2013 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P5Y3M18D | |
CY2013Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
14690942 | shares |
CY2013Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.56 | |
CY2013Q2 | us-gaap |
Revenues
Revenues
|
643264 | |
CY2013Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-8277391 | |
CY2013Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
2408 | |
CY2013Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-8048043 | |
CY2013Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8277391 | |
CY2013Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
903406 | |
CY2013Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
89163 | |
CY2013Q2 | us-gaap |
Operating Costs And Expenses
OperatingCostsAndExpenses
|
8691307 | |
CY2013Q2 | us-gaap |
Interest Expense
InterestExpense
|
231756 | |
CY2013Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
7787901 | |
CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.020 | pure |
CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.80 | pure |
CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y2M12D | |
CY2014Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
29273357 | shares |
CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
CY2014Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.15 | |
CY2014Q2 | us-gaap |
Revenues
Revenues
|
219238 | |
CY2014Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-4581288 | |
CY2014Q2 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-47749 | |
CY2014Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
80077 | |
CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4611584 | |
CY2014Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4533539 | |
CY2014Q2 | us-gaap |
Interest Expense
InterestExpense
|
2032 | |
CY2014Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
2709702 | |
CY2014Q2 | us-gaap |
Depreciation
Depreciation
|
6430 |