$MBIO
MUSTANG BIO, INC.

2017 Q1 Form 10-K Financial Statement

#000114420417017831 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 2015 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.030M $2.820M $80.00K
YoY Change 680.77% 1028.0%
% of Gross Profit
Research & Development $500.0K $2.000M $760.0K
YoY Change 0.0% -50.5%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $3.306M $11.36M $840.0K
YoY Change 561.2% 164.26%
Operating Profit -$3.306M -$11.36M -$843.0K
YoY Change 302.19%
Interest Expense $90.00K -$1.290M -$70.00K
YoY Change -212.5% 658.82%
% of Operating Profit
Other Income/Expense, Net $88.00K -$1.291M -$68.00K
YoY Change -208.64%
Pretax Income -$3.220M -$12.65M -$910.0K
YoY Change 257.78% 183.0%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.218M -$12.65M -$911.0K
YoY Change 256.37% 183.09%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$127.7K -$501.6K -$36.08K
COMMON SHARES
Basic Shares Outstanding 24.98M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.00M $27.50M
YoY Change
Cash & Equivalents $75.01M $27.50M $0.00
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses $15.00K
Receivables
Other Receivables
Total Short-Term Assets $75.03M $27.50M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $75.03M $27.50M $0.00
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $75.03M $27.50M $0.00
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $700.0K
YoY Change
Accrued Expenses $0.00 $500.0K
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K
YoY Change -91.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $811.0K $3.200M $4.129M
YoY Change -21.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $811.0K $3.200M $4.129M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $811.0K $3.200M $4.129M
YoY Change -21.95%
SHAREHOLDERS EQUITY
Retained Earnings -$20.34M -$4.466M
YoY Change
Common Stock $94.55M $146.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.21M $24.30M -$4.129M
YoY Change
Total Liabilities & Shareholders Equity $75.03M $27.50M $0.00
YoY Change

Cashflow Statement

Concept 2017 Q1 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$3.218M -$12.65M -$911.0K
YoY Change 256.37% 183.09%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$2.036M -$4.129M -$530.0K
YoY Change 251.03% 162.99%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$380.0K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$375.0K $0.00 $0.00
YoY Change -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 $49.92M $31.63M 530.0K
YoY Change 8507.24% 785.94%
NET CHANGE
Cash From Operating Activities -$2.036M -$4.129M -530.0K
Cash From Investing Activities -$375.0K $0.00 0.000
Cash From Financing Activities $49.92M $31.63M 530.0K
Net Change In Cash $47.51M $27.50M -0.0000000002328
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$2.036M -$4.129M -$530.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 ck0001680048 Additional Consideration Under Founders Agreement Description
AdditionalConsiderationUnderFoundersAgreementDescription
(i) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Mustang or any of its respective subsidiaries that occurs after the effective date of the Mustang Founders Agreement and ending on the date when Fortress no longer has majority voting control in the Companys voting equity, equal to two and one-half (2.5%) of the gross amount of any such equity or debt financing; and (ii) pay a cash fee equal to four and one-half percent (4.5%) of the Companys annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a Change in Control, the Company will pay a one-time change in control fee equal to five (5x) times the product of (A) net sales for the twelve (12) months immediately preceding the change in control and (B) four and one-half percent (4.5%).
CY2016 ck0001680048 Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rightsdescription
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsdescription
If the Company has an initial public offering and raises sufficient equity capital so that it has cash equal to five times the amount of the portion of the proceeds of the NSC Note transferred to it, then NSC will receive a warrant to purchase the Companys stock equal to 25% of the outstanding note divided by the lowest price the Company sells its equity in its first third party financing.
CY2016 ck0001680048 Class Of Warrant Or Right Warrants Issued
ClassOfWarrantOrRightWarrantsIssued
138462 shares
CY2016 ck0001680048 Class Of Warrant Or Right Warrants Term
ClassOfWarrantOrRightWarrantsTerm
ten year term
CY2016 us-gaap Common Stock Voting Rights
CommonStockVotingRights
1.1
CY2016 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
793000 USD
CY2016 ck0001680048 Issuance Of Common Stock For License Expenses
IssuanceOfCommonStockForLicenseExpenses
1682000 USD
ck0001680048 Issuance Of Common Stock For License Expenses
IssuanceOfCommonStockForLicenseExpenses
147000 USD
CY2016 ck0001680048 Stock Issuance Common Stock Issuable During Period
StockIssuanceCommonStockIssuableDuringPeriod
4396000 USD
CY2016 ck0001680048 Common Stock Issuable For Founder Agreement
CommonStockIssuableForFounderAgreement
4396000 USD
ck0001680048 Common Stock Issuable For Founder Agreement
CommonStockIssuableForFounderAgreement
190000 USD
CY2016 us-gaap Interest Paid
InterestPaid
140000 USD
us-gaap Interest Paid
InterestPaid
0 USD
CY2016 ck0001680048 Class Preferred Stock Exchanged For Common Stock
ClassPreferredStockExchangedForCommonStock
1000 USD
ck0001680048 Class Preferred Stock Exchanged For Common Stock
ClassPreferredStockExchangedForCommonStock
0 USD
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-822000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1040000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1670000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-7831000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2260000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-81000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-93000 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-200000 USD
CY2016Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-917000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
0 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-42000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-903000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-1133000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-1870000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
-8748000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-2260000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-579000 USD
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-537000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-658000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-843000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-58000 USD
CY2015Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-68000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-716000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-911000 USD
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.01 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0 pure
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.01 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0 pure
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
301000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
0 USD
CY2016Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
76000 USD
CY2015Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
0 USD
CY2016Q4 ck0001680048 Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
13000 USD
CY2015Q4 ck0001680048 Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
0 USD
CY2016 us-gaap Research And Development Asset Acquired Other Than Through Business Combination Fair Value Acquired
ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationFairValueAcquired
4400000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
USD
CY2015Q1 us-gaap Shares Outstanding
SharesOutstanding
shares
CY2016 us-gaap Notes Assumed1
NotesAssumed1
3471000 USD
us-gaap Notes Assumed1
NotesAssumed1
0 USD

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0001144204-17-017831.txt Edgar Link pending
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ck0001680048-20161231.xml Edgar Link completed
ck0001680048-20161231.xsd Edgar Link pending
ck0001680048-20161231_cal.xml Edgar Link unprocessable
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