2014 Q2 Form 10-Q Financial Statement

#000119312514199109 Filed on May 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $23.00K $24.00K $56.00K
YoY Change -30.3% -57.14% -91.3%
Cost Of Revenue $78.10K $87.28K $66.84K
YoY Change 0.68% 30.57% -7.17%
Gross Profit $164.1K $252.2K $217.4K
YoY Change -19.6% 16.03% -62.0%
Gross Profit Margin 713.51% 1050.85% 388.14%
Selling, General & Admin $2.176M $2.248M $1.888M
YoY Change 37.58% 19.06% -1.68%
% of Gross Profit 1325.84% 891.18% 868.5%
Research & Development $5.839M $4.630M $4.564M
YoY Change 21.53% 1.44% 15.83%
% of Gross Profit 3558.24% 1835.69% 2099.7%
Depreciation & Amortization $330.0K $335.9K $239.6K
YoY Change 43.48% 40.2% -11.28%
% of Gross Profit 201.09% 133.17% 110.21%
Operating Expenses $7.983M $6.866M $6.165M
YoY Change 30.21% 11.37% 4.53%
Operating Profit -$7.960M -$6.842M -$6.257M
YoY Change 27.94% 9.35% 17.48%
Interest Expense $343.2K $380.5K $10.15K
YoY Change -12.63% 3649.39% -100.21%
% of Operating Profit
Other Income/Expense, Net -$4.011M -$720.4K -$159.3K
YoY Change -1237.67% 352.24% -96.75%
Pretax Income -$11.95M -$7.590M -$6.420M
YoY Change 103.58% 18.22% -37.24%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.12M -$7.620M -$6.416M
YoY Change 106.44% 18.76% -37.27%
Net Earnings / Revenue -52674.89% -31751.07% -11457.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$403.0M -$254.7M -$321.0M
COMMON SHARES
Basic Shares Outstanding 55.51M shares 55.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.85M $26.46M $17.05M
YoY Change -26.18% 55.19% 46.98%
Cash & Equivalents $17.85M $26.46M $7.231M
Short-Term Investments $9.820M
Other Short-Term Assets $107.4K $83.70K $1.250M
YoY Change -84.75% -93.3% 204.88%
Inventory
Prepaid Expenses $690.2K $413.4K
Receivables $88.04K $100.4K $60.00K
Other Receivables $130.0K $110.0K $250.0K
Total Short-Term Assets $18.90M $27.21M $18.61M
YoY Change -27.29% 46.23% 50.81%
LONG-TERM ASSETS
Property, Plant & Equipment $5.141M $5.275M $1.520M
YoY Change 48.99% 247.01% -17.84%
Goodwill $2.208M $2.147M
YoY Change 19.01%
Intangibles $1.727M $1.766M
YoY Change 4.39%
Long-Term Investments
YoY Change
Other Assets $373.7K $413.7K $1.060M
YoY Change -64.54% -60.97% -41.44%
Total Long-Term Assets $9.458M $9.617M $6.150M
YoY Change 17.39% 56.37% -19.08%
TOTAL ASSETS
Total Short-Term Assets $18.90M $27.21M $18.61M
Total Long-Term Assets $9.458M $9.617M $6.150M
Total Assets $28.36M $36.83M $24.76M
YoY Change -16.72% 48.75% 24.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.706M $2.190M $1.430M
YoY Change -43.54% 53.17% 53.76%
Accrued Expenses $2.613M $2.231M $2.050M
YoY Change 36.26% 8.82% -39.35%
Deferred Revenue
YoY Change
Short-Term Debt $3.830M $3.750M $0.00
YoY Change 46.74%
Long-Term Debt Due $17.92K $71.25K $220.0K
YoY Change -91.62% -67.61% 10.0%
Total Short-Term Liabilities $8.296M $8.370M $3.740M
YoY Change 6.07% 123.79% -17.8%
LONG-TERM LIABILITIES
Long-Term Debt $11.13M $12.12M $80.00K
YoY Change 63500.0% 15050.0% -71.43%
Other Long-Term Liabilities $11.48M $8.680M $10.73M
YoY Change 9.65% -19.11% -18.15%
Total Long-Term Liabilities $22.61M $20.80M $10.81M
YoY Change 129100.0% 92.41% -19.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.296M $8.370M $3.740M
Total Long-Term Liabilities $22.61M $20.80M $10.81M
Total Liabilities $30.90M $29.17M $14.56M
YoY Change 22.18% 100.36% -18.84%
SHAREHOLDERS EQUITY
Retained Earnings -$407.3M -$395.2M
YoY Change 9.08%
Common Stock $404.4M $402.5M
YoY Change 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.543M $7.658M $10.21M
YoY Change
Total Liabilities & Shareholders Equity $28.36M $36.83M $24.76M
YoY Change -16.72% 48.75% 24.17%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$12.12M -$7.620M -$6.416M
YoY Change 106.44% 18.76% -37.27%
Depreciation, Depletion And Amortization $330.0K $335.9K $239.6K
YoY Change 43.48% 40.2% -11.28%
Cash From Operating Activities -$7.770M -$6.508M -$6.652M
YoY Change 105.56% -2.17% 18.15%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K $230.7K $319.9K
YoY Change -93.81% -27.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.020M
YoY Change -100.0% 252.63%
Cash From Investing Activities -$130.0K -$230.7K $3.703M
YoY Change -102.07% -106.23% 227.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.568M
YoY Change
Debt Paid & Issued, Net $998.1K
YoY Change
Cash From Financing Activities -720.0K 2.616M 1.716M
YoY Change -105.54% 52.45% 163.94%
NET CHANGE
Cash From Operating Activities -7.770M -6.508M -6.652M
Cash From Investing Activities -130.0K -230.7K 3.703M
Cash From Financing Activities -720.0K 2.616M 1.716M
Net Change In Cash -8.620M -4.123M -1.233M
YoY Change -155.58% 234.3% -67.97%
FREE CASH FLOW
Cash From Operating Activities -$7.770M -$6.508M -$6.652M
Capital Expenditures -$130.0K $230.7K $319.9K
Free Cash Flow -$7.640M -$6.738M -$6.972M
YoY Change 354.76% -3.35% 23.84%

Facts In Submission

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75642
CY2014Q1 dei Trading Symbol
TradingSymbol
STEM
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
STEMCELLS INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000883975
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
35.81
CY2014Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P3Y
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
55343877 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6507546
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2014Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P12Y2M12D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
46407 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19794450 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Significant estimates include the following:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the grant date fair value of stock-based awards recognized as compensation expense (see Note 5, &#x201C;Stock-Based Compensation&#x201D;);</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the fair value of warrants recorded as a liability (see Note 8, &#x201C;Warrant Liability&#x201D;); and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="1%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">the fair value of goodwill and other intangible assets (see Note 4, &#x201C;Goodwill and Other Intangible Assets&#x201D;).</td> </tr> </table> </div>
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-7606796
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
315896
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15639
CY2014Q1 us-gaap Revenues
Revenues
339480
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-102895
CY2014Q1 us-gaap Gross Profit
GrossProfit
252204
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
2185
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6899690
CY2014Q1 us-gaap Interest Paid
InterestPaid
141249
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
201462
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
13460
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8662
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-720566
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-7620256
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5186
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13460
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
230689
CY2014Q1 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
9900000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-637190
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
326624
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2615527
CY2014Q1 us-gaap Proceeds From Loans
ProceedsFromLoans
3820264
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
87276
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3820264
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-10340
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
521106
CY2014Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
8132
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4122708
CY2014Q1 us-gaap Debt Issuance Costs
DebtIssuanceCosts
117000
CY2014Q1 us-gaap Interest Expense
InterestExpense
380488
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-230689
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4904294
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
335855
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5000000
CY2014Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
75000
CY2014Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
998089
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
521106
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
7151894
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2247600
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
909
CY2014Q1 stem Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
4576
CY2014Q1 stem Loan Fees
LoanFees
1000000
CY2014Q1 stem Number Of Restricted Unit Would Vest Over Vesting Period
NumberOfRestrictedUnitWouldVestOverVestingPeriod
376000 shares
CY2014Q1 stem Warrants Issued Per Unit
WarrantsIssuedPerUnit
1
CY2014Q1 stem Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P90D
CY2014Q1 stem Increase Decrease In Accrued Interest And Other Receivables
IncreaseDecreaseInAccruedInterestAndOtherReceivables
-387686
CY2014Q1 stem Restricted Stock Units Vested Description After Specified Period
RestrictedStockUnitsVestedDescriptionAfterSpecifiedPeriod
25 pure
CY2014Q1 stem Number Of Restricted Unit Vest Over Next Fiscal Year
NumberOfRestrictedUnitVestOverNextFiscalYear
218874 shares
CY2014Q1 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.01
CY2014Q1 stem Long Term Debt Bond Interest Rate
LongTermDebtBondInterestRate
0.095 pure
CY2014Q1 stem Debt Instrument Amortized Discount Percentage
DebtInstrumentAmortizedDiscountPercentage
0.090 pure
CY2014Q1 stem Restricted Stock Unit Conversion Into Shares Period
RestrictedStockUnitConversionIntoSharesPeriod
P4Y
CY2014Q1 stem Number Of Share Based Equity Incentive Plan
NumberOfShareBasedEquityIncentivePlan
3 Incentive_Plan
CY2014Q1 stem Finite Lived Intangible Assets Foreign Currency Translation
FiniteLivedIntangibleAssetsForeignCurrencyTranslation
-350404
CY2014Q1 stem Amortization Of Debt Discount And Debt Issuance Costs
AmortizationOfDebtDiscountAndDebtIssuanceCosts
72836
CY2014Q1 stem Continuing Value Of Patent
ContinuingValueOfPatent
0
CY2014Q1 stem Maturity Period Of Long Term Debt
MaturityPeriodOfLongTermDebt
2014-08
CY2014Q1 stem Revenue From Licensing Agreements And Grants
RevenueFromLicensingAgreementsAndGrants
23584
CY2014Q1 stem Common Stock Per Unit
CommonStockPerUnit
1
CY2014Q1 stem Restricted Stock Unit Vest Description
RestrictedStockUnitVestDescription
376,000 of these restricted stock units will vest and convert into shares of our common stock over a four year period
CY2014Q1 stem Debt Instrument Period During Which Loan Is Subject To Interest Only Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToInterestOnlyPayments
P6M
CY2014Q1 stem Debt Instrument Period During Which Loan Is Subject To Principal And Interest Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToPrincipalAndInterestPayments
P30M

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