$MBOT
Microbot Medical Inc.

2014 Q4 Form 10-Q Financial Statement

#000119312514411251 Filed on November 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $883.0K $82.00K $38.00K
YoY Change 1862.22% 115.79% -85.61%
Cost Of Revenue $58.16K $85.74K
YoY Change -32.17% 19.09%
Gross Profit $211.5K $239.0K
YoY Change -11.52% 24.44%
Gross Profit Margin 257.93% 629.08%
Selling, General & Admin $3.970M $2.071M $1.711M
YoY Change 8.77% 21.07% 4.54%
% of Gross Profit 979.29% 715.65%
Research & Development $6.640M $4.397M $5.184M
YoY Change 37.76% -15.19% 49.06%
% of Gross Profit 2078.89% 2168.75%
Depreciation & Amortization $320.0K $246.0K $260.0K
YoY Change -3.03% -5.38% 8.33%
% of Gross Profit 116.31% 108.76%
Operating Expenses $10.61M $6.462M $6.628M
YoY Change 13.61% -2.5% 25.79%
Operating Profit -$6.380M -$6.656M
YoY Change -4.15% 31.1%
Interest Expense $2.070M $311.3K $382.1K
YoY Change -15.51% -18.52% 3254.27%
% of Operating Profit
Other Income/Expense, Net -$10.00K $3.760M -$535.6K
YoY Change -100.4% -802.03% -95.24%
Pretax Income -$10.11M -$2.620M -$7.190M
YoY Change 55.3% -63.56% -56.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.25M -$2.757M -$7.192M
YoY Change 47.23% -61.66% -55.98%
Net Earnings / Revenue -1160.82% -3362.42% -18925.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$256.3M -$69.00M -$239.7M
COMMON SHARES
Basic Shares Outstanding 68.73M shares 68.64M shares 41.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.99M $32.21M $20.96M
YoY Change -18.31% 53.67% -3.59%
Cash & Equivalents $24.99M $32.21M $20.96M
Short-Term Investments $0.00
Other Short-Term Assets $64.93K $40.00K $110.6K
YoY Change -22.28% -63.84% -90.63%
Inventory
Prepaid Expenses $1.018M $1.037M $464.5K
Receivables $159.5K $70.50K $125.5K
Other Receivables $260.0K $170.0K $490.0K
Total Short-Term Assets $26.51M $33.56M $22.20M
YoY Change -16.75% 51.19% -4.48%
LONG-TERM ASSETS
Property, Plant & Equipment $5.187M $5.126M $5.439M
YoY Change -2.22% -5.75% 253.16%
Goodwill $2.094M $1.973M
YoY Change 6.1%
Intangibles $356.9K $1.584M $1.673M
YoY Change -80.56% -5.32%
Long-Term Investments
YoY Change
Other Assets $373.7K $399.7K $999.8K
YoY Change -9.67% -60.02% -2.93%
Total Long-Term Assets $5.919M $9.208M $10.12M
YoY Change -39.09% -8.99% 57.59%
TOTAL ASSETS
Total Short-Term Assets $26.51M $33.56M $22.20M
Total Long-Term Assets $5.919M $9.208M $10.12M
Total Assets $32.43M $42.77M $32.32M
YoY Change -21.97% 32.35% 8.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.819M $1.217M $1.861M
YoY Change 57.9% -34.59% 93.81%
Accrued Expenses $4.870M $2.611M $2.304M
YoY Change 19.71% 13.33% -18.6%
Deferred Revenue
YoY Change
Short-Term Debt $4.690M $3.920M $3.600M
YoY Change 28.14% 8.89%
Long-Term Debt Due $20.00K $20.00K $178.8K
YoY Change -84.0% -88.81% -14.88%
Total Short-Term Liabilities $11.50M $7.869M $8.062M
YoY Change 25.91% -2.39% 99.07%
LONG-TERM LIABILITIES
Long-Term Debt $10.34M $12.06M $9.900M
YoY Change 11.54% 21.82% 5110.53%
Other Long-Term Liabilities $1.250M $7.090M $10.79M
YoY Change -84.76% -34.29% -33.35%
Total Long-Term Liabilities $1.250M $19.15M $20.69M
YoY Change -92.84% -7.44% 26.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.50M $7.869M $8.062M
Total Long-Term Liabilities $1.250M $19.15M $20.69M
Total Liabilities $26.56M $27.02M $28.76M
YoY Change -0.18% -6.02% 40.75%
SHAREHOLDERS EQUITY
Retained Earnings -$420.3M -$410.0M -$380.6M
YoY Change 8.45% 7.74%
Common Stock $426.1M $425.6M $384.0M
YoY Change 5.93% 10.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.871M $15.75M $3.561M
YoY Change
Total Liabilities & Shareholders Equity $32.43M $42.77M $32.32M
YoY Change -21.97% 32.35% 8.96%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$10.25M -$2.757M -$7.192M
YoY Change 47.23% -61.66% -55.98%
Depreciation, Depletion And Amortization $320.0K $246.0K $260.0K
YoY Change -3.03% -5.38% 8.33%
Cash From Operating Activities -$6.390M -$6.680M -$6.000M
YoY Change -7.26% 11.33% 41.84%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$240.0K -$2.140M
YoY Change 150.0% -88.79%
Acquisitions
YoY Change
Other Investing Activities $480.0K $0.00 $1.430M
YoY Change -500.0% -100.0% -133.03%
Cash From Investing Activities $170.0K -$240.0K -$710.0K
YoY Change -170.83% -66.2% -83.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -990.0K 21.29M 4.910M
YoY Change -105.9% 333.6% -71.25%
NET CHANGE
Cash From Operating Activities -6.390M -6.680M -6.000M
Cash From Investing Activities 170.0K -240.0K -710.0K
Cash From Financing Activities -990.0K 21.29M 4.910M
Net Change In Cash -7.210M 14.37M -1.800M
YoY Change -174.79% -898.33% -121.15%
FREE CASH FLOW
Cash From Operating Activities -$6.390M -$6.680M -$6.000M
Capital Expenditures -$300.0K -$240.0K -$2.140M
Free Cash Flow -$6.090M -$6.440M -$3.860M
YoY Change -10.04% 66.84% -8.75%

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
STEMCELLS INC
dei Trading Symbol
TradingSymbol
STEM
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> Use of Estimates</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="5%">&#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="5%">&#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="5%">&#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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
59224989 shares
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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dei Amendment Flag
AmendmentFlag
false
us-gaap Cost Of Goods Sold
CostOfGoodsSold
223536
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Entity Central Index Key
EntityCentralIndexKey
0000883975
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Goodwill Translation Adjustments
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Repayments Of Long Term Debt
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us-gaap Revenues
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Investment Income Interest
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us-gaap Interest Paid
InterestPaid
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Depreciation Depletion And Amortization
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Interest Expense
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us-gaap Operating Expenses
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Selling General And Administrative Expense
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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us-gaap Goodwill Impairment Loss
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0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Proceeds From Warrant Exercises
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Debt Issuance Costs
DebtIssuanceCosts
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5000000
stem Maturity Period Of Long Term Debt
MaturityPeriodOfLongTermDebt
2014-08
stem Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
5500
stem Revenue From Licensing Agreements And Grants
RevenueFromLicensingAgreementsAndGrants
145356
stem Debt Instrument Amortized Discount Percentage
DebtInstrumentAmortizedDiscountPercentage
0.090 pure
stem Warrants Issued Per Unit
WarrantsIssuedPerUnit
1
stem Number Of Share Based Equity Incentive Plan
NumberOfShareBasedEquityIncentivePlan
3 Incentive_Plan
stem Sale Value Of Common Stock
SaleValueOfCommonStock
30000000
stem Loan Fees
LoanFees
1000000
stem Increase Decrease In Accrued Interest And Other Receivables
IncreaseDecreaseInAccruedInterestAndOtherReceivables
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stem Common Stock Per Unit
CommonStockPerUnit
1
stem Debt Instrument Period During Which Loan Is Subject To Interest Only Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToInterestOnlyPayments
P9M
stem Cash And Cash Equivalents Maturity Period
CashAndCashEquivalentsMaturityPeriod
P90D
stem Restricted Stock Unit Vest Description
RestrictedStockUnitVestDescription
110,000 of these restricted stock units will vest and convert into shares of our common stock over a four year period from the date of grant; one-fourth of the award will vest on each grant date anniversary following the grant. 150,000 of these restricted stock units will vest and convert into shares of our common stock over a three year period from the date of grant; one-third of the award will vest on each grant date anniversary following the grant. 10,000 of these restricted stock units will vest and convert into shares of our common stock after one year from the date of grant.
stem Debt Instrument Period During Which Loan Is Subject To Principal And Interest Payments
DebtInstrumentPeriodDuringWhichLoanIsSubjectToPrincipalAndInterestPayments
P30M
stem Continuing Value Of Patent
ContinuingValueOfPatent
0
stem Amortization Of Debt Discount And Debt Issuance Costs
AmortizationOfDebtDiscountAndDebtIssuanceCosts
192117
stem Finite Lived Intangible Assets Foreign Currency Translation
FiniteLivedIntangibleAssetsForeignCurrencyTranslation
-320268
CY2008Q4 stem Warrants Expiry Month And Year
WarrantsExpiryMonthAndYear
2014-05
CY2006Q3 stem Number Of Patients Violate Claims
NumberOfPatientsViolateClaims
4 Claim
CY2014Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11299435 shares
CY2014Q3 stem Stock Issued During Period New Issues Selling Price Per Share
StockIssuedDuringPeriodNewIssuesSellingPricePerShare
1.77
CY2014Q3 stem Class Of Warrant Or Right Expiration Period
ClassOfWarrantOrRightExpirationPeriod
P13M
CY2014Q3 stem Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
20000000
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41402717 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
206120
CY2013Q3 us-gaap Gross Profit
GrossProfit
239049
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
271994
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
205695
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OperatingIncomeLoss
-6656065
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OtherNonoperatingIncomeExpense
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CY2013Q3 us-gaap Revenues
Revenues
324792
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-7191653
CY2013Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
136
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-425
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CY2013Q3 us-gaap Fair Value Adjustment Of Warrants
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CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
85743
CY2013Q3 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.01
CY2013Q3 stem Revenue From Licensing Agreements And Grants
RevenueFromLicensingAgreementsAndGrants
52798
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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57941 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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shares
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2014Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
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CY2014Q3 us-gaap Investment Income Interest
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CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
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CY2014Q3 us-gaap Cost Of Goods Sold
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CY2014Q3 us-gaap Proceeds From Loans
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CY2014Q3 us-gaap Proceeds From Warrant Exercises
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CY2014Q3 stem Share Based Compensation Impact On Basic And Diluted Earnings Per Share
ShareBasedCompensationImpactOnBasicAndDilutedEarningsPerShare
0.01
CY2014Q3 stem Revenue From Licensing Agreements And Grants
RevenueFromLicensingAgreementsAndGrants
98293

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