$MRKR
Marker Therapeutics, Inc.

2011 Q4 Form 10-K Financial Statement

#000142488412000026 Filed on April 16, 2012

View on sec.gov

Income Statement

Concept 2011 Q4 2011 2010 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 $690.0K $2.430M $830.0K
YoY Change -16.87% -38.32% -72.52%
% of Gross Profit
Research & Development -$200.0K $203.7K $50.00K
YoY Change -500.0% -29.76% -16.67%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $490.0K $203.7K $880.0K
YoY Change -44.32% -29.76% -71.43%
Operating Profit -$3.316M
YoY Change -39.4%
Interest Expense $40.00K $290.0K $1.240M
YoY Change -96.77% -86.57% -306.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0%
Pretax Income $350.0K -$2.030M $460.0K
YoY Change -23.91% -42.49% -113.77%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $350.0K -$2.029M $460.0K
YoY Change -23.91% -42.57% -113.77%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $8.750M -$50.75M $15.33M
COMMON SHARES
Basic Shares Outstanding 0.000 shares
Diluted Shares Outstanding

Balance Sheet

Concept 2011 Q4 2011 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.0K $250.0K $20.00K
YoY Change 1150.0% 1150.0% -85.71%
Cash & Equivalents $250.0K $250.0K $20.00K
Short-Term Investments
Other Short-Term Assets $60.00K $60.00K $0.00
YoY Change -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $307.9K $310.0K $25.30K
YoY Change 1117.13% 933.33% -92.97%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K $90.00K
YoY Change -66.67% -66.67%
Total Long-Term Assets $32.29K $30.00K $91.13K
YoY Change -64.57% -66.67%
TOTAL ASSETS
Total Short-Term Assets $307.9K $310.0K $25.30K
Total Long-Term Assets $32.29K $30.00K $91.13K
Total Assets $340.2K $340.0K $116.4K
YoY Change 192.2% 183.33% -67.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $320.0K $320.0K $260.0K
YoY Change 23.08% 23.08% 1200.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $110.0K $430.0K
YoY Change -76.74% -74.42% 207.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.801M $2.800M $3.983M
YoY Change -4.59% -22.87% 302.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M $350.0K
YoY Change 185.71% 185.71%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.000M $1.000M $350.0K
YoY Change 185.71% 185.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.801M $2.800M $3.983M
Total Long-Term Liabilities $1.000M $1.000M $350.0K
Total Liabilities $3.800M $3.800M $3.980M
YoY Change -4.52% -4.52% 302.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $40.00M $37.85M
YoY Change 5.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.460M -$3.460M -$3.867M
YoY Change
Total Liabilities & Shareholders Equity $340.2K $340.0K $116.4K
YoY Change 192.2% 183.33% -67.66%

Cashflow Statement

Concept 2011 Q4 2011 2010 Q4
OPERATING ACTIVITIES
Net Income $350.0K -$2.029M $460.0K
YoY Change -23.91% -42.57% -113.77%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$430.0K -$1.310M -$40.00K
YoY Change 975.0% 41.6% -90.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $683.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 650.0K 1.537M -90.00K
YoY Change -822.22% 90.38% -117.31%
NET CHANGE
Cash From Operating Activities -430.0K -1.310M -40.00K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 650.0K 1.537M -90.00K
Net Change In Cash 220.0K 226.7K -130.0K
YoY Change -269.23% -292.27% -244.44%
FREE CASH FLOW
Cash From Operating Activities -$430.0K -$1.310M -$40.00K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$430.0K -$1.310M -$40.00K
YoY Change 975.0% 41.6% -90.7%

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<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="BORDER-BOTTOM: black 1pt solid; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> NOTE 1:&#xA0;&#xA0; &#xA0;&#xA0;NATURE OF OPERATIONS</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> TapImmune Inc. (the &#x201C;Company&#x201D;), a Nevada corporation incorporated in 1992, is a development stage company which was formed for the purpose of building a biotechnology business specializing in the discovery and development of immunotherapeutics aimed at the treatment of cancer, and therapies for infectious diseases, autoimmune disorders and transplant tissue rejection.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Since inception, the Company has been party to various Collaborative Research Agreements (&#x201C;CRA&#x201D;) working with universities to carry out development of the licensed technology and providing TapImmune the option to acquire the rights to commercialize any additional technologies developed within the CRA. The lead product candidate, now wholly owned and with no ongoing license or royalty, resulting from these license agreements is an immunotherapy vaccine, on which the Company has been completing pre-clinical work in anticipation of clinical trials. Specifically, the Company has obtained and expanded on three U.S. and international patents, tested various viral vectors, licensed a viral vector and is working towards production of a clinical grade vaccine. The Company plans to continue development of the lead product vaccine through to clinical trials in both oncology and infectious diseases alone or in partnership with other vaccine developers.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> These consolidated financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As at December 31, 2011, the Company had a working capital deficiency of $2,174,817 (excluding derivative liabilities recorded as current liabilities) and has incurred significant losses since inception. Further losses are anticipated in the development stage raising substantial doubt as to the Company&#x2019;s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on raising additional capital to fund ongoing research and development, maintenance and protection of patents, accommodation from certain debt obligations and ultimately on generating future profitable operations. Planned expenditures relating to future clinical trials of the Company&#x2019;s immunotherapy vaccine will require significant additional funding. The Company is dependent on future financings to fund ongoing research and development as well as working capital requirements. The Company&#x2019;s future capital requirements will depend on many factors including the rate and extent of scientific progress in its research and development programs, the timing, cost and scope involved in clinical trials, obtaining regulatory approvals, pursuing further patent protections and the timing and costs of commercialization activities.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Management is addressing going concern remediation through seeking new sources of capital, restructuring and retiring debt through conversion to equity and debt settlement arrangements with creditors, cost reduction programs and seeking possible joint venture participation. Management&#x2019;s plans are intended to return the Company to financial stability and improve continuing operations. The Company is continuing initiatives to raise capital through private placements, related party loans and other institutional sources to meet immediate working capital requirements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company was able to substantially complete ongoing restructuring plans in the second half of 2009. Additional funding and equity for debt settlements have retired notes payable and certain other debt obligations were satisfied. In 2010 additional funding was raised through equity and debt placements and continuing restructuring of debt and equity instruments. Additional capital is required currently to expand programs including pre-clinical work and to establish future manufacturing contracts necessary for clinical trials for the lead TAP (Transporters of Antigen Processing) vaccine and infectious disease adjuvant technology. Strategic partnerships will be needed to continue the product development portfolio and fund development costs. These measures, if successful, may contribute to reduce the risk of going concern uncertainties for the Company over the next twelve months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> There is no certainty that the Company will be able to arrange sufficient funding to satisfy current debt obligations or to continue development of products to marketability.</p> </div>
CY2011 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
317801
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-3316189
CY2011 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
10237
CY2008 tpiv Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
25000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
140000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
477883
us-gaap Service Management Costs
ServiceManagementCosts
2772054
CY2011 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
683450
CY2011 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
724535
CY2011 tpiv Consulting Fees
ConsultingFees
179250
CY2000 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-1937
CY2000 us-gaap Net Income Loss
NetIncomeLoss
-935332
CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
55927
CY2011 us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
226718
CY2011 us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
13
CY2011 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
305714
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1536585
CY2011 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2011 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
-58843
CY2011 tpiv Weighted Average Number Basic Diluted Shares Outstanding
WeightedAverageNumberBasicDilutedSharesOutstanding
45994617 shares
CY2004 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
73500
CY2004 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-16865
CY2004 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
205085
CY2004 us-gaap Net Income Loss
NetIncomeLoss
-2683105
CY2008 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
234168
CY2008 us-gaap Net Income Loss
NetIncomeLoss
-2195939
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
423373
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
204747
us-gaap Investment Income Interest
InvestmentIncomeInterest
33344
us-gaap Costs And Expenses
CostsAndExpenses
35269096
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14854430
us-gaap Professional Fees
ProfessionalFees
4926572
us-gaap Share Based Compensation
ShareBasedCompensation
10675392
us-gaap Depreciation
Depreciation
213227
us-gaap Interest And Debt Expense
InterestAndDebtExpense
5831013
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3581476
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-5399
us-gaap Gain Loss On Sale Of Debt Investments
GainLossOnSaleOfDebtInvestments
-11631582
us-gaap Other Noncash Expense
OtherNoncashExpense
5468499
us-gaap Net Income Loss
NetIncomeLoss
-43722216
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5911165
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
1587591
us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
-1268713
us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments
4075140
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
290500
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
218626
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-11631582
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
425000
us-gaap Operating Income Loss
OperatingIncomeLoss
-35269096
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
53590
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10305575
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1521906
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
80627
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-5399
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
250234
us-gaap Increase Decrease In Contract Receivables Net
IncreaseDecreaseInContractReceivablesNet
1077
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2917236
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14899917
us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
7042
tpiv Adjustment Depreciation
AdjustmentDepreciation
213228
tpiv Proceeds From Short Term Bank Loans And Notes Payable
ProceedsFromShortTermBankLoansAndNotesPayable
919845
tpiv Consulting Fees
ConsultingFees
2038687

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