2013 Q2 Form 10-Q Financial Statement

#000114420413027413 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $3.531M $3.833M $4.642M
YoY Change -50.29% -17.43% 456.59%
Cost Of Revenue $1.632M $1.712M $3.786M
YoY Change -68.11% -54.78% 1003.79%
Gross Profit $1.899M $2.121M $856.0K
YoY Change -4.33% 147.78% 74.34%
Gross Profit Margin 53.78% 55.34% 18.44%
Selling, General & Admin $4.000M $2.900M $3.100M
YoY Change 60.0% -6.45% 6.9%
% of Gross Profit 210.64% 136.73% 362.15%
Research & Development $10.79M $9.256M $5.338M
YoY Change 100.8% 73.4% 5.27%
% of Gross Profit 567.93% 436.4% 623.6%
Depreciation & Amortization $600.0K $400.0K $400.0K
YoY Change 50.0% 0.0% 0.0%
% of Gross Profit 31.6% 18.86% 46.73%
Operating Expenses $10.79M $9.256M $5.338M
YoY Change 100.8% 73.4% 5.27%
Operating Profit -$12.90M -$10.01M -$7.467M
YoY Change 120.29% 33.99% 0.5%
Interest Expense $45.00K $22.00K $3.000K
YoY Change 1400.0% 633.33% 50.0%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$12.63M -$9.979M -$7.336M
YoY Change 113.31% 36.03% -2.19%
Income Tax $5.000K $17.00K
% Of Pretax Income
Net Earnings -$12.63M -$9.996M -$7.336M
YoY Change 113.4% 36.26% -1.57%
Net Earnings / Revenue -357.77% -260.79% -158.04%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.658M -$1.351M -$1.159M
COMMON SHARES
Basic Shares Outstanding 152.5M shares 147.9M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.60M $44.30M $20.70M
YoY Change 53.21% 114.01% -13.39%
Cash & Equivalents $2.574M $9.023M $13.87M
Short-Term Investments $38.00M $35.30M $6.800M
Other Short-Term Assets $20.00K $886.0K $177.0K
YoY Change -92.34% 400.56% -89.59%
Inventory
Prepaid Expenses $2.024M $2.167M $2.411M
Receivables $907.0K $2.602M $1.725M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $45.37M $51.72M $26.44M
YoY Change 29.7% 95.61% -8.82%
LONG-TERM ASSETS
Property, Plant & Equipment $13.32M $11.62M $7.949M
YoY Change 71.8% 46.14% 0.62%
Goodwill $33.14M $33.14M $33.14M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00 $1.100M
YoY Change
Other Assets $335.0K $350.0K $350.0K
YoY Change -4.29% 0.0% 75.0%
Total Long-Term Assets $47.55M $46.98M $42.20M
YoY Change 13.22% 11.34% 2.66%
TOTAL ASSETS
Total Short-Term Assets $45.37M $51.72M $26.44M
Total Long-Term Assets $47.55M $46.98M $42.20M
Total Assets $92.92M $98.70M $68.64M
YoY Change 20.71% 43.81% -2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.946M $2.173M $2.959M
YoY Change -12.84% -26.56% -12.97%
Accrued Expenses $7.223M $5.842M $4.478M
YoY Change 28.23% 30.46% -6.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $400.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $11.26M $9.253M $7.841M
YoY Change 19.47% 18.01% -29.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.900M $1.500M $400.0K
YoY Change 375.0% 275.0% 33.33%
Other Long-Term Liabilities $10.60M $10.40M $6.100M
YoY Change 73.77% 70.49% 17.31%
Total Long-Term Liabilities $12.50M $11.90M $6.500M
YoY Change 92.31% 83.08% 18.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.26M $9.253M $7.841M
Total Long-Term Liabilities $12.50M $11.90M $6.500M
Total Liabilities $23.69M $21.14M $14.31M
YoY Change 49.03% 47.67% -13.78%
SHAREHOLDERS EQUITY
Retained Earnings -$380.8M -$368.2M -$337.0M
YoY Change 11.05% 9.25%
Common Stock $1.532M $1.517M $1.226M
YoY Change 15.54% 23.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.450M $2.450M $2.450M
YoY Change 0.0% 0.0%
Treasury Stock Shares 455.4K shares 455.4K shares 455.4K shares
Shareholders Equity $69.23M $77.57M $54.32M
YoY Change
Total Liabilities & Shareholders Equity $92.92M $98.70M $68.64M
YoY Change 20.71% 43.81% -2.09%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$12.63M -$9.996M -$7.336M
YoY Change 113.4% 36.26% -1.57%
Depreciation, Depletion And Amortization $600.0K $400.0K $400.0K
YoY Change 50.0% 0.0% 0.0%
Cash From Operating Activities -$7.600M -$10.58M -$4.220M
YoY Change 24.59% 150.78% -53.32%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.500M -$800.0K
YoY Change 466.67% 87.5%
Acquisitions
YoY Change
Other Investing Activities -$1.600M -$3.400M -$2.500M
YoY Change -61.9% 36.0% -131.25%
Cash From Investing Activities -$3.200M -$4.974M -$3.270M
YoY Change -28.89% 52.11% -140.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.425M $7.923M
YoY Change -18.91% 501.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.400M $7.181M $7.259M
YoY Change -63.64% -1.07% 436.51%
NET CHANGE
Cash From Operating Activities -7.600M -$10.58M -$4.220M
Cash From Investing Activities -3.200M -$4.974M -$3.270M
Cash From Financing Activities 4.400M $7.181M $7.259M
Net Change In Cash -6.400M -$8.376M -$231.0K
YoY Change -526.67% 3525.97% -177.78%
FREE CASH FLOW
Cash From Operating Activities -$7.600M -$10.58M -$4.220M
Capital Expenditures -$1.700M -$1.500M -$800.0K
Free Cash Flow -$5.900M -$9.083M -$3.420M
YoY Change 1.72% 165.58% -62.17%

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PaymentsForProceedsFromTenantAllowance
700000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
5000000 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
200000 USD
CY2013Q1 us-gaap Nature Of Operations
NatureOfOperations
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> Note 1 - Organization</p> <p style="TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Novavax, Inc. (the "Company") is a clinical-stage biopharmaceutical company focused on developing recombinant protein nanoparticle vaccines to address a broad range of infectious diseases. The Company&#39;s technology platform is based on proprietary recombinant vaccine technology that includes virus-like particles ("VLPs") and recombinant protein micelle vaccines combined with a single-use bioprocessing production system. These vaccine candidates are genetically engineered three-dimensional nanostructures that incorporate immunologically important recombinant proteins. The Company&#39;s product pipeline targets a variety of infectious diseases and its vaccine candidates are currently in or have completed clinical trials that target seasonal influenza, pandemic (H5N1) influenza and respiratory syncytial virus ("RSV").</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In 2009, the Company formed a joint venture with Cadila Pharmaceuticals Limited ("Cadila") named CPL Biologicals Private Limited (the "JV") to develop and manufacture vaccines, biological therapeutics and diagnostics in India. The JV is owned 20% by the Company and 80% by Cadila. The Company accounts for its investment in the JV using the equity method. Since the carrying value of the Company&#39;s initial investment was nominal and there is no guarantee or commitment to provide future funding, the Company has not recorded any losses related to this investment.</p> <!--EndFragment--></div> </div>
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7181000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7259000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4974000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3270000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10583000 USD
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4220000 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-9996000 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-7336000 USD
CY2013Q1 us-gaap Notes Payable Current
NotesPayableCurrent
390000 USD
CY2012Q4 us-gaap Notes Payable Current
NotesPayableCurrent
157000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10005000 USD
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7467000 USD
CY2013Q1 us-gaap Other Assets Current
OtherAssetsCurrent
886000 USD
CY2012Q4 us-gaap Other Assets Current
OtherAssetsCurrent
171000 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
350000 USD
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
351000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
39000 USD
CY2012Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000 USD
CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
8718000 USD
CY2012Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
2498000 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1542000 USD
CY2012Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
772000 USD
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
757000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
756000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-368159000 USD
CY2012Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-13000 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-1000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-358163000 USD
CY2012Q1 us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-755000 USD
CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
5235000 USD
CY2012Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
USD
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
51000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11617000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11456000 USD
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2167000 USD
CY2012Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2559000 USD
CY2013Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Reclassifications</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Within the March 31, 2012 statement of operations, certain expenses relating to patent and other costs of $0.3 million have been reclassified from general and administrative expenses to research and development expenses. Also, within the March 31, 2012 statement of cash flows, additional lease incentives received of $0.6 million recorded in the change in accounts payable and accrued expenses have been reclassified and are included in the change in lease incentives received. All of these reclassifications have been made to conform to current year presentation.</p> <!--EndFragment--></div> </div>
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6425000 USD
CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7923000 USD
CY2013Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
6400000 USD
CY2008Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
17500000 USD
CY2013Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
400000 USD
CY2013Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
3200000 USD
CY2013Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
809000 USD
CY2012Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-39000 USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
14000 USD
CY2012Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9432000 USD
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5338000 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
217000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
986000 USD
CY2013Q1 us-gaap Revenues
Revenues
3833000 USD
CY2012Q1 us-gaap Revenues
Revenues
4642000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
shares
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
483000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
587000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
33334 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
33334 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.39
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.39
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7372 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.8048 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.6923 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7552 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0134 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0154 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0062 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0082 pure
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1900000 USD
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.71
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6600000 USD
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
77568000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
80240000 USD
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3300000 shares
CY2008Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6686650 shares
CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
200000 shares
CY2013Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1300000 shares
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
455430 shares
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
455430 shares
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2450000 USD
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2450000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Use of Estimates</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of the 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 revenue and expenses during the reporting period. Actual results could differ materially from these estimates.</p> <!--EndFragment--></div> </div>
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
148448 shares
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
120558 shares

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