2015 Q3 Form 10-Q Financial Statement
#000156459016028322 Filed on November 08, 2016
Income Statement
| Concept | 2015 Q3 |
|---|---|
| Revenue | $0.00 |
| YoY Change | |
| Cost Of Revenue | |
| YoY Change | |
| Gross Profit | |
| YoY Change | |
| Gross Profit Margin | |
| Selling, General & Admin | $2.460M |
| YoY Change | 0.2% |
| % of Gross Profit | |
| Research & Development | $7.330M |
| YoY Change | 35.69% |
| % of Gross Profit | |
| Depreciation & Amortization | $40.00K |
| YoY Change | 33.33% |
| % of Gross Profit | |
| Operating Expenses | $9.790M |
| YoY Change | 24.18% |
| Operating Profit | -$9.828M |
| YoY Change | 24.66% |
| Interest Expense | $101.0K |
| YoY Change | 405.0% |
| % of Operating Profit | |
| Other Income/Expense, Net | -$15.00K |
| YoY Change | |
| Pretax Income | -$9.910M |
| YoY Change | 25.92% |
| Income Tax | |
| % Of Pretax Income | |
| Net Earnings | -$9.912M |
| YoY Change | 26.01% |
| Net Earnings / Revenue | |
| Basic Earnings Per Share | |
| Diluted Earnings Per Share | -$4.235M |
| COMMON SHARES | |
| Basic Shares Outstanding | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q3 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $49.90M |
| YoY Change | 15.78% |
| Cash & Equivalents | $32.21M |
| Short-Term Investments | $17.70M |
| Other Short-Term Assets | $1.500M |
| YoY Change | 50.0% |
| Inventory | |
| Prepaid Expenses | |
| Receivables | |
| Other Receivables | |
| Total Short-Term Assets | $51.40M |
| YoY Change | 16.66% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $300.0K |
| YoY Change | 61.54% |
| Goodwill | |
| YoY Change | |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | |
| YoY Change | |
| Other Assets | $200.0K |
| YoY Change | -44.98% |
| Total Long-Term Assets | $12.00M |
| YoY Change | -0.87% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $51.40M |
| Total Long-Term Assets | $12.00M |
| Total Assets | $63.40M |
| YoY Change | 12.88% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | $2.900M |
| YoY Change | 151.24% |
| Accrued Expenses | $8.900M |
| YoY Change | 83.67% |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | $1.500M |
| YoY Change | |
| Total Short-Term Liabilities | $13.52M |
| YoY Change | 79.99% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $0.00 |
| YoY Change | |
| Other Long-Term Liabilities | $13.00M |
| YoY Change | |
| Total Long-Term Liabilities | $13.00M |
| YoY Change | |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $13.52M |
| Total Long-Term Liabilities | $13.00M |
| Total Liabilities | $29.90M |
| YoY Change | 173.92% |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | -$264.8M |
| YoY Change | 16.24% |
| Common Stock | $298.3M |
| YoY Change | 9.25% |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $33.54M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $63.44M |
| YoY Change | 12.95% |
Cashflow Statement
| Concept | 2015 Q3 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | -$9.912M |
| YoY Change | 26.01% |
| Depreciation, Depletion And Amortization | $40.00K |
| YoY Change | 33.33% |
| Cash From Operating Activities | -$8.260M |
| YoY Change | 53.82% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | -$30.00K |
| YoY Change | 0.0% |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | $4.460M |
| YoY Change | 57.04% |
| Cash From Investing Activities | $4.430M |
| YoY Change | 57.65% |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | |
| YoY Change | |
| Debt Paid & Issued, Net | |
| YoY Change | |
| Cash From Financing Activities | 14.82M |
| YoY Change | 582.95% |
| NET CHANGE | |
| Cash From Operating Activities | -8.260M |
| Cash From Investing Activities | 4.430M |
| Cash From Financing Activities | 14.82M |
| Net Change In Cash | 10.99M |
| YoY Change | -2917.95% |
| FREE CASH FLOW | |
| Cash From Operating Activities | -$8.260M |
| Capital Expenditures | -$30.00K |
| Free Cash Flow | -$8.230M |
| YoY Change | 54.12% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| dei |
Trading Symbol
TradingSymbol
|
MSTX | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | ||
| CY2015Q4 | us-gaap |
Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
|
17929000 | |
| CY2015Q4 | mstx |
In Process Research And Development
InProcessResearchAndDevelopment
|
8549000 | |
| CY2015Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1430000 | |
| CY2015Q4 | us-gaap |
Lines Of Credit Current
LinesOfCreditCurrent
|
10991000 | |
| CY2015Q4 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
25000 | |
| us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
947000 | ||
| us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
15000000 | ||
| us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
1294000 | ||
| us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
160000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2140000 | ||
| us-gaap |
Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
|
6000 | ||
| mstx |
Cash Proceeds From Warrant Exercises
CashProceedsFromWarrantExercises
|
408000 | ||
| us-gaap |
Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
|
5000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
15894000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
16846000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-2531000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3601000 | ||
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
35808000 | |
| CY2015Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
32207000 | |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.53%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and assumptions, including estimates related to R&D expenses, in-process research and development (“IPR&D”), goodwill, and share-based compensation expenses. We base our estimates on historical experience and various other relevant assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates.</p></div> | ||
| CY2015 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-39400000 | |
| CY2015 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-32900000 | |
| CY2016Q3 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
27000000 | |
| CY2016Q3 | mstx |
Working Capital
WorkingCapital
|
7400000 | |
| CY2016Q3 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
11556000 | |
| CY2015Q4 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
11556000 | |
| us-gaap |
Goodwill Impaired Change In Estimate Description
GoodwillImpairedChangeInEstimateDescription
|
A quantitative assessment of goodwill utilizes a two-step approach. We first compared our carrying value, including goodwill, to our estimated fair value. If the carrying value had exceeded the estimated fair value, we would have performed Step 2 to measure the amount of any impairment charge. As the carrying value did not exceed estimated fair value, we did not perform Step 2 and concluded that no impairment charge for goodwill is required. | ||
| CY2016Q3 | us-gaap |
Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
|
0 | |
| CY2016Q3 | us-gaap |
Investment Owned At Cost
InvestmentOwnedAtCost
|
6425000 | |
| us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
4000 | ||
| CY2016Q3 | us-gaap |
Capital Lease Obligations
CapitalLeaseObligations
|
40000 | |
| us-gaap |
Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
|
The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. | ||
| CY2015 | us-gaap |
Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
|
0.0895 | |
| CY2015 | us-gaap |
Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
|
-0.0325 | |
| CY2015Q4 | us-gaap |
Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
|
712500 | |
| us-gaap |
Line Of Credit Facility Frequency Of Payment And Payment Terms
LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms
|
The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. Monthly payments under the Loan Agreement were interest only until July 1, 2016. On July 1, August 1, and September 1, 2016 we made equal monthly payments against the principal balance in addition to the interest amounts. We are required to repay the loan in equal monthly installments of principal and interest on the first business day of each month through the scheduled maturity date of January 1, 2019. | ||
| CY2015Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
544000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1951000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2122000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
8151263 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
1151393 | ||
| CY2016Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
29896598 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.42 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
0.98 | ||
| CY2016Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.67 | |
| CY2016Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
4800000 | |
| us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y6M | ||
| us-gaap |
Interest Paid
InterestPaid
|
1042000 | ||
| us-gaap |
Interest Paid
InterestPaid
|
26000 | ||
| us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
26000 | ||
| us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
393000 | ||
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
22000 | ||
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
34000 | ||
| mstx |
Receivable For Warrant Exercise
ReceivableForWarrantExercise
|
65000 | ||
| us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
31000 | ||
| us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
35000 | ||
| mstx |
Debt Issuance Costs Included In Accounts Payable And Accrued Liabilities
DebtIssuanceCostsIncludedInAccountsPayableAndAccruedLiabilities
|
33000 | ||
| CY2016Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
8000000 | |
| CY2016Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
29090910 | |
| mstx |
Description Of Fixed Combination Of Shares And Warrant Offered And Sold To Public
DescriptionOfFixedCombinationOfSharesAndWarrantOfferedAndSoldToPublic
|
each consisting of one share of our common stock and one warrant to purchase one share of our common stock. | ||
| CY2016Q1 | mstx |
Number Of Securities In Each Unit
NumberOfSecuritiesInEachUnit
|
1 | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
|
1 | |
| CY2016Q1 | mstx |
Proceeds From Issuance Of Common Stock And Warrants Net
ProceedsFromIssuanceOfCommonStockAndWarrantsNet
|
7300000 | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.42 | |
| CY2016Q1 | us-gaap |
Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
|
2016-08-17 | |
| CY2016Q1 | mstx |
Class Of Warrant Or Rights Expiration Date
ClassOfWarrantOrRightsExpirationDate
|
2021-02-16 | |
| CY2015Q3 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
2272727 | |
| CY2015Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.275 | |
| CY2015Q3 | us-gaap |
Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
|
2020-08-11 | |
| us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
500000 | ||
| CY2016Q3 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
91281302 |
