v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 9,079,941 $ 2,266,788
Accounts receivable, net 819,780 967,170
Prepaid expenses and other current assets 768,425 357,554
Investment in certificate of deposit 25,023 25,023
Assets held for resale 27,000 27,620
Total Current Assets 10,720,169 3,644,155
Non-Current Assets    
Intangibles, net 7,555,136 7,723,873
Plant and equipment, net 2,052,387 1,561,582
Deposits 181,387
Total Non-Current Assets 9,788,910 9,285,455
Total Assets 20,509,079 12,929,610
Current Liabilities    
Accounts payable 1,781,971 934,710
Other payables and accrued expenses 1,232,748 518,608
Legal settlement accrual 1,300,000 1,164,750
Loans payable 493,948 164,381
Deferred revenue 1,191,512
Deferred subsidy revenue 8,000,000
Deferred purchase consideration 1,000,000 125,000
Dividends payable 77 77
Total Current Liabilities 15,000,256 2,907,526
Non-Current Liabilities    
Deferred purchase consideration, net 7,745,625 8,313,490
Total Non-Current Liabilities 7,745,625 8,313,490
Total Liabilities 22,745,881 11,221,016
Convertible Redeemable Preferred stock    
Series A cumulative convertible redeemable Preferred stock, $0.001 par value, 400,000 shares designated, 0 and 105,000 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively, liquidation preference $5.70 per share 133,350
Commitment and contingencies
Stockholders' (Deficit) Equity    
Preferred stock, $0.001 par value, 10,000,000 authorized, 3,000,000 shares designated as Series B Preferred stock, 6,600,000 undesignated and unissued
Common stock, $0.001 par value; 50,000,000 shares authorized, 6,808,857 shares issued and 6,481,857 outstanding as of September 30, 2016 and December 31, 2015. 6,482 6,482
Additional paid-in-capital 24,272,787 23,711,824
Treasury stock, at cost (327,000 shares of common stock at September 30, 2016 and December 31, 2015). (237) (237)
Accumulated deficit (26,515,834) (22,142,825)
Total Stockholder's (Deficit) Equity (2,236,802) 1,575,244
Total Liabilities and Stockholders' (Deficit) Equity $ 20,509,079 $ 12,929,610

Source

v3.5.0.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Statements of Operations [Abstract]        
Services revenue $ 2,308,100 $ 465,214 $ 4,366,424 $ 591,025
Subsidy revenue (see note 11) 2,000,000 2,000,000
Total revenue 4,308,100 465,214 6,366,424 591,025
Cost of sales 2,324,586 734,759 3,860,431 1,026,626
Gross profit (loss) 1,983,514 (269,545) 2,505,993 (435,601)
Operating expenses:        
Selling, general and administrative expenses 2,862,719 1,625,579 5,052,957 4,036,924
Depreciation 136,874 89,392 350,755 154,441
Amortization 56,246 124,358 168,738 150,200
Total Operating expenses 3,055,839 1,839,329 5,572,450 4,341,565
Operating loss (1,072,325) (2,108,874) (3,066,457) (4,777,166)
Other income (expense)        
Other expense (601,500) (1,465,025) (601,500) (1,550,025)
Interest income 1,599 335 5,015
Interest expense (407,354) (2,409) (704,520) (6,615)
Total other expense (1,008,854) (1,465,835) (1,305,685) (1,551,625)
Net loss before income tax (2,081,179) (3,574,709) (4,372,142) (6,328,791)
Income tax (867) (19,038) (867) (19,038)
Net loss (2,082,046) (3,593,747) (4,373,009) (6,347,829)
Preferred stock dividends (72,697)
Net loss applicable to common stock $ (2,082,046) $ (3,593,747) $ (4,373,009) $ (6,420,526)
Net Loss Per Share - Basic and Diluted $ (0.32) $ (0.55) $ (0.67) $ (1.04)
Weighted Average Number of Shares Outstanding -Basic and Diluted 6,481,857 6,481,457 6,481,857 6,202,772

Source

v3.5.0.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,373,009) $ (6,347,829)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 350,755 154,441
Amortization expense 168,738 150,200
Discount on warrants issued 244,463
Stock based compensation charge 366,900 390,342
Non-cash inventory charge 32,811
Imputed interest on acquisition of Icagen assets 448,071
Movement in bad debts provision (19,084)
Loss on disposal of plant and equipment 6,240
Increase in legal settlement accrual 601,500 1,444,548
Severance cost accrual 105,477
Changes in operating assets and liabilities    
Accounts receivable 166,474 (316,436)
Prepaid expenses and other current assets (410,250) (323,270)
Accounts payable 789,660 433,258
Deferred subsidy revenue 8,000,000
Deferred revenues 1,191,512
Other payables and accrued expenses 64,138 360,975
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 7,589,868 (3,909,243)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payment of deferred purchase consideration (125,000) (250,000)
Purchase of plant and equipment (841,559) (314,203)
Proceeds on sale of plant and equipment 934
Deposit refunded 1,000
Investment in deposits (123,787) (5)
NET CASH USED IN INVESTING ACTIVITIES (1,090,346) (562,274)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of Los Alamos County loan (142,502) (25,717)
Proceeds from software loan 26,062
Repayment of software loan (19,655)
Proceeds from equipment loan 533,290
Repayment of equipment loan (57,502)
Proceeds from bridge loan 1,145,000
Repayment of bridge loan (1,145,000)
Proceeds from common stock units issued 3,836,133
Share issue expenses (314,541)
Warrants exercised 400
Series A Preferred Stock dividend paid (48,300)
NET CASH PROVIDED BY FINANCING ACTIVITIES 313,631 3,474,037
NET INCREASE (DECREASE) IN CASH 6,813,153 (997,480)
Cash at the beginning of the period 2,266,788 6,472,393
CAST AT END OF PERIOD 9,079,941 5,474,913
CASH PAID FOR INTEREST AND TAXES:    
Cash paid for income taxes 19,038
Cash paid for interest 11,795 6,664
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Value of Series A stock redeemed offset against stockholders' equity (50,400)
Common stock issued in exchange for Series B Preferred stock 2,134
Common stock issued in lieu of Series B Preferred stock dividend 978,417
Common stock issued to partially settle liability 310,625
Acquisition of assets as part of Asset Purchase and Collaboration Agreement 10,750,000
Accrued Series A Preferred Stock dividends 23,952
Accrued Series B Preferred Stock dividends $ 48,745

Source