CELSCISci Corp (CVM, Financial) filed Amended Quarterly Report for the period ended 2009-03-31.
Celscisci Corp has a market cap of $113.24 million; its shares were traded at around $0.6948 with and P/S ratio of 1398.04.
proceeds of $1,249,982 and receipt of short-term loans of $570,000 provided
funds. The repayment of convertible notes ($365,000), financing costs ($36,248)
and the repayment of the short-term loan ($200,000) were used in financing
activities during the six months ended March 31, 2009. For the six months ended
March 31, 2008, cash provided by financing was from the exercise of employee
options ($14,403). Repayment of convertible notes of $480,000 used cash in
financing activities. Cash provided by investing activities was $432,808 and
$7,657,610 was used in investing activities for the six months ended March 31,
2009 and 2008, respectively. For the six months ended March 31, 2009 and 2008,
the use of cash in investing activities consisted of purchases of equipment and
legal costs incurred in patent applications and, for the six months ended March
31, 2009, the sale of the final $200,000 in ARPs.
During the six-month period ended March 31, 2009, general and administrative
expenses decreased by $685,044 compared to the six-month period ended March 31,
2008. This decrease was caused by the Company having extended and repriced
options during the six-month period ended March 31, 2008 of $465,008 and the
expensing of stock issued to employees in the six-month period ended March 31,
2008 of $378,350 compared to a cost of employee stock issued in prior periods
but expensed in the six-month period ended March 31, 2009 of only $81,372, a
decrease of $296,978. This decrease from March 31, 2008 to March 31, 2009 was
partially offset by higher insurance costs of approximately $16,500. During the
three-month period ended March 31, 2009, general and administrative expenses
increased slightly, $45,579, primarily because of a writeoff of abandoned
patents of approximately $17,000, an increase in insurance of approximately
$7,650 and an increase in filing fees of approximately $15,000.
The interest expense of $169,493 for the six months ended March 31, 2009 was
composed of four elements: 1) amortization of the Series K discount ($80,551),
2) interest paid and accrued on the Series K debt ($74,650), 3) margin interest
($813) , and 4) interest on the short term loan ($13,479). This is a decline of
approximately $96,000 from the six months ended March 31, 2008 because of the
lower balance of Series K debt. The corresponding amounts for the three months
ended March 31, 2009 are: 1)$36,902, 2) $34,495, 3) $-0- and 4) $13,479.
MULTIKINE $2,603,468 $1,865,345 $1,192,715 $ 956,397
L.E.A.P.S 55,048 200,684 55,048 80,666
- - - -
TOTAL $2,658,516 $2,066,029 $1,247,763 $1,037,063
= = = =
of the lease. The annual base rent escalates each year at 3%. the Company is
also required to pay all real and personal property taxes, insurance premiums,
maintenance expenses, repair costs and utilities. The lease allows the Company,
at its election, to extend the lease for two ten-year periods or to purchase the
building at the end of the 20-year lease. The lease required the Company to pay
$3,150,000 towards the remodeling costs, which will be recouped by reductions in
the annual base rent of $303,228 in years six through twenty of the lease. In
January 2008, the Company signed a second amendment to the lease. In accordance
with the lease, on February 8, 2008, the Company paid an additional $1,295,528
toward the remodeling costs and a further $518,790 to pay for lab equipment. In
addition, in April 2008, an additional $288,474 was paid for the completion of
the facility. In July 2008, CEL-SCI was required to deposit the equivalent of
one year's base rent in accordance with the contract. The $1,575,000 was
required to be deposited when the amount of cash CEL-SCI had fell below the
amount stipulated in the lease. The Company took possession of the manufacturing
facility in October 2008.
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Celscisci Corp has a market cap of $113.24 million; its shares were traded at around $0.6948 with and P/S ratio of 1398.04.
Highlight of Business Operations:
proceeds of $1,249,982 and receipt of short-term loans of $570,000 provided
funds. The repayment of convertible notes ($365,000), financing costs ($36,248)
and the repayment of the short-term loan ($200,000) were used in financing
activities during the six months ended March 31, 2009. For the six months ended
March 31, 2008, cash provided by financing was from the exercise of employee
options ($14,403). Repayment of convertible notes of $480,000 used cash in
financing activities. Cash provided by investing activities was $432,808 and
$7,657,610 was used in investing activities for the six months ended March 31,
2009 and 2008, respectively. For the six months ended March 31, 2009 and 2008,
the use of cash in investing activities consisted of purchases of equipment and
legal costs incurred in patent applications and, for the six months ended March
31, 2009, the sale of the final $200,000 in ARPs.
During the six-month period ended March 31, 2009, general and administrative
expenses decreased by $685,044 compared to the six-month period ended March 31,
2008. This decrease was caused by the Company having extended and repriced
options during the six-month period ended March 31, 2008 of $465,008 and the
expensing of stock issued to employees in the six-month period ended March 31,
2008 of $378,350 compared to a cost of employee stock issued in prior periods
but expensed in the six-month period ended March 31, 2009 of only $81,372, a
decrease of $296,978. This decrease from March 31, 2008 to March 31, 2009 was
partially offset by higher insurance costs of approximately $16,500. During the
three-month period ended March 31, 2009, general and administrative expenses
increased slightly, $45,579, primarily because of a writeoff of abandoned
patents of approximately $17,000, an increase in insurance of approximately
$7,650 and an increase in filing fees of approximately $15,000.
The interest expense of $169,493 for the six months ended March 31, 2009 was
composed of four elements: 1) amortization of the Series K discount ($80,551),
2) interest paid and accrued on the Series K debt ($74,650), 3) margin interest
($813) , and 4) interest on the short term loan ($13,479). This is a decline of
approximately $96,000 from the six months ended March 31, 2008 because of the
lower balance of Series K debt. The corresponding amounts for the three months
ended March 31, 2009 are: 1)$36,902, 2) $34,495, 3) $-0- and 4) $13,479.
MULTIKINE $2,603,468 $1,865,345 $1,192,715 $ 956,397
L.E.A.P.S 55,048 200,684 55,048 80,666
- - - -
TOTAL $2,658,516 $2,066,029 $1,247,763 $1,037,063
= = = =
of the lease. The annual base rent escalates each year at 3%. the Company is
also required to pay all real and personal property taxes, insurance premiums,
maintenance expenses, repair costs and utilities. The lease allows the Company,
at its election, to extend the lease for two ten-year periods or to purchase the
building at the end of the 20-year lease. The lease required the Company to pay
$3,150,000 towards the remodeling costs, which will be recouped by reductions in
the annual base rent of $303,228 in years six through twenty of the lease. In
January 2008, the Company signed a second amendment to the lease. In accordance
with the lease, on February 8, 2008, the Company paid an additional $1,295,528
toward the remodeling costs and a further $518,790 to pay for lab equipment. In
addition, in April 2008, an additional $288,474 was paid for the completion of
the facility. In July 2008, CEL-SCI was required to deposit the equivalent of
one year's base rent in accordance with the contract. The $1,575,000 was
required to be deposited when the amount of cash CEL-SCI had fell below the
amount stipulated in the lease. The Company took possession of the manufacturing
facility in October 2008.
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