CELSCISci Corp (CVM, Financial) filed Quarterly Report for the period ended 2009-12-31.
Celscisci Corp has a market cap of $87.7 million; its shares were traded at around $0.5377 with and P/S ratio of 1082.
increased by $2,473,363 compared to a decrease in cash of $612,311 during the
three months ended December 31, 2008. For the three months ended December 31,
2009 and 2008, cash used in operating activities totaled $3,646,724 and
$1,159,800. For the three months ended December 31, 2009 and 2008, cash provided
by financing activities totaled $6,157,450 and $114,922, respectively. The
repayment of the Series K convertible notes ($270,000), financing costs
($15,060) and the repayment of the short-term loan ($200,000) was used in
financing activities during the three months ended December 31, 2008. For the
three months ended December 31, 2009, cash provided by financing was from the
exercise of warrants and options ($6,157,450). Cash (used in) provided by
investing activities was $(37,363) and $432,567, respectively, for the three
months ended December 31, 2009 and 2008, respectively. The use of cash in
investing activities consisted of purchases of equipment and legal costs
incurred in patent applications and, for the three months ended December 31,
2008, the sale of the final $200,000 in ARPs.
In August 2007, the Company leased a building near Baltimore, Maryland. The
building, which consists of approximately 73,000 square feet, was remodeled in
accordance with the Company specifications so that it can be used by the Company
to manufacture Multikine for the Company's Phase III clinical trial and sales of
the drug if approved by the FDA. The lease is for a term of twenty years and
requires annual base rent payments of $1,575,000 during the first year 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 for lab equipment. In
addition, in April 2008, an additional $288,474 was paid for the completion of
the facility. The Company took possession of the manufacturing facility in
October, 2008. The Company paid an additional $32,059 in expenses to complete
the manufacturing facility during the three months ended December 31, 2009.
In December 2008, the Company was not in compliance with certain lease
requirements (i.e., failure to pay an installment of Base Annual Rent). However,
the landlord did not declare the Company formally in default under the terms of
the lease and renegotiated the lease. In January 2009, as part of an amended
lease agreement on the manufacturing facility, the Company repriced the
3,000,000 warrants issued to the landlord in July 2007 at $1.25 per share and
which were to expire on July 12, 2013. These warrants are now repriced at $0.75
per share and expire on January 26, 2014. The cost of this repricing and
extension of the warrants is $70,515 and was accounted for as a debit to the
deferred rent asset and a credit to additional paid-in capital. In addition,
787,500 additional warrants were given to the landlord on the same date. The
warrants are exercisable at a price of $0.75 per share and will expire on
January 26, 2014. The cost of these warrants was $45,207 and was accounted for
as a debit to the deferred rent asset and a credit to additional paid-in
capital. During the three months ended June 30, 2009, the Company issued the
landlord an additional 2,296,875 warrants in accordance with an amendment to the
agreement. These warrants were valued at $251,172 using the Black Scholes
method. The Company is in compliance with the lease and expects to receive a
refund of the $1,575,000 deposited with the landlord in July 2008 before the end
of the current fiscal year.
The interest expense of $38,120 for the three months ended December 31, 2009 was
interest expense on the loan from the Company's president of $41,402, offset by
the amortization of the remaining premium on the loan of ($3,282). The interest
expense of $84,616 for the three months ended December 31, 2008 was composed of
three elements: 1) amortization of the Series K discount ($43,649), 2) interest
paid and accrued on the Series K debt ($40,154) and 3) margin interest ($813).
MULTIKINE $2,296,333 $1,355,705
L.E.A.P.S 508,794 55,048
- -
TOTAL $2,805,127 $1,410,753
= =
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Celscisci Corp has a market cap of $87.7 million; its shares were traded at around $0.5377 with and P/S ratio of 1082.
Highlight of Business Operations:
During the three-month period ended December 31, 2009, the Company's cashincreased by $2,473,363 compared to a decrease in cash of $612,311 during the
three months ended December 31, 2008. For the three months ended December 31,
2009 and 2008, cash used in operating activities totaled $3,646,724 and
$1,159,800. For the three months ended December 31, 2009 and 2008, cash provided
by financing activities totaled $6,157,450 and $114,922, respectively. The
repayment of the Series K convertible notes ($270,000), financing costs
($15,060) and the repayment of the short-term loan ($200,000) was used in
financing activities during the three months ended December 31, 2008. For the
three months ended December 31, 2009, cash provided by financing was from the
exercise of warrants and options ($6,157,450). Cash (used in) provided by
investing activities was $(37,363) and $432,567, respectively, for the three
months ended December 31, 2009 and 2008, respectively. The use of cash in
investing activities consisted of purchases of equipment and legal costs
incurred in patent applications and, for the three months ended December 31,
2008, the sale of the final $200,000 in ARPs.
In August 2007, the Company leased a building near Baltimore, Maryland. The
building, which consists of approximately 73,000 square feet, was remodeled in
accordance with the Company specifications so that it can be used by the Company
to manufacture Multikine for the Company's Phase III clinical trial and sales of
the drug if approved by the FDA. The lease is for a term of twenty years and
requires annual base rent payments of $1,575,000 during the first year 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 for lab equipment. In
addition, in April 2008, an additional $288,474 was paid for the completion of
the facility. The Company took possession of the manufacturing facility in
October, 2008. The Company paid an additional $32,059 in expenses to complete
the manufacturing facility during the three months ended December 31, 2009.
In December 2008, the Company was not in compliance with certain lease
requirements (i.e., failure to pay an installment of Base Annual Rent). However,
the landlord did not declare the Company formally in default under the terms of
the lease and renegotiated the lease. In January 2009, as part of an amended
lease agreement on the manufacturing facility, the Company repriced the
3,000,000 warrants issued to the landlord in July 2007 at $1.25 per share and
which were to expire on July 12, 2013. These warrants are now repriced at $0.75
per share and expire on January 26, 2014. The cost of this repricing and
extension of the warrants is $70,515 and was accounted for as a debit to the
deferred rent asset and a credit to additional paid-in capital. In addition,
787,500 additional warrants were given to the landlord on the same date. The
warrants are exercisable at a price of $0.75 per share and will expire on
January 26, 2014. The cost of these warrants was $45,207 and was accounted for
as a debit to the deferred rent asset and a credit to additional paid-in
capital. During the three months ended June 30, 2009, the Company issued the
landlord an additional 2,296,875 warrants in accordance with an amendment to the
agreement. These warrants were valued at $251,172 using the Black Scholes
method. The Company is in compliance with the lease and expects to receive a
refund of the $1,575,000 deposited with the landlord in July 2008 before the end
of the current fiscal year.
The interest expense of $38,120 for the three months ended December 31, 2009 was
interest expense on the loan from the Company's president of $41,402, offset by
the amortization of the remaining premium on the loan of ($3,282). The interest
expense of $84,616 for the three months ended December 31, 2008 was composed of
three elements: 1) amortization of the Series K discount ($43,649), 2) interest
paid and accrued on the Series K debt ($40,154) and 3) margin interest ($813).
MULTIKINE $2,296,333 $1,355,705
L.E.A.P.S 508,794 55,048
- -
TOTAL $2,805,127 $1,410,753
= =
Read the The complete Report
