TIDMAKR
RNS Number : 2947W
Akers Biosciences, Inc.
18 August 2015
Embargoed: 0700hrs 18 August 2015
Akers Biosciences, Inc.
Akers Biosciences Announces its Financial Results for the Six
Months Ended June 30, 2015
US Sales of Rapid HIT Test Continue to Rise: +44% Over H1
2014
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers
Bio" or the "Company"), a medical device company focused on
reducing the cost of healthcare through faster, easier diagnostics,
reports its financial results for the six months ended June 30,
2015. The Form 10-Q containing the full financial statements for
the six months and three months ended June 30, 2015 is available
for viewing on the Company's website at www.akersbiosciences.com or
www.sec.gov.
H1 Financial Highlights:
-- Revenue for H1 2015 was $1,476,970
-- US sales of flagship test for heparin--induced
thrombocytopenia ("HIT") were $898,960 (+44% compared to H1
2014)
-- Company is beginning to see increased demand for its alcohol
breathalyzer (mainly from EU) with $209,805 shipped in H1 and a
larger pipeline of orders through the remainder of the year
-- Gross profit margin of 62% - consistent with management's
expectations of where margins are expected to settle on a
continuing basis
-- Gross profit of $909,603
-- Loss before income tax of $3,408,028 - which includes a
one-time reserve of $864,000 for a past due receivable
-- Cash and marketable securities at June 30, 2015 of $6,677,360
H1 Operational Highlights
-- Sales and Marketing leadership team strengthened with
appointments of additional senior sales and marketing
executives
-- Added multiple sales executives across US to support distributors of rapid HIT test
-- Launched Akers Wellness product line with two new rapid
breath tests for ketosis and oxidative stress targeting the health
and wellness industry
-- Signed agreement to sell METRON(R) breath ketone test direct
to consumers through Amazon Marketplace - online store to launch in
Q3
-- Signed exclusive Master Distributor Agreement with ADS Inc.
for marketing and supply of rapid tests to US Government agencies
and departments
-- Expanded the international distribution network through the
addition of new distributors for rapid HIT test in Europe, the
Middle East and Africa (EMEA) - product now exposed to 30 non-US
markets
-- Achieved ISO 13485 (2003) Certification which accelerates the
process of gaining regulatory clearance for medical devices in
certain countries, allowing the Company to get products to market
faster
"Our core business of rapid tests for heparin-induced
thrombocytopenia keeps growing," said Raymond F. Akers, Jr. PhD,
Co-founder and Executive Chairman. "The benefits of the newly
expanded sales team are beginning to be felt with domestic sales of
this flagship product up 44 per cent compared with the first half
of 2014; and we are confident of a significantly stronger second
half of the year for this product," continued Dr. Akers.
"Outside of the HIT test business, we are very pleased to see a
resurgence in demand from new customers for the alcohol
breathalyzer product in the EU following the loss of the French
revenue stream when the French government postponed the fine for
drivers failing to possess breathalyzers in their vehicles. We have
visibility over a healthy pipeline of orders from the EU for this
product through the remainder of the year," continued Dr.
Akers.
"One of the most significant events to occur in terms of the
Company's future has been the creation of the new Akers Wellness
product line and the introduction of its transformative breath
tests - known as BreathScan OxiChek(TM) and BreathScan KetoChek(TM)
- which connect to a bluetooth-enabled reader and synch via an app
on any mobile device. These tests will enable doctors,
chiropractors, suppliers of nutritional supplements, health coaches
and consumers to monitor trends in critical metabolic processes
with a level of convenience which has never before been available
to them. This is a huge market globally - particularly in the US -
and our proprietary technology for identifying biomarkers in
exhaled breath positions us very well to capitalize on it,"
continued Dr. Akers.
"Looking ahead through the remainder of the year, the most
important indicator is that domestic sales of the flagship HIT test
continue to rise - and we expect this trend to accelerate. We also
have a strong pipeline of orders for alcohol breathalyzers coming
from new distributors in the EU. Longer term we're very excited
about the prospects for our international business - particularly
China where we see the most significant opportunity. While we have
good revenue visibility through the remainder of the year in our
core business, the Company's ability to meet full revenue
expectations for the year remains partially dependent on the timing
of large stocking orders from international distributors like those
in China, which are influenced by external factors such as
regulatory approvals. We are confident that such orders will
materialize but there can be no certainty over their timing. We
also expect to see initial revenue contributions this year from our
Akers Wellness line as these transformative products establish
their place in the market," said Dr. Akers.
Summary of Statements of Operations for the Six Months Ended
June 30, 2015 and 2014
Revenue
Akers' revenue for the six months ended June 30, 2015 totaled
$1,476,970, a 42% decrease from the same period in 2014.
Importantly, sales of the flagship PIFA Heparin/PF4 Rapid Assay
products increased by 44% over the six month period ended June 30,
2014. The reduction in overall revenue resulted from there having
been an initial stocking order for Tri-Cholesterol "Check" tests in
the first half of last year which was not repeated in the six
months ended June 30, 2015 and from the impact on sales of
BreathScan breathalyzer products following the French government's
postponement, indefinitely, of the fine that was to be imposed for
drivers failing to possess breathalyzers in their vehicles.
The table below summarizes our revenue by product line for the
six months ended June 30, 2015 and 2014 as well as the percentage
of change year-over-year:
6 Months Ended 6 Months Ended Percent
Product Lines June 30, 2015 June 30, 2014 Change
--------------------------------------------- ---------------- ---------------- -------
MicroParticle Catalyzed Biosensor ("MPC") $ 209,805 $ 840,458 (75)%
Particle ImmunoFiltration Assay ("PIFA") 898,960 622,188 44%
Rapid Enzymatic Assay ("REA") - 864,000 (100)%
Other 47,649 33,763 41%
------------ ------------
Product Revenue Total $ 1,156,414 $ 2,360,409 (51)%
License Fees 320,556 166,667 92%
------------ ------------
Total Revenue $ 1,476,970 $ 2,527,076 (42)%
============ ============
The Company's MPC product sales declined during the six months
ended June 30, 2015. During the same period of 2014, the Company
received the final order from ChubeWorkx for the Company's
breathalyzer product. The decline was partially offset by an
initial stocking order from a new distributor in the European Union
("EU"). An initial order for 2,000,000 devices was received and
units began to ship in June. Additional shipments will be released
as directed by the distributor over the next twelve months.
Domestic sales of the Company's PIFA Heparin/PF4 Rapid Assay
products continues to grow. The Company has expanded its sales and
marketing staff to cover most of the United States, adding
technical sales account executives whose role is to significantly
support the sales representatives of Akers' US distribution
partners, Cardinal Health ("Cardinal"), Fisher HealthCare
("Fisher") and Typenex Medical ("Typenex"). We have begun to
recognize the revenue benefits from the expansion of the sales and
marketing staff and expect this to continue as the additional sales
executives become more involved with the distributor
representatives in their sales regions.
There were no sales in the six months ended June 30, 2015 for
the Tri-Cholesterol "Check" tests, part of the REA line of
products, which generated sales of $864,000 during the same period
of 2014. The revenue generated in the 2014 sale of the
Tri-Cholesterol "Check" tests was due to an initial stocking order
from 36 Strategies General Trading, LLC to distribute the tests in
Australia, Singapore, the United Arab Emirates and Oman.
Other operating revenue increased due to a rise in shipping and
handling fees, a result of increased volume and the mix of domestic
and international shipments.
The Company's exclusive License and Supply Agreement with
ChubeWorkx Guernsey Limited ("ChubeWorkx") for the Company's
proprietary breathalyzer product was cancelled by both parties on
May 7, 2015. As a result of this event, and per the terms of the
original agreement, the Company recognized the remaining $166,667
of deferred revenue in the statement of operations for the period
ended June 30, 2015. The Company is now able to solicit business
outside the United States for its alcohol breathalyzer products and
has begun to receive and ship orders.
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August 18, 2015 02:00 ET (06:00 GMT)
Cost of sales for the six months ended June 30, 2015 decreased
by 24% compared to the same period in 2014 to $567,367 from
$745,732 in 2014. Direct cost of sales increased to 24% of product
revenue while indirect cost of sales increased to 25% for the six
months ended June 30, 2015 as compared to 22% and 9% respectively
for the same period in 2014. Overall, cost of sales, as a
percentage of product revenue, was 49% and 31% for the six month
periods ended June 30, 2015 and 2014.
Direct cost of sales for the six month period ended June 30,
2015 showed a small increase of 2% of product revenue over 2014.
The increase for the six months ended June 30, 2015 was due to one
significant event that occurred in the six months ended June 30,
2014; during prior periods, the Company had written-off its REA
product inventory while it worked to develop a market and identify
a distributor for the product line. As a result of this action, no
significant cost of sales was associated with the REA product
revenue.
The increase in indirect cost of sales is attributed to an
ongoing project to improve the management, reporting and turn-over
rate of our production inventory. The increase was mitigated by a
reduction in indirect personnel expenses in the six months ended
June 30, 2015. In addition, the percentage increase is affected by
the fixed cost nature of many of the components in this
category.
Akers' gross profit margin, as a percentage of revenue,
decreased to 62% for the six months ended June 30, 2015 as compared
to 70% in 2014 for the reasons described above and is consistent
with management's expectations of where margins are expected to
settle on a continuing basis.
General and Administrative Expenses
General and administrative expenses for the six months ended
June 30, 2015, totaled $2,444,964, which was a 46% increase as
compared to $1,670,728 for the six months ended June 30, 2014.
The table below summarizes our general and administrative
expenses for the six months ended June 30, 2015 and 2014 as well as
the percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent
Description June 30, 2015 June 30, 2014 Change
------------------------------------------ ---------------- ---------------- -------
Personnel Costs $ 417,101 $ 437.867 (5)%
Professional Service Costs 498,470 435,587 14%
Stock Market & Investor Relations Costs 272,007 349,031 (22)%
Other General and Administrative Costs 1,257,386 448,243 181%
------------ ------------
Total General and Administrative Expenses $ 2,444,964 $ 1,670,728 46%
============ ============
During the six months ended June 30, 2014, the Company issued
stock options to the officers and key employees which accounts for
the most significant fluctuation in personnel and other general and
administrative costs, where, during the same period of 2015, no
costs were incurred.
The increase in professional service costs for the period ended
June 30, 2015 is related to costs associated with various corporate
and legal affairs. Also included in this increase is the use of
employment agencies to seek out qualified applicants for our sales
and marketing department.
Offsetting a portion of the professional service expenses was
the elimination of management fees paid to Nicolette Consulting
Group for services that were incurred in the six months ended June
30, 2014.
The Company established an allowance for bad debts of $864,000
for a receivable that was due June 30, 2015 during the six months
ended June 30, 2015. During the six months ended June 30, 2014, the
Company issued stock options to the directors which offsets a
portion of the increase in other general and administrative
expenses, where, during the same period of 2015, no costs were
incurred.
Sales and Marketing Expenses
Sales and marketing expenses for the six months ended June 30,
2015 totaled $1,128,792, which was an 86% increase as compared to
$607,707 for the six months ended June 30, 2014
The table below summarizes our sales and marketing expenses for
the six months ended June 30, 2015 and 2014 as well as the
percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent
Description June 30, 2015 June 30, 2014 Change
--------------------------------------- ---------------- ---------------- -------
Personnel Costs $ 616,607 $ 266,290 132%
Professional Service Costs 366,781 231,129 59%
Royalties and Outside Commission Costs 27,454 74,190 (63)%
Other Sales and Marketing Costs 117,950 36,098 227%
------------ ------------
Total Sales and Marketing Expenses $ 1,128,792 $ 607,707 86%
============ ============
Sales and marketing expenses have increased in the six months
ended June 30, 2015 due to the expansion from four employees at
June 30, 2014 to ten employees as of June 30, 2015.
Professional service costs increased during the six months ended
June 30, 2015 from the use of external market research firms to
help the Company identify new markets for our product lines and to
increase our market penetration in our existing markets.
Other sales and marketing costs during the six months ended June
30, 2015 increased compared to the same period of 2014 mainly due
to increased travel and trade show activity.
Research and Development
Research and development expenses for the six months ended June
30, 2015 totaled $683,799, which was a 36% increase as compared to
$502,489 for the six months ended June 30, 2014.
The table below summarizes our research and development expenses
for the six months ended June 30, 2015 and 2014 as well as the
percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent
Description June 30, 2015 June 30, 2014 Change
---------------------------------------- ---------------- ---------------- -------
Personnel Costs $ 331,691 $ 415,719 (20)%
Clinical Trial Costs 23,613 8,000 195%
Professional Service Costs 246,127 24,613 900%
Other Research and Development Costs 82,368 54,157 52%
------------ ------------
Total Research and Development Expenses $ 683,799 $ 502,489 36%
============ ============
During the six months ended June 30, 2014, the Company issued
stock options to key employees which accounts for the most
significant fluctuation in personnel costs, where, during the same
period of 2015, no costs were incurred.
Clinical trial costs, professional service costs and other
research and development costs have increased in the six months
ended June 30, 2015 due to the significant costs associated with
preparing several key products for market. Major expenses include
engineering fees, product insert and packaging design, testing and
clinical trials.
The following table illustrates research and development costs
by project for the six months ended June 30, 2015 and 2014,
respectively.
Project 2015 2014
--------------------------------- -------- --------
Asthma/pH $ 4,917 $ 5,359
Breath Alochol Phone Application - 6,747
BreathScan(R) 46,626 13,866
Chlamydia Trachomatis 79,860 -
CHUBE 397 3,867
Heparin/PF4 43,514 55,124
HIV 58,718 56,586
Ketone 45,922 43,345
Lithium 40,638 -
Lyophilization - 68,906
Malaria - 6,755
METRON 61,299 4,904
Other Projects 74,301 6,199
PIFA PLUSS(R) PF4 - 20,080
Sonicator OQ 886 -
Troponin (heart attacks) 104,592 -
Tri-Cholesterol 64,890 54,794
VIVO 57,239 155,957
------- -------
Total R&D Expenses: $683,799 $502,489
======= =======
Other Income and Expense
Other income increased for the six months ended June 30, 2015 to
$69,210 from $38,272 for the same period in 2014. The increase is
the result of interest and dividend earnings on the marketable
securities and the note receivable totaling $69,169 (2014: $29,707)
and was partially offset by a loss on foreign currency transactions
of $5,969 (2014: gain of $3,896).
Income Taxes
As of June 30, 2015, the Company does not believe any uncertain
tax positions exist that would result in the Company having a
liability to the taxing authorities. The Company's policy is to
classify interest and penalties related to unrecognized tax
benefits, if and when required, as part of interest expense and
general and administrative expense, respectively in the
consolidated statement of operations.
Liquidity and Capital Resources
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For the six months ended June 30, 2015 and 2014, the Company
generated a net loss attributable to shareholders of $3,408,028 and
$1,106,388, respectively. As of June 30, 2015 and December 31,
2014, the Company has an accumulated deficit of $88,272,114 and
$84,864,086 and had cash totaling $261,234 and $455,841,
respectively.
Currently, our primary focus is to expand the domestic and
international distribution of our PIFA Heparin/PF4 rapid assays.
The Company's secondary focus is preparing for the launch of our
health and wellness product line linked to smartphones and tablets.
The Company continues commercialization tasks for METRON and VIVO,
as well as development activities for its PIFA PLUSS(R) Infectious
Disease single-use assays, BreathScan(R) DKA, and Breath
PulmoHealth products, including advancement of the steps required
for FDA clearance or CE marking in the EU where necessary.
We expect to continue to incur losses from operations for the
near-term and these losses could be significant as we incur product
development, clinical and regulatory activities, contract
consulting and other product development and commercialization
related expenses. We believe that our current working capital
position will be sufficient to meet our estimated cash needs for at
least 33 months. We are closely monitoring our cash balances, cash
needs and expense levels. The accompanying financial statements do
not include any adjustments to reflect the possible future effects
on the recoverability and classification of assets or the amounts
and classification of liabilities that might result in the possible
inability of the Company to continue as a going concern.
We expect that our primary expenditures will be to continue
development of our health and wellness line, PIFA PLUSS(R)
Infectious Disease single-use assays, BreathScan(R) DKA and Breath
PulmoHealth products, enroll patients in clinical trials to support
performance claims, generate studies in peer-reviewed journals to
support product marketing, and provide data for the FDA 510(k)
clearance/CE certifications processes when required. We will also
continue to support commercialization and marketing activities of
commercialized products (PIFA Heparin/PF4 rapid assays, PIFA
PLUSS(R) PF4, breath alcohol detectors, METRON and VIVO) in the US
and internationally. Based upon our experience, clinical trial and
related regulatory expenses can be significant costs. Steps to
achieve commercialization of emerging products will be an ongoing
and evolving process with expected improvements and possible
subsequent generations being evaluated for commercialized and
emerging tests. Should we be unable to achieve FDA clearance for
products that require such regulatory "approval", develop
performance characteristics for rapid tests that satisfy market
needs, or generate sufficient revenue from commercialized products,
we would need to rely on other business or product opportunities to
generate revenue and costs that we have incurred for the patents
may be deemed impaired.
Capital expenditures for production for the six months ended
June 30, 2015 were $44,509 (2014: $1,660). Capital expenditures,
primarily for production, laboratory and facility improvement costs
for the year ending December 31, 2015 are expected to be
approximately $250,000. As per the Company's lease agreement, the
owner of the facility will be handling the majority of facility
upgrades, and we anticipate financing any production and laboratory
capital expenditures through working capital.
The Company invested $64,091 for a 19.9% ownership position in a
joint venture with Hainan Savy Investment Management, Ltd and Mr.
Thomas Knox, the Company's Non-executive Co-chairman, to research,
develop, produce and sell Akers' rapid diagnostic screening and
testing products in China. The new entity, incorporated in the
People's Republic of China, operates as Hainan Savy Akers
Biosciences, Ltd.
The Company may enter into generally short-term consulting and
development agreements primarily for testing services and in
connection with clinical trials conducted as part of the Company's
development process which may include activities related to the
development of technical files for FDA 510(k) clearance
submissions. Such commitments at any point in time may be
significant but the agreements typically contain cancellation
provisions.
We lease our manufacturing facility which also contains our
administrative offices. Our current lease was executed January 1,
2013 and is effective through December 31, 2019. The Company has
leased this property from the current owner since 1997.
Due to recent market events that have adversely affected all
industries and the economy as a whole, management has placed
increased emphasis on monitoring the risks associated with the
current environment, particularly the recoverability of current
assets, the fair value of assets, and the Company's liquidity. At
this point in time, there has not been a material impact on the
Company's assets and liquidity. Management will continue to monitor
the risks associated with the current environment and their impact
on the Company's results.
The Company's net cash provided by investing and financing
activities totaled $2,769,177 during the six months ended June 30,
2015. Cash was consumed by capital expenditures, the investment in
Hainan Savy Akers Biosciences, Ltd. and the purchase of marketable
securities of $143,155. Proceeds from the sale of marketable
securities and a policy renewal incentive from an insurer
contributed cash of $2,912,332 for the period ended June 30,
2015.
The Company's net cash provided by investing and financing
activities totaled $2,093,432, during the six months ended June 30,
2014. Cash was consumed by capital expenditures, the payment of a
short-term note payable - related party, the purchase of marketable
securities and the payment of dividends on Series A Convertible
Preferred Stock totaling $12,838,926. Proceeds from the issuance of
common shares, proceeds from the sale of marketable securities and
the demutualization of an insurer contributed cash of $14,932,358
for the period ended June 30, 2014.
Operating Activities
Our net cash consumed by operating activities totaled $2,963,784
during the six months ended June 30, 2015. Cash was consumed by the
loss of $3,408,028 less non-operating gains of $6,010 plus a
non-cash adjustment of $160,931 for depreciation and amortization
of non-current assets, $864,000 for an allowance for bad debts and
$223 for accrued interest and dividends on marketable securities.
For the six months ended June 30, 2015, decreases in notes
receivable - related party, other receivables and inventories of
$222,272 and an increase in trade and other payables of $323,849
provided cash, primarily related to routine changes in operating
activities. A net increase in trade receivables and other assets of
$815,465 and a decrease in deferred revenue - related party of
$305,556 consumed cash from operating activities.
Akers' net cash consumed by operating activities totaled
$1,794,784 during the six months ended June 30, 2014. Cash was
consumed by the loss of $1,090,595 less non-operating gains of
$20,364 plus non-cash adjustments of $723,247 for depreciation and
amortization of non-current assets and the issuance of stock
options. For the six months ended June 30, 2014, decreases in
inventory and other assets of $334,747 provided cash while a net
increase in trade receivables, trade receivables - related parties
and other receivables of $1,206,368 and decreases in trade and
other payables, trade and other payables - related parties and
deferred revenue - related party of $535,451 consumed cash from
operating activities.
Financial statements
Condensed Consolidated Balance Sheets
June 30, 2015 and December 31, 2014
2015 2014
------------ ------------
(unaudited) (audited)
ASSETS
Current Assets
Cash $ 261,234 $ 455,841
Marketable Securities 6,416,126 9,264,961
Trade Receivables (net) 1,901,919 1,154,290
Trade Receivables - Related Party (net) - 864,000
Notes Receivable - Related Party 273,189 266,457
Other Receivables 33,857 41,435
Inventories (net) 821,988 905,116
Other Current Assets 175,468 107,633
----------- -----------
Total Current Assets 9,883,781 13,059,733
----------- -----------
Non-Current Assets
Notes Receivable - Related Party 1,071,011 1,209,309
Property, plant and equipment, net 214,347 201,483
Intangible assets, net 2,046,779 2,176,065
Other Assets 68,374 4,282
----------- -----------
Total Non-Current Assets 3,400,511 3,591,139
----------- -----------
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August 18, 2015 02:00 ET (06:00 GMT)
Total Assets $ 13,284,292 $ 16,650,872
=========== ===========
LIABILITIES
Current Liabilities
Trade and Other Payables $ 1,164,979 $ 1,538,430
Deferred Revenue - Related Party - 305,556
----------- -----------
Total Current Liabilities 1,164,979 1,843,986
----------- -----------
Total Liabilities 1,164,979 1,843,986
----------- -----------
STOCKHOLDERS' EQUITY
Convertible Preferred Stock, No par value, 50,000,000 shares authorized,
no shares issued
and outstanding as of June 30, 2015 and December 31, 2014 - -
Common Stock, No par value, 500,000,000 shares authorized, 5,144,837 and
4,954,837 issued
and outstanding as of June 30, 2015 and December 31, 2014 100,388,396 99,691,096
Accumulated Deficit (88,272,114) (84,864,086)
Accumulated Other Comprehensive Income/(Loss) 3,031 (20,124)
----------- -----------
Total Stockholders' Equity 12,119,313 14,806,886
----------- -----------
Total Liabilities and Stockholders' Equity $ 13,284,292 $ 16,650,872
=========== ===========
Condensed Consolidated Statements of Operations and
Comprehensive Income
(unaudited)
Three months ended Six months ended
June 30, June 30,
------------------------ -------------------------
2015 2014 2015 2014
----------- ---------- ----------- -----------
Revenues:
Product Revenue $ 744,700 $ 405,823 $ 1,156,414 $ 730,030
Product Revenue - Related party - 864,000 - 1,630,379
License Revenue - - 15,000 -
License Revenue - Related party 222,222 83,333 305,556 166,667
---------- --------- ---------- ----------
Total Revenue 966,922 1,353,156 1,476,970 2,527,076
Cost of Sales:
Product Cost of Sales (341,025) (141,408) (567,367) (745,732)
---------- --------- ---------- ----------
Gross Profit 625,897 1,211,748 909,603 1,781,344
Administrative Expenses 882,531 1,017,047 1,580,964 1,475,726
Administrative Expenses - Related
parties 864,000 - 864,000 195,002
Sales and Marketing Expenses 553,539 396,609 1,128,792 607,707
Research and Development Expenses 378,225 248,951 683,799 502,489
Amortization of Non-Current Assets 64,643 64,643 129,286 129,287
---------- --------- ---------- ----------
Loss from Operations (2,117,041) (515,502) (3,477,238) (1,128,867)
---------- --------- ---------- ----------
Other (Income)/Expenses
Foreign Currency Transaction
(Gain)/Loss 6,965 (1,497) 5,969 (3,896)
Gain from demutualization of
insurance carrier - - - (4,669)
Interest and Dividend Income (37,122) (19,010) (69,169) (29,707)
Other Income (655) - (6,010) -
---------- --------- ---------- ----------
Total Other Income (30,812) (20,507) (69,210) (38,272)
---------- --------- ---------- ----------
Loss Before Income Taxes (2,086,229) (494,995) (3,408,028) (1,090,595)
Income Tax Benefit - - - -
---------- --------- ---------- ----------
Preferred Stock Dividend - (15,793) - (15,793)
---------- --------- ---------- ----------
Net Loss Attributable to Common
Stockholders (2,086,229) (510,788) (3,408,028) (1,106,388)
---------- --------- ---------- ----------
Other Comprehensive Income/(Loss)
Unrealized Gains/(Losses) on
Marketable Securities (3,559) 7,325 23,155 (3,549)
---------- --------- ---------- ----------
Total Other Comprehensive Income/(Loss) (3,559) 7,325 23,155 (3,549)
---------- --------- ---------- ----------
Comprehensive Loss $(2,089,788) $ (503,463) $(3,384,873) $(1,109,937)
========== ========= ========== ==========
Basic & diluted loss per common
share $ (0.41) $ (0.10) $ (0.66) $ (0.24)
========== ========= ========== ==========
Weighted average basic & diluted
common shares outstanding 5,144,837 4,894,837 5,135,389 4,548,312
========== ========= ========== ==========
Condensed Consolidated Statement of Changes in Stockholder's
Equity
For six months ended June 30, 2015
Common Accumulated
Shares Other
Issued and Common Accumulated Comprehensive Total
Outstanding Stock Deficit Income/(Loss) Equity
------------ ------------ ------------ --------------- -----------
Balance at
December 31,
2014 (audited) 4,954,837 $ 99,691,096 $(84,864,086) $ (20,124) $14,806,886
Net loss for
the period - (3,408,028) - (3,408,028)
Issuance of
Restricted
Common Stock
for
Directors &
Officers 190,000 697,300 - - 697,300
Unrealized
gain on
marketable
securities - - 23,155 23,155
----------- ----------- ----------- ----------- ----------
Balance at June
30, 2015
(unaudited) 5,144,837 $100,388,396 $(88,272,114) $ 3,032 $12,119,313
=========== =========== =========== =========== ==========
Condensed Consolidated Statement of Cash Flow
For six months ended June 30, 2015 and 2014
(unaudited)
2015 2014
----------- ------------
Cash flows from operating activities
Net loss for the period $(3,408,028) $ (1,090,595)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest and dividends on marketable securities 223 (15,695)
Depreciation and amortization 160,931 173,647
Reserve for bad debts 864,000 -
Gain from other non-operating activities (6,010) (4,669)
Non-cash share based compensation - 549,600
Changes in assets and liabilities
Increase in trade receivables (747,629) (926,766)
Increase in trade receivables - related party - (266,379)
Decrease in notes receivables - related party 131,566 -
(Increase)/decrease in other receivables 7,578 (13,223)
Decrease in inventories 83,128 272,501
(Increase)/decrease in other assets (67,836) 62,246
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