CELSCISci Corp (CVM, Financial) filed Quarterly Report for the period ended 2010-03-31.
Celscisci Corp has a market cap of $133.45 million; its shares were traded at around $0.6534 with and P/S ratio of 1647.57.
ended March 31, 2009. For the six months ended March 31, 2010 and 2009, cash
used in operating activities totaled $6,063,185 and $1,572,517, respectively.
For the six months ended March 31, 2010 and 2009, cash provided by financing
activities totaled $6,390,269 and $1,218,734, respectively. The repayment of the
Series K convertible notes ($365,000), financing costs ($36,248) and the
repayment of the short-term loan ($200,000) was used in financing activities
during the six months ended March 31, 2009. In addition, Mr. de Clara provided
short-term loans to the Company of $570,000. For the six months ended March 31,
2010, cash provided by financing was from the exercise of warrants and options
($6,390,269). Cash provided by investing activities was $117,170 and $296,691,
respectively, for the six months ended March 31, 2010 and 2009. The use of cash
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 amended 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 six months ended March 31, 2010.
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 was $70,515. 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. 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 currently in compliance with the lease and
in February 2010 received a refund of the $1,575,000 deposited with the landlord
in July 2008.
The interest expense of $79,522 for the six months ended March 31, 2010 was
interest expense on the loan from the Company's president of $82,804, offset by
the amortization of the remaining premium on the loan of ($3,282). The interest
expense of $41,402 for the three months ended March 31, 2010 was interest
expense on the loan from the Company's president. 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). The interest expense of $84,877 for the three
months ended March 31, 2009 was composed of three elements: 1) amortization of
the Series K discount ($36,902), 2) interest paid and accrued on the Series K
debt ($34,496), and 3) interest on the short term loan ($13,479).
MULTIKINE $5,389,010 $2,603,468 $3,092,676 $1,192,715
TOTAL $6,146,024 $2,658,516 $3,340,897 $1,247,763
= = = =
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Celscisci Corp has a market cap of $133.45 million; its shares were traded at around $0.6534 with and P/S ratio of 1647.57.
Highlight of Business Operations:
a decrease in cash of $57,092 during the six monthsended March 31, 2009. For the six months ended March 31, 2010 and 2009, cash
used in operating activities totaled $6,063,185 and $1,572,517, respectively.
For the six months ended March 31, 2010 and 2009, cash provided by financing
activities totaled $6,390,269 and $1,218,734, respectively. The repayment of the
Series K convertible notes ($365,000), financing costs ($36,248) and the
repayment of the short-term loan ($200,000) was used in financing activities
during the six months ended March 31, 2009. In addition, Mr. de Clara provided
short-term loans to the Company of $570,000. For the six months ended March 31,
2010, cash provided by financing was from the exercise of warrants and options
($6,390,269). Cash provided by investing activities was $117,170 and $296,691,
respectively, for the six months ended March 31, 2010 and 2009. The use of cash
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 amended 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 six months ended March 31, 2010.
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 was $70,515. 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. 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 currently in compliance with the lease and
in February 2010 received a refund of the $1,575,000 deposited with the landlord
in July 2008.
The interest expense of $79,522 for the six months ended March 31, 2010 was
interest expense on the loan from the Company's president of $82,804, offset by
the amortization of the remaining premium on the loan of ($3,282). The interest
expense of $41,402 for the three months ended March 31, 2010 was interest
expense on the loan from the Company's president. 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). The interest expense of $84,877 for the three
months ended March 31, 2009 was composed of three elements: 1) amortization of
the Series K discount ($36,902), 2) interest paid and accrued on the Series K
debt ($34,496), and 3) interest on the short term loan ($13,479).
MULTIKINE $5,389,010 $2,603,468 $3,092,676 $1,192,715
TOTAL $6,146,024 $2,658,516 $3,340,897 $1,247,763
= = = =
Read the The complete Report
