UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
Form 10-Q |
(Mark One) |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2015 |
or |
|
For the transition period from to |
Commission File Number: 0-28034 |
AdvanSource Biomaterials Corporation | |
(Exact name of registrant as specified in its charter) | |
Delaware (State or other jurisdiction of incorporation or organization) | 04-3186647 (I.R.S. Employer Identification No.) |
229 Andover Street, Wilmington, Massachusetts (Address of principal executive offices) | 01887 (Zip Code) |
(978) 657-0075 |
(Registrant's telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
Yes ☒ No ☐ |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S- T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one): |
|
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ |
As of February 12, 2016, there were 21,490,621 shares of the registrant's Common Stock outstanding. |
Page | ||
PART I | FINANCIAL INFORMATION | |
Item 1 | Financial Statements | |
Condensed Balance Sheets at December 31, 2015 (unaudited) and March 31, 2015 | 3 | |
Condensed Statements of Operations for the three and nine months ended December 31, 2015 and 2014 (unaudited) | 4 | |
Condensed Statements of Cash Flows for the nine months ended December 31, 2015 and 2014 (unaudited) | 5 | |
Notes to Condensed Financial Statements (unaudited) | 6 | |
Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | 12 |
Item 3 | Quantitative and Qualitative Disclosures About Market Risk | 17 |
Item 4 | Controls and Procedures | 17 |
PART II | OTHER INFORMATION | |
Item 1. | Legal Proceedings | 18 |
Item 1A. | Risk Factors | 18 |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 18 |
Item 3 | Defaults Upon Senior Securities | 18 |
Item 4 | Mine Safety Disclosures | 18 |
Item 5 | Other Information | 18 |
Item 6 | Exhibits | 18 |
Signatures | 19 |
AdvanSource Biomaterials Corporation | ||||
Condensed Balance Sheets | ||||
(In thousands, except share and per share amounts) | ||||
December 31, 2015 (Unaudited) | March 31, 2015 | |||
ASSETS | ||||
Current assets: | ||||
Cash | $ 231 | $ 75 | ||
Accounts receivable-trade, net of allowance of $5 as of December 31, 2015 and March 31, 2015 | 166 | 214 | ||
Accounts receivable-other | 113 | 76 | ||
Inventories, net | 242 | 304 | ||
Prepaid expenses and other current assets | 5 | 6 | ||
Total current assets | 757 | 675 | ||
Property, plant and equipment, net | 1,936 | 1,998 | ||
Deferred financing costs, net | 75 | 80 | ||
Other assets | 47 | 47 | ||
Total assets | $ 2,815 | $ 2,800 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||
Current liabilities: | ||||
Accounts payable | $ 186 | $ 295 | ||
Accrued expenses | 173 | 362 | ||
Customer advance | 11 | 77 | ||
Notes payable | - | 50 | ||
Capital lease obligation | 3 | 8 | ||
Deferred revenue | 25 | 43 | ||
Total current liabilities | 398 | 835 | ||
Long-term liabilities: | ||||
Long-term financing obligation | 1,986 | 1,986 | ||
Accrued interest on financing obligation | 156 | 147 | ||
Total long-term liabilities | 2,142 | 2,133 | ||
Total liabilities | 2,540 | 2,968 | ||
Commitments and contingencies | ||||
Stockholders' equity (deficit): | ||||
Preferred stock; $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of December 31, 2015 and March 31, 2015 | - | - | ||
Common stock; $0.001 par value; 50,000,000 shares authorized; 21,567,313 shares issued; and 21,490,621 shares outstanding as of December 31, 2015 and March 31, 2015 | 21 | 21 | ||
Additional paid-in capital | 38,097 | 38,061 | ||
Accumulated deficit | (37,813) | (38,220) | ||
305 | (138) | |||
Less: treasury stock; 76,692 shares at cost as of December 31, 2015 and March 31, 2015 | (30) | (30) | ||
Total stockholders' equity (deficit) | 275 | (168) | ||
Total liabilities and stockholders' equity (deficit) | $ 2,815 | $ 2,800 |
The accompanying notes are an integral part of these unaudited condensed financial statements.
AdvanSource Biomaterials Corporation | |||||||
Condensed Statements of Operations | |||||||
(Unaudited - in thousands, except per share amounts) | |||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||
2015 | 2014 | 2015 | 2014 | ||||
Revenues: | |||||||
Product sales | $ 439 | $ 355 | $ 2,344 | $ 1,020 | |||
License, royalty and development fees | 153 | 142 | 461 | 652 | |||
592 | 497 | 2,805 | 1,672 | ||||
Cost of sales | 242 | 182 | 869 | 620 | |||
Gross profit | 350 | 315 | 1,936 | 1,052 | |||
Operating expenses: | |||||||
Research, development and regulatory | 75 | 84 | 228 | 277 | |||
Selling, general and administrative | 297 | 325 | 1,032 | 981 | |||
372 | 409 | 1,260 | 1,258 | ||||
Income (loss) from operations | (22) | (94) | 676 | (206) | |||
Interest expense | (89) | (91) | (269) | (287) | |||
Income (loss) before provision for income taxes | (111) | (185) | 407 | (493) | |||
Provision for income taxes | - | - | - | - | |||
Net income (loss) | $ (111) | $ (185) | $ 407 | $ (493) | |||
Net income (loss) per common share: | |||||||
Basic | $ (0.01) | $ (0.01) | $ 0.02 | $ (0.02) | |||
Diluted | $ (0.01) | $ (0.01) | $ 0.02 | $ (0.02) | |||
Shares used in computing net income (loss) per common share: | |||||||
Basic | 21,491 | 21,491 | 21,491 | 21,491 | |||
Diluted: | 21,491 | 21,491 | 22,631 | 21,491 |
The accompanying notes are an integral part of these unaudited condensed financial statements.
AdvanSource Biomaterials Corporation issued this content on 12 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 17 February 2016 21:11:35 UTC
Original Document: http://www.advbiomaterials.com/ASB 10-Q Quarterly Report.pdf