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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AquaBounty Technologies Inc | NASDAQ:AQB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0338 | 1.88% | 1.8338 | 1.77 | 1.84 | 1.8601 | 1.75 | 1.81 | 14,737 | 19:07:22 |
|
|
|
Delaware
|
04-3156167
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
Smaller reporting company
☐
|
|
|
|
Emerging growth company
þ
|
|
AquaBounty Technologies, Inc.
|
||
FORM 10-Q
|
||
TABLE OF CONTENTS
|
||
|
||
|
Page
|
|
|
|
|
|
|
As of
|
||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
7,991,382
|
|
|
$
|
3,324,609
|
|
Certificate of deposit
|
|
12,972
|
|
|
10,666
|
|
||
Other receivables
|
|
161,039
|
|
|
164,743
|
|
||
Inventory
|
|
78,275
|
|
|
—
|
|
||
Prepaid expenses and other current assets
|
|
352,772
|
|
|
72,983
|
|
||
Total current assets
|
|
8,596,440
|
|
|
3,573,001
|
|
||
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
17,906,075
|
|
|
1,723,707
|
|
||
Definite-lived intangible assets, net
|
|
191,847
|
|
|
198,698
|
|
||
Indefinite-lived intangible assets
|
|
191,800
|
|
|
191,800
|
|
||
Other assets
|
|
21,628
|
|
|
21,628
|
|
||
Total assets
|
|
$
|
26,907,790
|
|
|
$
|
5,708,834
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
949,495
|
|
|
$
|
1,017,851
|
|
Current debt
|
|
53,089
|
|
|
17,913
|
|
||
Total current liabilities
|
|
1,002,584
|
|
|
1,035,764
|
|
||
|
|
|
|
|
||||
Long-term debt
|
|
2,952,668
|
|
|
2,645,015
|
|
||
Total liabilities
|
|
3,955,252
|
|
|
3,680,779
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.001 par value, 200,000,000 shares authorized;
|
|
|
|
|
||||
8,895,094 (2016: 6,463,936) shares outstanding
|
|
8,895
|
|
|
6,464
|
|
||
Additional paid-in capital
|
|
126,644,804
|
|
|
101,581,724
|
|
||
Accumulated other comprehensive loss
|
|
(278,121
|
)
|
|
(286,272
|
)
|
||
Accumulated deficit
|
|
(103,423,040
|
)
|
|
(99,273,861
|
)
|
||
Total stockholders’ equity
|
|
22,952,538
|
|
|
2,028,055
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
26,907,790
|
|
|
$
|
5,708,834
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Product revenues
|
|
$
|
53,278
|
|
|
$
|
—
|
|
|
$
|
53,278
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Product costs
|
|
50,777
|
|
|
—
|
|
|
50,777
|
|
|
—
|
|
||||
Sales and marketing
|
|
202,910
|
|
|
239,142
|
|
|
411,198
|
|
|
440,519
|
|
||||
Research and development
|
|
936,317
|
|
|
915,741
|
|
|
1,656,339
|
|
|
1,730,998
|
|
||||
General and administrative
|
|
950,348
|
|
|
824,138
|
|
|
2,071,136
|
|
|
1,603,663
|
|
||||
Total costs and expenses
|
|
2,140,352
|
|
|
1,979,021
|
|
|
4,189,450
|
|
|
3,775,180
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating loss
|
|
(2,087,074
|
)
|
|
(1,979,021
|
)
|
|
(4,136,172
|
)
|
|
(3,775,180
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Gain on disposal of equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,861
|
|
||||
Interest expense
|
|
(5,253
|
)
|
|
(83,333
|
)
|
|
(10,533
|
)
|
|
(107,639
|
)
|
||||
Other income (expense), net
|
|
(1,109
|
)
|
|
(1,482
|
)
|
|
(2,474
|
)
|
|
(2,855
|
)
|
||||
Total other income (expense)
|
|
(6,362
|
)
|
|
(84,815
|
)
|
|
(13,007
|
)
|
|
(107,633
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
$
|
(2,093,436
|
)
|
|
$
|
(2,063,836
|
)
|
|
$
|
(4,149,179
|
)
|
|
$
|
(3,882,813
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gain (loss)
|
|
22,437
|
|
|
(3,182
|
)
|
|
8,151
|
|
|
(100,175
|
)
|
||||
Total other comprehensive income (loss)
|
|
22,437
|
|
|
(3,182
|
)
|
|
8,151
|
|
|
(100,175
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive loss
|
|
$
|
(2,070,999
|
)
|
|
$
|
(2,067,018
|
)
|
|
$
|
(4,141,028
|
)
|
|
$
|
(3,982,988
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
|
$
|
(0.24
|
)
|
|
$
|
(0.39
|
)
|
|
$
|
(0.48
|
)
|
|
$
|
(0.74
|
)
|
Weighted average number of common shares -
|
|
|
|
|
|
|
|
|
||||||||
basic and diluted
|
|
8,892,213
|
|
|
5,250,504
|
|
|
8,647,861
|
|
|
5,249,405
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Common stock issued and outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total
|
|||||||||||
Balance at December 31, 2016
|
|
6,463,936
|
|
|
$
|
6,464
|
|
|
$
|
101,581,724
|
|
|
$
|
(286,272
|
)
|
|
$
|
(99,273,861
|
)
|
|
$
|
2,028,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net loss
|
|
|
|
|
|
|
|
|
|
(4,149,179
|
)
|
|
(4,149,179
|
)
|
|||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
8,151
|
|
|
|
|
8,151
|
|
|||||||||
Issuance of common stock, net of expenses
|
|
2,421,073
|
|
|
2,421
|
|
|
24,986,836
|
|
|
|
|
|
|
24,989,257
|
|
|||||||
Exercise of options for common stock
|
|
8,334
|
|
|
8
|
|
|
27,494
|
|
|
|
|
|
|
27,502
|
|
|||||||
Share based compensation
|
|
1,751
|
|
|
2
|
|
|
48,750
|
|
|
|
|
|
|
48,752
|
|
|||||||
Balance at June 30, 2017
|
|
8,895,094
|
|
|
$
|
8,895
|
|
|
$
|
126,644,804
|
|
|
$
|
(278,121
|
)
|
|
$
|
(103,423,040
|
)
|
|
$
|
22,952,538
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
|
|
|
||||
Operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(4,149,179
|
)
|
|
$
|
(3,882,813
|
)
|
Adjustment to reconcile net loss to net cash used in
|
|
|
|
|
||||
operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
91,569
|
|
|
64,728
|
|
||
Share-based compensation
|
|
48,752
|
|
|
114,662
|
|
||
Gain on disposal of equipment
|
|
—
|
|
|
(2,861
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Other receivables
|
|
7,853
|
|
|
20,640
|
|
||
Inventory
|
|
(78,275
|
)
|
|
—
|
|
||
Prepaid expenses and other assets
|
|
(279,058
|
)
|
|
(129,771
|
)
|
||
Accounts payable and accrued liabilities
|
|
(38,702
|
)
|
|
178,434
|
|
||
Net cash used in operating activities
|
|
(4,397,040
|
)
|
|
(3,636,981
|
)
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(16,193,926
|
)
|
|
(728,748
|
)
|
||
Proceeds from sale of equipment
|
|
—
|
|
|
2,861
|
|
||
Payment of patent costs
|
|
—
|
|
|
(5,665
|
)
|
||
Net cash used in investing activities
|
|
(16,193,926
|
)
|
|
(731,552
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
||||
Proceeds from issuance of debt
|
|
256,807
|
|
|
—
|
|
||
Repayment of term debt
|
|
(11,405
|
)
|
|
—
|
|
||
Proceeds from the issuance of convertible debt
|
|
—
|
|
|
5,000,000
|
|
||
Proceeds from the issuance of common stock, net
|
|
24,989,257
|
|
|
—
|
|
||
Proceeds from the exercise of stock options
|
|
27,502
|
|
|
—
|
|
||
Net cash provided by financing activities
|
|
25,262,161
|
|
|
5,000,000
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
(4,422
|
)
|
|
(15,229
|
)
|
||
Net change in cash and cash equivalents
|
|
4,666,773
|
|
|
616,238
|
|
||
Cash and cash equivalents at beginning of period
|
|
3,324,609
|
|
|
1,313,421
|
|
||
Cash and cash equivalents at the end of period
|
|
$
|
7,991,382
|
|
|
$
|
1,929,659
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information and
|
|
|
|
|
||||
non-cash transactions:
|
|
|
|
|
||||
Interest paid in cash
|
|
$
|
10,533
|
|
|
$
|
—
|
|
Property and equipment included in accounts payable
|
|
$
|
16,218
|
|
|
$
|
—
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
Feed
|
|
$
|
53,693
|
|
|
$
|
—
|
|
Fish in process
|
|
24,582
|
|
|
—
|
|
||
Total inventory
|
|
$
|
78,275
|
|
|
$
|
—
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
Land
|
|
$
|
611,960
|
|
|
$
|
157,107
|
|
Building and improvements
|
|
8,558,012
|
|
|
1,436,814
|
|
||
Construction in process
|
|
2,235,659
|
|
|
277,352
|
|
||
Equipment
|
|
7,814,922
|
|
|
1,037,549
|
|
||
Office furniture and equipment
|
|
80,039
|
|
|
78,780
|
|
||
Vehicles
|
|
28,170
|
|
|
27,201
|
|
||
Total property and equipment
|
|
$
|
19,328,762
|
|
|
$
|
3,014,803
|
|
Less accumulated depreciation and amortization
|
|
(1,422,687
|
)
|
|
(1,291,096
|
)
|
||
Property, plant and equipment, net
|
|
$
|
17,906,075
|
|
|
$
|
1,723,707
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
Accounts payable
|
|
$
|
366,927
|
|
|
$
|
161,768
|
|
Accrued payroll including vacation
|
|
244,077
|
|
|
242,436
|
|
||
Accrued professional fees
|
|
143,487
|
|
|
500,430
|
|
||
Accrued research and development costs
|
|
100,650
|
|
|
87,751
|
|
||
Accrued taxes
|
|
94,354
|
|
|
22,994
|
|
||
Accrued other
|
|
—
|
|
|
2,472
|
|
||
Accounts payable and accrued liabilities
|
|
$
|
949,495
|
|
|
$
|
1,017,851
|
|
|
|
Interest
rate |
|
Monthly
repayment |
|
Maturity
date |
|
June 30, 2017
|
|
December 31, 2016
|
||||
ACOA AIF grant (C$2,871,919)
|
|
0%
|
|
Royalties
|
|
-
|
|
$
|
2,211,952
|
|
|
$
|
2,135,846
|
|
ACOA term loan (C$337,000)
|
|
0%
|
|
C$3,120
|
|
June 2026
|
|
257,154
|
|
|
—
|
|
||
Finance PEI term loan (C$717,093)
|
|
4%
|
|
C$4,333
|
|
July 2021
|
|
536,651
|
|
|
527,082
|
|
||
Total debt
|
|
|
|
|
|
|
|
$
|
3,005,757
|
|
|
$
|
2,662,928
|
|
less: current portion
|
|
|
|
|
|
|
|
(53,089
|
)
|
|
(17,913
|
)
|
||
Long-term debt
|
|
|
|
|
|
|
|
$
|
2,952,668
|
|
|
$
|
2,645,015
|
|
Year
|
Total
|
||
2017
|
$
|
23,757
|
|
2018
|
58,144
|
|
|
2019
|
100,630
|
|
|
2020
|
262,247
|
|
|
2021
|
1,994,536
|
|
|
Thereafter
|
566,443
|
|
|
Total
|
$
|
3,005,757
|
|
|
|
Shares
|
|
Weighted
average grant
date fair value
|
|||
Unvested at December 31, 2016
|
|
4,169
|
|
|
$
|
7.72
|
|
Granted
|
|
1,751
|
|
|
14.20
|
|
|
Vested
|
|
(1,532
|
)
|
|
7.88
|
|
|
Unvested at June 30, 2017
|
|
4,388
|
|
|
$
|
10.25
|
|
|
|
Number of
options |
|
Weighted
average exercise price |
|||
Outstanding at December 31, 2016
|
|
185,591
|
|
|
$
|
7.89
|
|
Issued
|
|
52,500
|
|
|
14.20
|
|
|
Exercised
|
|
(8,334
|
)
|
|
3.30
|
|
|
Expired
|
|
(2,554
|
)
|
|
19.50
|
|
|
Outstanding at June 30, 2017
|
|
227,203
|
|
|
$
|
9.39
|
|
Exercisable at June 30, 2017
|
|
179,500
|
|
|
$
|
8.17
|
|
Weighted average exercise price of outstanding options
|
|
Number of options outstanding
|
|
Weighted average remaining estimated life (in years)
|
|
Number of options exercisable
|
|
Weighted average exercise price of outstanding and exercisable options
|
||
$3.30
|
|
79,337
|
|
|
2.0
|
|
79,337
|
|
|
|
$3.60
|
|
800
|
|
|
5.0
|
|
800
|
|
|
|
$5.70
|
|
10,336
|
|
|
7.7
|
|
10,006
|
|
|
|
$6.90
|
|
29,038
|
|
|
3.9
|
|
28,016
|
|
|
|
$7.50
|
|
15,837
|
|
|
5.8
|
|
15,837
|
|
|
|
$9.60
|
|
8,300
|
|
|
8.2
|
|
8,300
|
|
|
|
$9.90
|
|
800
|
|
|
1.0
|
|
800
|
|
|
|
$10.50
|
|
1,600
|
|
|
6.0
|
|
1,600
|
|
|
|
$10.80
|
|
2,400
|
|
|
7.0
|
|
2,400
|
|
|
|
$14.20
|
|
52,500
|
|
|
9.8
|
|
6,149
|
|
|
|
$23.40
|
|
26,255
|
|
|
6.6
|
|
26,255
|
|
|
|
|
|
227,203
|
|
|
|
|
179,500
|
|
|
$8.17
|
•
|
salaries and related overhead expenses for personnel in research and development functions;
|
•
|
fees paid to contract research organizations, Intrexon, and consultants who perform research for us;
|
•
|
costs related to laboratory supplies used in our research and development efforts; and
|
•
|
costs related to the operation of our field trials and Panama site.
|
|
|
Three Months Ended
June 30,
|
|
Dollar
Change
|
|
%
Change
|
|||||||||
|
|
2017
|
|
2016
|
|
|
|||||||||
|
|
(unaudited)
|
|
|
|
|
|||||||||
Product revenue
|
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Product costs
|
|
51
|
|
|
$
|
—
|
|
|
51
|
|
|
—
|
%
|
||
Sales and marketing
|
|
203
|
|
|
$
|
239
|
|
|
$
|
(36
|
)
|
|
(15
|
)%
|
|
Research and development
|
|
936
|
|
|
916
|
|
|
20
|
|
|
2
|
%
|
|||
General and administrative
|
|
950
|
|
|
824
|
|
|
126
|
|
|
15
|
%
|
|||
Operating loss
|
|
2,087
|
|
|
1,979
|
|
|
108
|
|
|
5
|
%
|
|||
Total other (income) expense
|
|
6
|
|
|
85
|
|
|
(79
|
)
|
|
(93
|
)%
|
|||
Net loss
|
|
$
|
2,093
|
|
|
$
|
2,064
|
|
|
$
|
29
|
|
|
1
|
%
|
|
|
Six Months Ended
June 30,
|
|
Dollar
Change
|
|
%
Change
|
|||||||||
|
|
2017
|
|
2016
|
|
|
|||||||||
|
|
(unaudited)
|
|
|
|
|
|||||||||
Product revenue
|
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Product costs
|
|
51
|
|
|
$
|
—
|
|
|
51
|
|
|
—
|
%
|
||
Sales and marketing
|
|
411
|
|
|
$
|
440
|
|
|
$
|
(29
|
)
|
|
(7
|
)%
|
|
Research and development
|
|
1,656
|
|
|
1,731
|
|
|
(75
|
)
|
|
(4
|
)%
|
|||
General and administrative
|
|
2,071
|
|
|
1,604
|
|
|
467
|
|
|
29
|
%
|
|||
Operating loss
|
|
4,136
|
|
|
3,775
|
|
|
361
|
|
|
10
|
%
|
|||
Total other (income) expense
|
|
13
|
|
|
108
|
|
|
(95
|
)
|
|
(88
|
)%
|
|||
Net loss
|
|
$
|
4,149
|
|
|
$
|
3,883
|
|
|
$
|
266
|
|
|
7
|
%
|
|
Six Months Ended
June 30,
|
|
Years Ended
December 31,
|
||||||||||||||||
|
2017
|
|
2016
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(unaudited)
|
|
|
|
|
|
|
||||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
$
|
(4,397
|
)
|
|
$
|
(3,637
|
)
|
|
$
|
(7,449
|
)
|
|
$
|
(6,748
|
)
|
|
$
|
(6,561
|
)
|
Investing activities
|
(16,194
|
)
|
|
(732
|
)
|
|
(1,074
|
)
|
|
(105
|
)
|
|
(152
|
)
|
|||||
Financing activities
|
25,262
|
|
|
5,000
|
|
|
10,541
|
|
|
3,044
|
|
|
10,024
|
|
|||||
Effect of exchange rate changes on cash
|
(4
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(41
|
)
|
|
(23
|
)
|
|||||
Net increase (decrease) in cash
|
$
|
4,667
|
|
|
$
|
616
|
|
|
$
|
2,011
|
|
|
$
|
(3,850
|
)
|
|
$
|
3,288
|
|
•
|
the timing of additional regulatory approvals and permits for AquAdvantage Salmon, if any;
|
•
|
the cost to complete construction activities at our Rollo Bay site;
|
•
|
the cost to upgrade the equipment at our Indiana site; and
|
•
|
the timing of costs related to the FDA legal challenge.
|
Exhibit Number
|
|
Exhibit Description
|
|
|
|
10.1
|
|
Asset Purchase Agreement by and between AquaBounty Technologies, Inc. and Bell Fish Company LLC, dated as of June 9, 2017.
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
AQUABOUNTY TECHNOLOGIES, INC.
|
|
|
|
August 4, 2017
|
|
/s/ Ronald L. Stotish
|
|
|
Ronald L. Stotish
|
|
|
President, Chief Executive Officer, and Director (Principal Executive Officer)
|
|
|
|
August 4, 2017
|
|
/s/ David A. Frank
|
|
|
David A. Frank
|
|
|
Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)
|
1 Year AquaBounty Technologies Chart |
1 Month AquaBounty Technologies Chart |
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