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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.003 | -0.15% | 1.97 | 1.80 | 2.00 | 1.98 | 1.90 | 1.95 | 11,716 | 00:00:01 |
|
|
|
Delaware
|
04-3156167
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
Common Stock, par value $0.001 per share
|
AQB
|
The NASDAQ Stock Market LLC
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer
þ
|
Smaller reporting company
þ
|
|
|
|
Emerging growth company
þ
|
|
AquaBounty Technologies, Inc.
|
||
FORM 10-Q
|
||
For the Quarterly Period Ended June 30, 2019
|
||
|
||
TABLE OF CONTENTS
|
||
|
||
Page
|
||
|
||
|
|
As of
|
||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
10,400,795
|
|
|
$
|
2,990,196
|
|
Certificate of deposit
|
|
12,866
|
|
|
12,361
|
|
||
Other receivables
|
|
109,896
|
|
|
115,982
|
|
||
Inventory
|
|
210,345
|
|
|
76,109
|
|
||
Prepaid expenses and other current assets
|
|
555,946
|
|
|
315,969
|
|
||
Total current assets
|
|
11,289,848
|
|
|
3,510,617
|
|
||
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
24,621,309
|
|
|
23,716,768
|
|
||
Right of use assets, net
|
|
426,735
|
|
|
—
|
|
||
Definite-lived intangible assets, net
|
|
164,440
|
|
|
171,292
|
|
||
Indefinite-lived intangible assets
|
|
191,800
|
|
|
191,800
|
|
||
Other assets
|
|
80,583
|
|
|
80,583
|
|
||
Total assets
|
|
$
|
36,774,715
|
|
|
$
|
27,671,060
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
1,977,030
|
|
|
$
|
824,900
|
|
Other current liabilities
|
|
68,432
|
|
|
20,423
|
|
||
Current debt
|
|
139,274
|
|
|
71,613
|
|
||
Total current liabilities
|
|
2,184,736
|
|
|
916,936
|
|
||
|
|
|
|
|
||||
Long-term lease obligations
|
|
384,507
|
|
|
—
|
|
||
Long-term debt
|
|
4,487,004
|
|
|
3,519,821
|
|
||
Total liabilities
|
|
7,056,247
|
|
|
4,436,757
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.001 par value, 50,000,000 shares authorized;
|
|
|
|
|
||||
21,598,555 (2018: 15,098,837) shares outstanding
|
|
21,598
|
|
|
15,099
|
|
||
Additional paid-in capital
|
|
155,803,946
|
|
|
142,707,957
|
|
||
Accumulated other comprehensive loss
|
|
(401,846
|
)
|
|
(574,186
|
)
|
||
Accumulated deficit
|
|
(125,705,230
|
)
|
|
(118,914,567
|
)
|
||
Total stockholders’ equity
|
|
29,718,468
|
|
|
23,234,303
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
36,774,715
|
|
|
$
|
27,671,060
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Product revenues
|
|
$
|
42,486
|
|
|
$
|
47,898
|
|
|
$
|
140,371
|
|
|
$
|
66,995
|
|
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses
|
|
|
|
|
|
|
|
|
||||||||
Product costs
|
|
38,992
|
|
|
47,287
|
|
|
120,605
|
|
|
63,519
|
|
||||
Sales and marketing
|
|
103,390
|
|
|
76,381
|
|
|
175,381
|
|
|
158,028
|
|
||||
Research and development
|
|
813,449
|
|
|
880,822
|
|
|
1,476,930
|
|
|
1,858,639
|
|
||||
General and administrative
|
|
3,106,374
|
|
|
1,827,991
|
|
|
5,142,868
|
|
|
3,214,864
|
|
||||
Total costs and expenses
|
|
4,062,205
|
|
|
2,832,481
|
|
|
6,915,784
|
|
|
5,295,050
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating loss
|
|
(4,019,719
|
)
|
|
(2,784,583
|
)
|
|
(6,775,413
|
)
|
|
(5,228,055
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
||||||||
Gain on disposal of equipment
|
|
8,548
|
|
|
10,585
|
|
|
8,548
|
|
|
11,745
|
|
||||
Interest expense
|
|
(14,212
|
)
|
|
(5,283
|
)
|
|
(27,550
|
)
|
|
(10,685
|
)
|
||||
Other income (expense), net
|
|
(1,348
|
)
|
|
(1,868
|
)
|
|
3,752
|
|
|
(3,941
|
)
|
||||
Total other income (expense)
|
|
(7,012
|
)
|
|
3,434
|
|
|
(15,250
|
)
|
|
(2,881
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
$
|
(4,026,731
|
)
|
|
$
|
(2,781,149
|
)
|
|
$
|
(6,790,663
|
)
|
|
$
|
(5,230,936
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation income (loss)
|
|
84,788
|
|
|
(85,811
|
)
|
|
172,340
|
|
|
(197,929
|
)
|
||||
Total other comprehensive income (loss)
|
|
84,788
|
|
|
(85,811
|
)
|
|
172,340
|
|
|
(197,929
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive loss
|
|
$
|
(3,941,943
|
)
|
|
$
|
(2,866,960
|
)
|
|
$
|
(6,618,323
|
)
|
|
$
|
(5,428,865
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
|
$
|
(0.19
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.42
|
)
|
Weighted average number of common shares -
|
|
|
|
|
|
|
|
|
||||||||
basic and diluted
|
|
21,313,055
|
|
|
12,787,761
|
|
|
18,515,907
|
|
|
12,366,657
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Common stock issued and outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total
|
|||||||||||
Balance at December 31, 2017
|
|
8,895,094
|
|
|
$
|
8,895
|
|
|
$
|
126,718,186
|
|
|
$
|
(213,884
|
)
|
|
$
|
(108,532,508
|
)
|
|
$
|
17,980,689
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(2,449,787
|
)
|
|
(2,449,787
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
(112,118
|
)
|
|
|
|
(112,118
|
)
|
|||||||||
Issuance of common stock, net of expenses
|
|
3,692,307
|
|
|
3,692
|
|
|
10,612,356
|
|
|
|
|
|
|
10,616,048
|
|
|||||||
Exercise of warrants for common stock
|
|
76,891
|
|
|
77
|
|
|
250,111
|
|
|
|
|
|
|
250,188
|
|
|||||||
Share based compensation
|
|
11,151
|
|
|
11
|
|
|
48,534
|
|
|
|
|
|
|
48,545
|
|
|||||||
Balance at March 31, 2018
|
|
12,675,443
|
|
|
$
|
12,675
|
|
|
$
|
137,629,187
|
|
|
$
|
(326,002
|
)
|
|
$
|
(110,982,295
|
)
|
|
$
|
26,333,565
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(2,781,149
|
)
|
|
(2,781,149
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
(85,811
|
)
|
|
|
|
(85,811
|
)
|
|||||||||
Exercise of warrants for common stock
|
|
172,843
|
|
|
173
|
|
|
561,567
|
|
|
|
|
|
|
561,740
|
|
|||||||
Share based compensation
|
|
|
|
|
|
|
|
71,544
|
|
|
|
|
|
|
71,544
|
|
|||||||
Balance at June 30, 2018
|
|
12,848,286
|
|
|
$
|
12,848
|
|
|
$
|
138,262,298
|
|
|
$
|
(411,813
|
)
|
|
$
|
(113,763,444
|
)
|
|
$
|
24,099,889
|
|
|
|
Common stock issued and outstanding
|
|
Par value
|
|
Additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total
|
|||||||||||
Balance at December 31, 2018
|
|
15,098,837
|
|
|
$
|
15,099
|
|
|
$
|
142,707,957
|
|
|
$
|
(574,186
|
)
|
|
$
|
(118,914,567
|
)
|
|
$
|
23,234,303
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(2,763,932
|
)
|
|
(2,763,932
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
87,552
|
|
|
|
|
87,552
|
|
|||||||||
Issuance of common stock, net of expenses
|
|
3,345,282
|
|
|
3345
|
|
|
6,606,310
|
|
|
|
|
|
|
6,609,655
|
|
|||||||
Exercise of warrants for common stock
|
|
76,797
|
|
|
77
|
|
|
250,347
|
|
|
|
|
|
|
250,424
|
|
|||||||
Share based compensation
|
|
176,561
|
|
|
176
|
|
|
138,322
|
|
|
|
|
|
|
138,498
|
|
|||||||
Balance at March 31, 2019
|
|
18,697,477
|
|
|
$
|
18,697
|
|
|
$
|
149,702,936
|
|
|
$
|
(486,634
|
)
|
|
$
|
(121,678,499
|
)
|
|
$
|
27,556,500
|
|
Net loss
|
|
|
|
|
|
|
|
|
|
(4,026,731
|
)
|
|
(4,026,731
|
)
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
84,788
|
|
|
|
|
84,788
|
|
|||||||||
Issuance of common stock, net of expenses
|
|
2,901,078
|
|
|
2,901
|
|
|
5,782,792
|
|
|
|
|
|
|
5,785,693
|
|
|||||||
Share based compensation
|
|
|
|
|
|
|
|
318,218
|
|
|
|
|
|
|
318,218
|
|
|||||||
Balance at June 30, 2019
|
|
21,598,555
|
|
|
$
|
21,598
|
|
|
$
|
155,803,946
|
|
|
$
|
(401,846
|
)
|
|
$
|
(125,705,230
|
)
|
|
$
|
29,718,468
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Operating activities
|
|
|
|
|
||||
Net loss
|
|
$
|
(6,790,663
|
)
|
|
$
|
(5,230,936
|
)
|
Adjustment to reconcile net loss to net cash used in
|
|
|
|
|
||||
operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
576,596
|
|
|
273,646
|
|
||
Share-based compensation
|
|
456,716
|
|
|
120,089
|
|
||
Gain on disposal of equipment
|
|
(8,548
|
)
|
|
(11,745
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Other receivables
|
|
10,454
|
|
|
77,782
|
|
||
Inventory
|
|
(134,137
|
)
|
|
88,656
|
|
||
Prepaid expenses and other assets
|
|
(238,820
|
)
|
|
131,486
|
|
||
Accounts payable and accrued liabilities
|
|
922,237
|
|
|
(783,356
|
)
|
||
Net cash used in operating activities
|
|
(5,206,165
|
)
|
|
(5,334,378
|
)
|
||
|
|
|
|
|
||||
Investing activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(925,617
|
)
|
|
(3,039,177
|
)
|
||
Proceeds on sale of equipment
|
|
8,548
|
|
|
21,745
|
|
||
Net cash used in investing activities
|
|
(917,069
|
)
|
|
(3,017,432
|
)
|
||
|
|
|
|
|
||||
Financing activities
|
|
|
|
|
||||
Proceeds from issuance of debt
|
|
900,767
|
|
|
—
|
|
||
Repayment of term debt
|
|
(27,837
|
)
|
|
(28,870
|
)
|
||
Proceeds from the issuance of common stock and warrants, net
|
|
12,395,348
|
|
|
10,616,048
|
|
||
Proceeds from the exercise of stock options and warrants, net
|
|
250,424
|
|
|
811,928
|
|
||
Net cash provided by financing activities
|
|
13,518,702
|
|
|
11,399,106
|
|
||
|
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
|
15,131
|
|
|
(21,351
|
)
|
||
Net change in cash and cash equivalents
|
|
7,410,599
|
|
|
3,025,945
|
|
||
Cash and cash equivalents at beginning of period
|
|
2,990,196
|
|
|
492,861
|
|
||
Cash and cash equivalents at the end of period
|
|
$
|
10,400,795
|
|
|
$
|
3,518,806
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information and
|
|
|
|
|
||||
non-cash transactions:
|
|
|
|
|
||||
Interest paid in cash
|
|
$
|
27,550
|
|
|
$
|
10,685
|
|
Property and equipment included in accounts payable and accrued liabilities
|
|
$
|
422,808
|
|
|
$
|
330,136
|
|
Acquisition of equipment under debt arrangement
|
|
$
|
—
|
|
|
$
|
75,124
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2019
|
|
2018
|
||||
Feed
|
|
$
|
92,964
|
|
|
$
|
24,288
|
|
Eggs
|
|
28,261
|
|
|
—
|
|
||
Packaging
|
|
—
|
|
|
8,913
|
|
||
Fish in process
|
|
89,120
|
|
|
42,908
|
|
||
Total inventory
|
|
$
|
210,345
|
|
|
$
|
76,109
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2019
|
|
2018
|
||||
Land
|
|
$
|
716,858
|
|
|
$
|
704,567
|
|
Building and improvements
|
|
9,722,264
|
|
|
9,244,737
|
|
||
Construction in process
|
|
6,966,164
|
|
|
6,091,265
|
|
||
Equipment
|
|
9,879,790
|
|
|
9,713,030
|
|
||
Office furniture and equipment
|
|
201,594
|
|
|
192,606
|
|
||
Vehicles
|
|
27,929
|
|
|
26,832
|
|
||
Total property and equipment
|
|
$
|
27,514,599
|
|
|
$
|
25,973,037
|
|
Less accumulated depreciation and amortization
|
|
(2,893,290
|
)
|
|
(2,256,269
|
)
|
||
Property, plant and equipment, net
|
|
$
|
24,621,309
|
|
|
$
|
23,716,768
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2019
|
|
2018
|
||||
Accounts payable
|
|
$
|
1,095,940
|
|
|
$
|
366,917
|
|
Accrued compensation
|
|
557,302
|
|
|
223,481
|
|
||
Accrued professional fees and research costs
|
|
206,107
|
|
|
185,992
|
|
||
Accrued franchise and excise taxes
|
|
69,666
|
|
|
23,678
|
|
||
Accrued construction costs
|
|
40,615
|
|
|
13,716
|
|
||
Accrued other
|
|
7,400
|
|
|
11,116
|
|
||
Accounts payable and accrued liabilities
|
|
$
|
1,977,030
|
|
|
$
|
824,900
|
|
Original loan amount
|
|
Interest
rate |
|
Monthly
repayment |
|
Maturity
date |
|
June 30, 2019
|
|
December 31, 2018
|
||||
ACOA AIF grant (C$2,871,919)
|
|
0%
|
|
Royalties
|
|
-
|
|
$
|
2,192,997
|
|
|
$
|
2,106,840
|
|
ACOA term loan (C$337,000)
|
|
0%
|
|
C$3,120
|
|
June 2026
|
|
197,772
|
|
|
203,735
|
|
||
ACOA term loan (C$500,000)
|
|
0%
|
|
C$4,630
|
|
November 2028
|
|
381,800
|
|
|
—
|
|
||
Kubota Canada Ltd. (C$95,961)
|
|
0%
|
|
C$1,142
|
|
January 2025
|
|
58,446
|
|
|
61,178
|
|
||
Finance PEI term loan (C$2,717,093)
|
|
4%
|
|
C$16,313
|
|
November 2023
|
|
1,795,263
|
|
|
1,219,681
|
|
||
Total debt
|
|
|
|
|
|
|
|
$
|
4,626,278
|
|
|
$
|
3,591,434
|
|
less: current portion
|
|
|
|
|
|
|
|
(139,274
|
)
|
|
(71,613
|
)
|
||
Long-term debt
|
|
|
|
|
|
|
|
$
|
4,487,004
|
|
|
$
|
3,519,821
|
|
Year
|
|
AIF
|
|
ACOA
|
|
FPEI
|
|
Kubota
|
|
Total
|
||||||||||
2019
|
|
$
|
—
|
|
|
$
|
14,295
|
|
|
$
|
39,059
|
|
|
$
|
5,234
|
|
|
$
|
58,588
|
|
2020
|
|
—
|
|
|
71,015
|
|
|
80,695
|
|
|
10,468
|
|
|
162,178
|
|
|||||
2021
|
|
—
|
|
|
71,015
|
|
|
83,988
|
|
|
10,468
|
|
|
165,471
|
|
|||||
2022
|
|
—
|
|
|
71,015
|
|
|
87,410
|
|
|
10,468
|
|
|
168,893
|
|
|||||
2023
|
|
—
|
|
|
71,015
|
|
|
1,504,111
|
|
|
10,468
|
|
|
1,585,594
|
|
|||||
Thereafter
|
|
2,192,997
|
|
|
281,217
|
|
|
—
|
|
|
11,340
|
|
|
2,485,554
|
|
|||||
Total
|
|
$
|
2,192,997
|
|
|
$
|
579,572
|
|
|
$
|
1,795,263
|
|
|
$
|
58,446
|
|
|
$
|
4,626,278
|
|
|
|
|
|
June 30, 2019
|
|
January 1, 2019
|
||||||||||
|
Lease Type
|
End Date
|
Remaining Years
|
Remaining Payments
|
Lease Liability
|
|
Remaining Payments
|
Lease Liability
|
||||||||
Maynard Office Lease
|
Operating
|
Mar 2023
|
3.75
|
$
|
247,281
|
|
$
|
210,957
|
|
|
$
|
278,414
|
|
$
|
234,685
|
|
Panama Farm Lease
|
Operating
|
Apr 2019
|
—
|
—
|
|
—
|
|
|
60,000
|
|
59,013
|
|
||||
Indiana Auto Lease
|
Operating
|
Feb 2021
|
1.67
|
8,420
|
|
7,757
|
|
|
10,842
|
|
9,897
|
|
||||
Indiana Well Lease
|
Operating
|
Dec 2048
|
29.53
|
709,880
|
|
226,041
|
|
|
717,420
|
|
228,844
|
|
||||
Total leases
|
|
|
|
$
|
965,581
|
|
$
|
444,755
|
|
|
$
|
1,066,676
|
|
$
|
532,439
|
|
Less: current portion
|
|
|
|
(83,896
|
)
|
(60,248
|
)
|
|
(142,780
|
)
|
(117,345
|
)
|
||||
Long-term leases
|
|
|
|
$
|
881,685
|
|
$
|
384,507
|
|
|
$
|
923,896
|
|
$
|
415,094
|
|
Year
|
|
Office
|
Auto
|
Well
|
Amount
|
||||||||
2019
|
|
$
|
31,726
|
|
$
|
2,421
|
|
$
|
7,540
|
|
$
|
41,687
|
|
2020
|
|
64,637
|
|
4,842
|
|
15,532
|
|
85,011
|
|
||||
2021
|
|
66,416
|
|
1,157
|
|
15,998
|
|
83,571
|
|
||||
2022
|
|
67,602
|
|
—
|
|
16,478
|
|
84,080
|
|
||||
2023
|
|
16,900
|
|
—
|
|
16,972
|
|
33,872
|
|
||||
Thereafter
|
|
—
|
|
—
|
|
637,360
|
|
637,360
|
|
||||
Total Lease Payments
|
|
$
|
247,281
|
|
$
|
8,420
|
|
$
|
709,880
|
|
$
|
965,581
|
|
|
|
Number of
warrant shares
|
|
Weighted
average
exercise price
|
|||
Outstanding at December 31, 2018
|
|
1,745,868
|
|
|
|
$3.25
|
|
Exercised
|
|
(76,797
|
)
|
|
3.25
|
|
|
Outstanding at June 30, 2019
|
|
1,669,071
|
|
|
|
$3.25
|
|
Exercisable at June 30, 2019
|
|
1,669,071
|
|
|
|
$3.25
|
|
|
|
Shares
|
|
Weighted
average grant
date fair value
|
|||
Balance at December 31, 2018
|
|
8,867
|
|
|
|
$3.51
|
|
Granted
|
|
176,561
|
|
|
2.13
|
|
|
Vested
|
|
(83,640
|
)
|
|
2.20
|
|
|
Balance at June 30, 2019
|
|
101,788
|
|
|
|
$2.20
|
|
|
|
Number of
options
|
|
Weighted
average
exercise price
|
|||
Outstanding at December 31, 2018
|
|
339,964
|
|
|
|
$7.09
|
|
Issued
|
|
278,500
|
|
|
2.21
|
|
|
Expired
|
|
(668
|
)
|
|
10.88
|
|
|
Outstanding at June 30, 2019
|
|
617,796
|
|
|
|
$4.88
|
|
Exercisable at June 30, 2019
|
|
420,959
|
|
|
|
$5.97
|
|
|
|
March 2019
|
|
April 2019
|
|
June 2019
|
Expected volatility
|
|
89%
|
|
94%
|
|
96%
|
Risk free interest rate
|
|
2.53%
|
|
2.28%
|
|
1.85%
|
Expected dividend yield
|
|
0%
|
|
0%
|
|
0%
|
Expected life (in years)
|
|
5
|
|
5
|
|
5
|
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
|
||
$2.50 - $5.70
|
|
482,367
|
|
|
7.9
|
|
291,229
|
|
|
|
$6.90 - $9.60
|
|
52,841
|
|
|
3.2
|
|
52,841
|
|
|
|
$10.50 - $10.80
|
|
4,000
|
|
|
4.6
|
|
4,000
|
|
|
|
$14.20 - $23.40
|
|
78,588
|
|
|
6.7
|
|
72,889
|
|
|
|
|
|
617,796
|
|
|
|
|
420,959
|
|
|
$5.97
|
|
|
Expense
|
|||||||||||
Grant date
|
Number of options
|
Previous
|
Accelerated
|
Incremental
|
Total
|
||||||||
1/11/2011
|
16,667
|
$
|
109,769
|
|
$
|
—
|
|
$
|
11,782
|
|
$
|
121,551
|
|
1/20/2014
|
6,667
|
120,712
|
|
—
|
|
7,621
|
|
128,333
|
|
||||
2/27/2018
|
60,606
|
99,738
|
|
—
|
|
12,313
|
|
112,051
|
|
||||
4/21/2017
|
20,000
|
70,346
|
|
20,736
|
|
13,485
|
|
104,567
|
|
||||
4/30/2019
|
50,000
|
13,453
|
|
67,047
|
|
1,274
|
|
81,774
|
|
||||
|
153,940
|
$
|
414,018
|
|
$
|
87,783
|
|
$
|
46,475
|
|
$
|
548,276
|
|
•
|
salaries and related overhead expenses for personnel in research, development functions, and brood-stock husbandry;
|
•
|
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.
|
|
|
Three Months Ended
June 30,
|
|
Dollar
Change
|
|
%
Change
|
|||||||||
|
|
2019
|
|
2018
|
|
|
|||||||||
|
|
(unaudited)
|
|
|
|
|
|||||||||
Product revenue
|
|
$
|
42
|
|
|
$
|
48
|
|
|
$
|
(6
|
)
|
|
(13
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Product costs
|
|
39
|
|
|
47
|
|
|
(8
|
)
|
|
(17
|
)%
|
|||
Sales and marketing
|
|
103
|
|
|
76
|
|
|
27
|
|
|
36
|
%
|
|||
Research and development
|
|
814
|
|
|
881
|
|
|
(67
|
)
|
|
(8
|
)%
|
|||
General and administrative
|
|
3,106
|
|
|
1,828
|
|
|
1,278
|
|
|
70
|
%
|
|||
Operating loss
|
|
4,020
|
|
|
2,784
|
|
|
1,236
|
|
|
44
|
%
|
|||
Total other (income) expense
|
|
7
|
|
|
(3
|
)
|
|
10
|
|
|
(333
|
)%
|
|||
Net loss
|
|
$
|
4,027
|
|
|
$
|
2,781
|
|
|
$
|
1,246
|
|
|
45
|
%
|
|
|
Six Months Ended
June 30,
|
|
Dollar
Change
|
|
%
Change
|
|||||||||
|
|
2019
|
|
2018
|
|
|
|||||||||
|
|
(unaudited)
|
|
|
|
|
|||||||||
Product revenue
|
|
$
|
140
|
|
|
$
|
67
|
|
|
$
|
73
|
|
|
109
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Product costs
|
|
121
|
|
|
64
|
|
|
57
|
|
|
89
|
%
|
|||
Sales and marketing
|
|
175
|
|
|
158
|
|
|
17
|
|
|
11
|
%
|
|||
Research and development
|
|
1,477
|
|
|
1,859
|
|
|
(382
|
)
|
|
(21
|
)%
|
|||
General and administrative
|
|
5,143
|
|
|
3,214
|
|
|
1,929
|
|
|
60
|
%
|
|||
Operating loss
|
|
6,776
|
|
|
5,228
|
|
|
1,548
|
|
|
30
|
%
|
|||
Total other (income) expense
|
|
15
|
|
|
3
|
|
|
12
|
|
|
400
|
%
|
|||
Net loss
|
|
$
|
6,791
|
|
|
$
|
5,231
|
|
|
$
|
1,560
|
|
|
30
|
%
|
|
Six Months Ended
June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(unaudited)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(5,206
|
)
|
|
$
|
(5,334
|
)
|
Investing activities
|
(917
|
)
|
|
(3,018
|
)
|
||
Financing activities
|
13,519
|
|
|
11,399
|
|
||
Effect of exchange rate changes on cash
|
15
|
|
|
(21
|
)
|
||
Net increase (decrease) in cash
|
$
|
7,411
|
|
|
$
|
3,026
|
|
•
|
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 raise fish at our Indiana and Rollo Bay sites; and
|
•
|
the timing of costs related to the FDA legal challenge (see “Legal Proceedings,” below).
|
|
|
AQUABOUNTY TECHNOLOGIES, INC.
|
|
|
|
August 6, 2019
|
|
/s/ Sylvia Wulf
|
|
|
Sylvia Wulf
|
|
|
President, Chief Executive Officer, and Director (Principal Executive Officer)
|
|
|
|
August 6, 2019
|
|
/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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