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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bioptix | NASDAQ:BIOP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.67 | 7.50 | 7.80 | 0 | 01:00:00 |
Bioptix, Inc.
|
|
(Exact name of registrant as specified in its charter)
|
|
Colorado
|
84-1553387
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
834-F South Perry Street, Suite 443 Castle Rock, CO 80104
|
|
(Address of principal executive offices) (Zip Code)
|
(303) 794-2000
|
(Registrant's telephone number, including area code)
|
Page
|
||||||
PART I - Financial Information
|
||||||
Item 1.
|
Condensed Consolidated Financial Statements
|
|||||
Consolidated Balance Sheets as of June 30, 2017 (unaudited) and December 31, 2016
|
3
|
|||||
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2017 and 2016 (unaudited)
|
4
|
|||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016 (unaudited)
|
5
|
|||||
Notes to Condensed Consolidated Financial Statements (unaudited)
|
6
|
|||||
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
21
|
||||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
25
|
||||
Item 4.
|
Controls and Procedures
|
25
|
||||
PART II - Other Information
|
||||||
Item 1.
|
Legal Proceedings
|
26
|
||||
Item 1A.
|
Risk Factors
|
26
|
||||
Item 6.
|
Exhibits
|
26
|
||||
Signatures
|
27
|
June 30,
2017
|
December 31,
2016
|
|||||||
(Unaudited)
|
(Reclassified)
|
|||||||
ASSETS
|
||||||||
Current assets (Note 1):
|
||||||||
Cash and cash equivalents
|
$
|
11,933,573
|
$
|
5,529,848
|
||||
Short-term investments
|
-
|
7,506,761
|
||||||
Prepaid expenses and other current assets
|
51,741
|
219,991
|
||||||
Current assets of discontinued operations (Note 2)
|
1,076
|
486,890
|
||||||
Total current assets
|
11,986,390
|
13,743,490
|
||||||
Property and equipment, net (Note 3)
|
4,587
|
5,538
|
||||||
Other long term assets, net (Note 4)
|
915,687
|
938,038
|
||||||
Noncurrent assets of discontinued operations (Note 2)
|
-
|
2,353,749
|
||||||
Total assets
|
$
|
12,906,664
|
$
|
17,040,815
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
239,403
|
$
|
253,817
|
||||
Accrued compensation
|
6,726
|
1,520
|
||||||
Accrued expenses
|
242,631
|
304,675
|
||||||
Notes and other obligations, current portion (Note 5)
|
-
|
139,611
|
||||||
Deferred revenue, current portion (Note 8)
|
96,698
|
96,698
|
||||||
Current liabilities of discontinued operations (Note 2)
|
264,082
|
258,819
|
||||||
Total current liabilities
|
849,540
|
1,055,140
|
||||||
Private placement notes held in escrow – representing 2% Convertible Notes Payable amounting to $4,750,000 and 1,900,000 warrants, all net of $4,750,000 of proceeds held in escrow (Note 6)
|
-
|
-
|
||||||
Accrued interest (Note 6)
|
27,589
|
-
|
||||||
Deferred revenue, less current portion (Note 8)
|
1,016,967
|
1,065,316
|
||||||
Total liabilities
|
1,894,096
|
2,120,456
|
||||||
Commitments and contingencies (Notes 6, 8 and 9)
|
||||||||
Stockholders' equity (Notes 6 and 7):
|
||||||||
Common stock, no par value, 60,000,000 shares authorized; shares issued and outstanding
|
||||||||
5,392,503 (2017) and 4,503,971 (2016)
|
126,533,391
|
124,775,635
|
||||||
Accumulated deficit
|
(115,520,823
|
)
|
(109,855,276
|
)
|
||||
Total stockholders’ equity
|
11,012,568
|
14,920,359
|
||||||
Total liabilities and stockholders' equity
|
$
|
12,906,664
|
$
|
17,040,815
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Other revenue – fee (Note 8)
|
$
|
24,174
|
$
|
24,174
|
$
|
48,349
|
$
|
48,349
|
||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
1,062,540
|
822,835
|
2,097,193
|
1,852,961
|
||||||||||||
Research and development
|
27,658
|
73,085
|
45,350
|
445,671
|
||||||||||||
Total operating expenses
|
1,090,198
|
895,920
|
2,142,543
|
2,298,632
|
||||||||||||
Operating loss from continuing operations
|
(1,066,024
|
)
|
(871,746
|
)
|
(2,094,194
|
)
|
(2,250,283
|
)
|
||||||||
Other income (expense):
|
||||||||||||||||
Gain on sale of property and equipment (Note 3)
|
-
|
912
|
-
|
1,920,273
|
||||||||||||
Interest expense
|
(24,065
|
)
|
(148
|
)
|
(28,899
|
)
|
(25,746
|
)
|
||||||||
Investment income
|
26,124
|
35,107
|
52,344
|
79,392
|
||||||||||||
Total other income (expense)
|
2,059
|
35,871
|
23,445
|
1,973,919
|
||||||||||||
Loss from continuing operations
|
(1,063,965
|
)
|
(835,875
|
)
|
(2,070,749
|
)
|
(276,364
|
)
|
||||||||
Discontinued operations (Note 2):
|
||||||||||||||||
Loss from operations
|
(332,843
|
)
|
-
|
(975,479
|
)
|
-
|
||||||||||
Escrow forfeiture gain (Note 6)
|
134,812
|
-
|
134,812
|
-
|
||||||||||||
Impairment (loss)
|
(49,775
|
)
|
-
|
(2,754,131
|
)
|
-
|
||||||||||
Total loss from discontinued operations
|
(247,806
|
)
|
-
|
(3,594,798
|
)
|
-
|
||||||||||
Net loss
|
$
|
(1,311,771
|
)
|
$
|
(835,875
|
)
|
$
|
(5,665,547
|
)
|
$
|
(276,364
|
)
|
||||
Basic and diluted net loss per share (Note 1)
|
||||||||||||||||
Continuing operations
|
$
|
(0.21
|
)
|
$
|
(0.22
|
)
|
$
|
(0.43
|
)
|
$
|
(0.07
|
)
|
||||
Discontinued operations
|
(0.05
|
)
|
-
|
(0.74
|
)
|
-
|
||||||||||
Basic and diluted net loss per share (Note 1)
|
$
|
(0.26
|
)
|
$
|
(0.22
|
)
|
$
|
(1.17
|
)
|
$
|
(0.07
|
)
|
||||
Basic and diluted weighted average number of shares outstanding (Note 1)
|
5,103,739
|
3,876,961
|
4,852,855
|
3,876,961
|
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Continuing operations:
|
||||||||
Net (loss)
|
$
|
(5,665,547
|
)
|
$
|
(276,364
|
)
|
||
(Loss) from discontinued operations
|
(3,594,798
|
)
|
-
|
|||||
(Loss) from continuing operations
|
(2,070,749
|
)
|
(276,364
|
)
|
||||
Adjustments to reconcile net loss from continuing operations to net cash used
|
||||||||
in operating activities of continuing operations:
|
||||||||
Stock-based compensation for services
|
271,054
|
224,272
|
||||||
Depreciation and amortization
|
37,767
|
46,031
|
||||||
Amortization of license fees
|
(48,349
|
)
|
(48,350
|
)
|
||||
Other non-cash (credits) charges
|
-
|
168,077
|
||||||
Gain on sale of property and equipment
|
-
|
(1,920,273
|
)
|
|||||
Change in:
|
||||||||
Prepaid expenses and other current assets
|
166,749
|
193,930
|
||||||
Accounts payable
|
(14,414
|
)
|
(506,465
|
)
|
||||
Accrued compensation
|
5,206
|
(436,465
|
)
|
|||||
Accrued expenses
|
(34,455
|
)
|
9,531
|
|||||
Net cash (used in) operating activities of continuing operations
|
(1,687,191
|
)
|
(2,546,076
|
)
|
||||
Net cash (used in) operating activities of discontinued operations
|
(888,787
|
)
|
-
|
|||||
Net cash (used in) operating activities
|
(2,575,978
|
)
|
(2,546,076
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Continuing operations:
|
||||||||
Purchases of short-term investments
|
-
|
(10,149,937
|
)
|
|||||
Proceeds from sales of short-term investments
|
7,506,761
|
13,612,516
|
||||||
Proceeds from sale of property and equipment
|
-
|
1,749,484
|
||||||
Purchases of patent and trademark application costs
|
(12,965
|
)
|
(14,378
|
)
|
||||
Net cash provided by investing activities of continuing operations
|
7,493,796
|
5,197,685
|
||||||
Net cash provided by investing activities of discontinued operations
|
4,004
|
-
|
||||||
Net cash provided by investing activities
|
7,497,800
|
5,197,685
|
||||||
Cash flows from financing activities:
|
||||||||
Continuing operations:
|
||||||||
Net proceeds from issuance of common stock, net of $336,476 in offering expenses
|
1,913,509
|
-
|
||||||
Redemption of equity rights
|
(291,995
|
)
|
-
|
|||||
Repayment of notes payable and other obligations
|
(139,611
|
)
|
(174,083
|
)
|
||||
Net cash provided by (used in) financing activities of continuing operations
|
1,481,903
|
(174,083
|
)
|
|||||
Net increase in cash and cash equivalents
|
6,403,725
|
2,477,526
|
||||||
Cash and cash equivalents at beginning of period
|
5,529,848
|
2,012,283
|
||||||
Cash and cash equivalents at end of period
|
$
|
11,933,573
|
$
|
4,489,809
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for interest
|
$
|
1,571
|
$
|
31,362
|
||||
Supplemental disclosure of investing information:
|
||||||||
Liability payoffs upon property sale
|
$
|
-
|
$
|
2,064,758
|
• |
exploring other possible strategic options and financing opportunities available to the Company;
|
• |
evaluating options to monetize, partner or license the Company's assets, including the appendicitis product portfolio; and;
|
• |
continuing to implement cost control initiatives to conserve cash.
|
December 31, 2016
|
||||||||
Cost
|
Fair Value
|
|||||||
Certificates of deposit / commercial paper
|
$
|
2,378,222
|
$
|
2,373,891
|
||||
Corporate bonds
|
5,138,182
|
5,132,870
|
||||||
Total trading securities
|
$
|
7,516,404
|
$
|
7,506,761
|
||||
2017
|
2016
|
|||||||
Interest income
|
$
|
49,225
|
$
|
64,550
|
||||
Realized (losses)
|
(21
|
)
|
(2,893
|
)
|
||||
Unrealized gains
|
11,575
|
29,089
|
||||||
Management fee expenses
|
(8,435
|
)
|
(11,354
|
)
|
||||
Net investment income
|
$
|
52,344
|
$
|
79,392
|
Cash and cash equivalents
|
$
|
17,000
|
||
Accounts receivable
|
21,000
|
|||
Inventory
|
379,000
|
|||
Prepaid and other assets
|
51,000
|
|||
Equipment
|
1,000
|
|||
Identifiable intangible assets:
|
||||
Trademarks (5 year estimated useful life)
|
99,000
|
|||
Customer base (6 year estimated useful life)
|
37,000
|
|||
Developed technology (4 year estimated useful life)
|
1,864,000
|
|||
Total identifiable intangible assets
|
2,000,000
|
|||
Goodwill
|
430,000
|
|||
Accounts payable
|
(118,000
|
)
|
||
Accrued and other liabilities
|
(175,000
|
)
|
||
Non-controlling interest
|
(29,000
|
)
|
||
Purchase price
|
$
|
2,577,000
|
Trademarks
|
$
|
99,000
|
||
Customer base
|
37,000
|
|||
Developed technology
|
1,864,000
|
|||
Total
|
2,000,000
|
|||
Less accumulated amortization
|
(148,264
|
)
|
||
Balance at December 31, 2016
|
$
|
1,851,736
|
June 30, 2017
|
December 31, 2016
|
|||||||
Current assets:
|
||||||||
Accounts receivable
|
$
|
1,000
|
$
|
5,000
|
||||
Inventories
|
-
|
416,000
|
||||||
Prepaid expenses
|
-
|
66,000
|
||||||
Total current assets
|
$
|
1,000
|
$
|
487,000
|
||||
Equipment and furnishings, net
|
$
|
-
|
$
|
36,000
|
||||
Intangible assets, net
|
-
|
2,281,000
|
||||||
Deposit
|
-
|
37,000
|
||||||
Total noncurrent assets
|
$
|
-
|
$
|
2,354,000
|
||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
99,000
|
$
|
174,000
|
||||
Accrued expenses
|
28,000
|
85,000
|
||||||
Deferred revenue
|
137,000
|
-
|
||||||
Total current liabilities
|
$
|
264,000
|
$
|
259,000
|
Three Months
|
Six Months
|
|||||||
Sales
|
$
|
17,000
|
$
|
30,000
|
||||
Cost of sales
|
3,000
|
5,000
|
||||||
Gross margin
|
14,000
|
25,000
|
||||||
Operating expenses
|
347,000
|
1,001,000
|
||||||
Operating loss
|
(333,000
|
)
|
(976,000
|
)
|
||||
Escrow forfeiture gain
|
135,000
|
135,000
|
||||||
Impairment (loss)
|
(50,000
|
)
|
(2,754,000
|
)
|
||||
Loss from discontinued operations
|
$
|
(248,000
|
)
|
$
|
(3,595,000
|
)
|
||
June 30,
2017
|
December 31,
2016
|
|||||||
Office and computer equipment
|
$
|
114,309
|
$
|
116,510
|
||||
Less accumulated depreciation
|
109,722
|
110,972
|
||||||
$
|
4,587
|
$
|
5,538
|
Beginning Balance
(December 31, 2016)
|
Additions
|
Impairments
|
Ending Balance
(June 30, 2017)
|
|||||||||||||
Cost:
|
||||||||||||||||
Patents
|
$
|
1,032,982
|
$
|
12,965
|
$
|
—
|
$
|
1,045,947
|
||||||||
Goodwill
|
447,951
|
—
|
—
|
447,951
|
||||||||||||
Total
|
1,480,933
|
12,965
|
—
|
1,493,898
|
||||||||||||
Accumulated Amortization:
|
||||||||||||||||
Patents
|
(482,183
|
)
|
(35,316
|
)
|
—
|
(517,499
|
)
|
|||||||||
Goodwill
|
(60,712
|
)
|
—
|
—
|
(60,712
|
)
|
||||||||||
Total
|
(542,895
|
)
|
(35,316
|
)
|
—
|
(578,211
|
)
|
|||||||||
Net Other Long Term Assets
|
$
|
938,038
|
$
|
(22,351
|
)
|
$
|
—
|
$
|
915,687
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Restricted stock awards under the Plan
|
$
|
57,745
|
$
|
—
|
$
|
88,176
|
$
|
—
|
||||||||
Stock option awards under the Plan
|
31,452
|
176,388
|
95,258
|
224,272
|
||||||||||||
Non-qualified stock option awards
|
48,814
|
—
|
87,620
|
—
|
||||||||||||
Total stock-based compensation
|
$
|
138,011
|
$
|
176,388
|
$
|
271,054
|
$
|
224,272
|
Number of Shares
|
Weighted
Average
Grant-Date Fair Value
|
|||||||
Total restricted shares
|
||||||||
Outstanding at January 1, 2017
|
-
|
$
|
-
|
|||||
Granted
|
197,000
|
3.26
|
||||||
Forfeited
|
(40,000
|
)
|
3.13
|
|||||
Outstanding at June 30, 2017
|
157,000
|
$
|
3.30
|
|||||
Total vested restricted shares
|
||||||||
Outstanding at January 1, 2017
|
-
|
$
|
-
|
|||||
Vested
|
22,166
|
3.14
|
||||||
Forfeited
|
(833
|
)
|
3.13
|
|||||
Vested at June 30, 2017
|
21,333
|
$
|
3.14
|
·
|
Grant date exercise price – the closing market price of the Company's common stock on the date of the grant;
|
·
|
Estimated option term – based on historical experience with existing option holders;
|
·
|
Estimated dividend rates – based on historical and anticipated dividends over the life of the option;
|
·
|
Term of the option – based on historical experience, grants have lives of approximately 3-5 years;
|
·
|
Risk-free interest rates – with maturities that approximate the expected life of the options granted;
|
·
|
Calculated stock price volatility – calculated over the expected life of the options granted, which is calculated based on the daily closing price of the Company's common stock over a period equal to the expected term of the option; and
|
·
|
Option exercise behaviors – based on actual and projected employee stock option exercises and forfeitures.
|
2017
|
2016
|
|||||||
Dividend yield
|
0
|
%
|
0
|
%
|
||||
Expected price volatility
|
101
|
%
|
99
|
%
|
||||
Risk free interest rate
|
1.92
|
%
|
1.20
|
%
|
||||
Expected term
|
5 years
|
5 years
|
Shares
Underlying
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at January 1, 2017
|
566,747
|
$
|
20.46
|
|||||||||||||
Granted
|
20,000
|
4.02
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited
|
(495,414
|
)
|
22.98
|
|||||||||||||
Outstanding at June 30, 2017
|
91,333
|
$
|
3.16
|
7.3
|
$
|
84,290
|
||||||||||
Exercisable at June 30, 2017
|
59,000
|
$
|
2.93
|
6.1
|
$
|
68,070
|
Nonvested Shares
|
Nonvested
Shares
Underlying
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Grant Date
Fair Value
|
|||||||||
Nonvested at January 1, 2017
|
97,738
|
$
|
3.51
|
$
|
2.58
|
|||||||
Granted
|
20,000
|
4.02
|
3.04
|
|||||||||
Vested
|
(28,405
|
)
|
5.00
|
3.62
|
||||||||
Forfeited
|
(57,000
|
)
|
2.92
|
2.16
|
||||||||
Nonvested at June 30, 2017
|
32,333
|
$
|
3.58
|
$
|
2.70
|
Shares
Underlying
Options / Warrants
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at January 1, 2017
|
527,003
|
$
|
13.36
|
|||||||||||||
Granted
|
900,000
|
3.50
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Forfeited
|
(154,074
|
)
|
19.68
|
|||||||||||||
Outstanding at June 30, 2017
|
1,272,929
|
$
|
5.58
|
2.3
|
$
|
526,500
|
||||||||||
Exercisable at June 30, 2017
|
372,929
|
$
|
10.59
|
0.4
|
$
|
4,500
|
• |
Milestone payments, totaling up to a potential of $1.1 million in the aggregate, based on the satisfactory conclusion of milestones as defined in the License Agreement;
|
• |
Potential for milestone payments of up to an additional $2 million for development and receipt of regulatory approval for additional licensed products; and
|
• |
Royalties, at low double digit rates, based on sales of licensed products.
|
Category
|
Totals
|
|||
License fees and milestone amounts paid / achieved
|
$
|
1,920,000
|
||
Third party obligations recorded, including WU
|
(363,700
|
)
|
||
Deferred revenue balance
|
1,556,300
|
|||
Revenue amortization to June 30, 2017
|
(442,635
|
)
|
||
Net deferred revenue balance at June 30, 2017
|
$
|
1,113,665
|
Commencement of license fees revenue recognition
|
Upon signing or receipt
|
|
Commencement of milestone revenue recognition
|
Upon milestone achievement over then remaining life
|
|
Original amortization period
|
197 months
|
• |
exploring other possible strategic options and financing opportunities available to the Company;
|
• |
evaluating options to monetize, partner or license the Company's assets, including appendicitis product portfolio; and;
|
• |
continuing to implement cost control initiatives to conserve cash.
|
• |
Milestone payments, totaling up to a potential of $1.1 million in the aggregate, based on the satisfactory conclusion of milestones as defined in the License Agreement;
|
• |
Potential for milestone payments of up to an additional $2 million for development and receipt of regulatory approval for additional licensed products; and
|
• |
Royalties, at low double digit rates, based on sales of licensed products.
|
EXHIBIT
|
DESCRIPTION
|
|
10.1
|
Form of Separation Agreement between Bioptix, Inc. and Stephen Lundy
(incorporated by reference to the Registrant's Current Report on Form 8-K, dated April 6, 2017, and filed April 7, 2017)
.
|
|
10.2
|
Form of Separation Agreement between Bioptix, Inc. and Richard J. Whitcomb
(incorporated by reference to the Registrant's Current Report on Form 8-K, dated and filed June 15, 2017)
.
|
|
10.3
|
Form of Retention Agreement between Bioptix, Inc. and Jeffrey McGonegal
(incorporated by reference to the Registrant's Current Report on Form 8-K, dated June 30, 2017, and filed July 3, 2017)
.
|
|
31.1
|
Rule 13a-14(a)/15d-14(a) - Certification of Chief Executive Officer. Filed herewith.
|
|
31.2
|
Rule 13a-14(a)/15d-14(a) - Certification of Chief Financial Officer. Filed herewith.
|
|
32
|
Section 1350 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statement of Cash Flows and (iv) the Notes to Condensed Financial Statements.
|
Bioptix, Inc.
(Registrant)
|
|
Dated: August 11, 2017
|
|
/s/ Michael Beeghley
|
|
Michael Beeghley,
Chief Executive Officer and Chairman of the Board (Principal Executive Officer)
|
/s/ Jeffrey G. McGonegal
|
|
Dated: August 11
, 2017
|
Jeffrey G. McGonegal,
Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
1 Year Bioptix, Inc. Chart |
1 Month Bioptix, Inc. Chart |
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