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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cellular Biomedicine Group Inc | NASDAQ:CBMG | 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% | 19.74 | 19.74 | 19.80 | 0 | 01:00:00 |
Delaware
|
001-36498
|
86-1032927
|
||
(State or other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
530 University Avenue, #17
Palo Alto, California
|
94301
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
●
|
Cellular Biomedicine Group (Shanghai) Ltd (“CBMG Shanghai”), the Company’s variable interest entity, acquired 100% of the equity interest of AG
|
●
|
Cellular Biomedicine Group (HK) Ltd (“CBMG HK”) acquired 100% of the intellectual property of AG and the U.S. patent owned by AG’s founder
|
●
|
Breach by certain AG Shareholders of their obligations in the retention agreements, in which case the Acquisition Shares will be repurchased at par value, for an aggregate repurchase price of $753.522; or
|
●
|
Material adverse change to the intellectual property acquired from AG or any disruption or suspension of AG’s cooperative relationship with General Hospital of Jilin Chemical Group Corporation (“Jilin Hospital”) for at least 60 days that is not solely the fault of Jilin Hospital, in which case the Acquisition Shares will be repurchased at $6.70 per share.
|
Exhibits | Description | |
10.1
|
Framework Agreement, dated August 2, 2014 (with unofficial summary translation)**
|
|
10.2
|
Technology Transfer Agreement, dated September 1, 2014**
|
|
10.3
|
U.S. Patent Purchase Agreement, dated September 26, 2014**
|
|
10.4
|
Form of Lockup Agreement**
|
|
Consent of Independent Registered Public Accountant*
|
||
Audited financial statements of Beijing Agreen Biotechnology Co., Ltd. for the six months ended June 30, 2014 and fiscal years ended December 31, 2013 and 2012*
|
||
Unaudited pro forma combined financial statements of the Company as of and for the nine months ended September 30, 2014 and for the fiscal year ended December 31, 2013*
|
Cellular Biomedicine Group, Inc.
|
|||
Date: December 8, 2014
|
By:
|
/s/ Bizuo (Tony) Liu | |
Bizuo (Tony) Liu | |||
Chief Financial Officer | |||
Beijing Agreen Biotechnology Co., Ltd.
Financial Statements
Period Ended June 30, 2014,
Years Ended December 31, 2013 and December 31, 2012
|
|
Independent Auditors’ Report
|
4
|
|
Financial Statements
|
||
Balance Sheets
|
5
|
|
Statements of Operations
|
6
|
|
Statements of Stockholders’ Equity and Comprehensive Income
|
7
|
|
Statements of Cash Flows
|
8
|
|
Notes to Financial Statements
|
9 – 15
|
30 June 2014
|
31 December 2013
|
31 December 2012
|
||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$ | 273,888 | $ | 35,244 | $ | 197,177 | ||||||
Accounts receivable
|
196,073 | 126,710 | 167,051 | |||||||||
Inventory (Note 3)
|
206,369 | 193,175 | 171,469 | |||||||||
Prepaid expenses and other current assets (Note 4)
|
129,249 | 144,003 | 178,501 | |||||||||
Total current assets
|
805,579 | 499,132 | 714,198 | |||||||||
Non-current assets:
|
||||||||||||
Property and equipment, net (Note 5)
|
603,428 | 694,411 | 253,935 | |||||||||
Total Non-current assets
|
603,428 | 694,411 | 253,935 | |||||||||
Total Assets
|
$ | 1,409,007 | $ | 1,193,543 | $ | 968,133 | ||||||
Liabilities and Stockholders' Equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable
|
$ | 84,126 | $ | 41,081 | $ | 68,270 | ||||||
Accrued payroll and bonuses
|
196,909 | 169,237 | 59,550 | |||||||||
Other payables (Note 6)
|
1,110,813 | 823,363 | 967,107 | |||||||||
Other current liabilities
|
1,560 | - | 4,582 | |||||||||
Total current liabilities
|
1,393,408 | 1,033,681 | 1,099,509 | |||||||||
Long-term debt (Note 6)
|
422,572 | 639,669 | - | |||||||||
Total liabilities
|
1,815,980 | 1,673,350 | 1,099,509 | |||||||||
Commitments and Contingencies (Note 8)
|
||||||||||||
Stockholders' Equity (Note 7):
|
||||||||||||
Additional paid-in capital
|
159,096 | 159,096 | 159,096 | |||||||||
Accumulated other comprehensive income
|
(6,447 | ) | (10,626 | ) | (999 | ) | ||||||
Accumulated deficit
|
(559,622 | ) | (628,277 | ) | (289,473 | ) | ||||||
Total stockholders' equity
|
(406,973 | ) | (479,807 | ) | (131,376 | ) | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,409,007 | $ | 1,193,543 | $ | 968,133 |
Six months ended
June 30,
2014
|
Year ended
December 31,
2013
|
Year ended
December 31,
2012
|
||||||||||
Revenue
|
$ | 778,669 | $ | 1,075,692 | $ | 265,654 | ||||||
Cost of revenues
|
486,161 | 872,937 | 81,573 | |||||||||
Gross profit
|
292,508 | 202,755 | 184,081 | |||||||||
Operating Expenses:
|
||||||||||||
Selling and administrative
|
155,938 | 313,736 | 293,026 | |||||||||
Research and development
|
67,960 | 214,752 | 90,841 | |||||||||
Total Operating Expenses
|
223,898 | 528,488 | 383,867 | |||||||||
Operating income /(loss)
|
68,610 | (325,733 | ) | (199,786 | ) | |||||||
Other income/(expenses):
|
||||||||||||
Interest income
|
143 | 310 | 180 | |||||||||
Foreign exchange gain
|
- | 503 | - | |||||||||
Other operating expense
|
- | (11,296 | ) | - | ||||||||
Total other operating income /(expenses)
|
143 | (10,483 | ) | 180 | ||||||||
Non-operating expense
|
98 | 2,588 | - | |||||||||
Profit /(loss) from continuing operations before taxes
|
68,655 | (338,804 | ) | (199,606 | ) | |||||||
Income tax provision
|
- | - | - | |||||||||
Net profit /(loss)
|
68,655 | (338,804 | ) | (199,606 | ) | |||||||
Other comprehensive income /(loss)
|
4,179 | (9,627 | ) | (999 | ) | |||||||
Total comprehensive income /(loss)
|
$ | 72,834 | $ | (348,431 | ) | $ | (200,605 | ) |
Accumulated
|
||||||||||||||||
Other
|
Total
|
|||||||||||||||
Additional paid-in
|
Comprehensive
|
Accumulated
|
Stockholders’
|
|||||||||||||
Capital
|
Income
|
Deficit
|
Equity
|
|||||||||||||
Balance at January 1, 2012
|
$ | 159,096 | $ | - | $ | (89,867 | ) | 69,229 | ||||||||
Currency translation adjustment
|
- | (999 | ) | - | (999 | ) | ||||||||||
Net loss
|
- | - | (199,606 | ) | (199,606 | ) | ||||||||||
Balance at December 31, 2012
|
159,096 | (999 | ) | (289,473 | ) | (131,376 | ) | |||||||||
Currency translation adjustment
|
- | (9,627 | ) | - | (9,627 | ) | ||||||||||
Net loss
|
- | - | (338,804 | ) | (338,804 | ) | ||||||||||
Balance at December 31, 2013
|
$ | 159,096 | $ | (10,626 | ) | $ | (628,277 | ) | $ | (479,807 | ) | |||||
Currency translation adjustment
|
- | 4,179 | - | 4,179 | ||||||||||||
Net profit
|
- | - | 68,655 | 68,655 | ||||||||||||
Balance at June 30, 2014
|
$ | 159,096 | $ | (6,447 | ) | $ | (559,622 | ) | $ | (406,973 | ) |
Six months ended
June 30,
2014
|
Year ended
December 31,
2013
|
Year ended
December 31,
2012
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net profit /(loss)
|
$ | 68,655 | $ | (338,804 | ) | $ | (199,606 | ) | ||||
Depreciation
|
85,903 | 143,037 | 5,293 | |||||||||
Changes to operating assets and liabilities:
|
||||||||||||
Accounts receivable
|
(69,363 | ) | 40,341 | (104,105 | ) | |||||||
Prepaid expenses and other current assets
|
14,754 | 34,498 | (54,202 | ) | ||||||||
Inventory
|
(13,194 | ) | (21,706 | ) | (170,273 | ) | ||||||
Accounts payable
|
43,045 | (27,189 | ) | 64,135 | ||||||||
Accrued payroll and bonuses
|
27,672 | 109,687 | 46,423 | |||||||||
Other payables
|
287,450 | (143,744 | ) | 806,724 | ||||||||
Long-term payables
|
(217,097 | ) | 639,669 | - | ||||||||
Other current liabilities
|
1,560 | (4,582 | ) | 4,582 | ||||||||
Net Cash Provided by Operating Activities
|
229,385 | 431,207 | 398,971 | |||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Capital expenditures
|
(1,003 | ) | (568,321 | ) | (248,710 | ) | ||||||
Net Cash Used in Investing Activities
|
(1,003 | ) | (568,321 | ) | (248,710 | ) | ||||||
Net increase /(decrease) in cash and cash equivalents
|
228,382 | (137,114 | ) | 150,261 | ||||||||
Effect of exchange rates on cash
|
10,262 | (24,819 | ) | (1,581 | ) | |||||||
Cash and Cash Equivalents at Beginning of Period /Years
|
35,244 | 197,177 | 48,497 | |||||||||
Cash and Cash Equivalents at End of Period /Years
|
$ | 273,888 | $ | 35,244 | $ | 197,177 |
Supplemental Schedule of Cash Flow Information
|
||||||||||||
Cash paid for interest
|
$ | $ | $ | |||||||||
Supplemental Schedule of Non-Cash Financing and Investing Activity
|
||||||||||||
Reclassification of forward contract liability due to settlement
|
$ | $ | $ | |||||||||
Issuance of warrants to landlord for lease extension
|
$ | $ | $ |
1.
|
Description of Business
|
2.
|
Summary of Significant Accounting Policies
|
3.
|
Inventory
|
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Raw materials
|
$ | 139,102 | $ | 107,962 | $ | 170,951 | ||||||
Work in progress
|
67,267 | 85,213 | --- | |||||||||
Finished goods
|
--- | --- | 518 | |||||||||
Total
|
$ | 206,369 | $ | 193,175 | $ | 171,469 |
4.
|
Property and Equipment
|
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Office equipment
|
$ | --- | $ | --- | $ | 1,260 | ||||||
Manufacturing equipment
|
488,341 | 491,809 | 185,228 | |||||||||
Computer equipment
|
26,320 | 26,562 | 10,586 | |||||||||
Leasehold improvement
|
324,434 | 327,408 | --- | |||||||||
Construction work in process
|
--- | --- | 63,008 | |||||||||
839,095 | 845,779 | 260,082 | ||||||||||
Less: accumulated depreciation
|
(235,667 | ) | (151,368 | ) | (6,147 | ) | ||||||
Property and equipment, net
|
$ | 603,428 | $ | 694,411 | $ | 253,935 |
5.
|
Other Payables and Long-term payables
|
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Jilin Luhong Real Estate Development Co., Ltd. (“Luhong”)
|
$ | 747,153 | $ | 632,021 | $ | 954,578 | ||||||
Advances from shareholders
|
363,660 | 191,342 | 12,529 | |||||||||
Total
|
$ | 1,110,813 | $ | 823,363 | $ | 967,107 |
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Jilin Luhong Real Estate Development Co., Ltd.
|
$ | 422,572 | $ | 639,669 | $ | --- | ||||||
Total
|
$ | 422,572 | $ | 639,669 | $ | --- |
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Advances under collaborative agreements
|
$ | 845,144 | $ | 852,892 | $ | 827,301 | ||||||
Profit appropriation
|
172,886 | 134,497 | --- | |||||||||
Additional advances
|
151,695 | 284,301 | 127,277 | |||||||||
Total
|
$ | 1,169,725 | $ | 1,271,690 | $ | 954,578 |
6.
|
Stockholders’ Equity
|
June 30,
2014
|
December 31,
2013
|
December 31,
2012
|
||||||||||
Additional paid-in capital
|
$ | 159,096 | $ | 159,096 | $ | 159,096 | ||||||
Accumulated other comprehensive income
|
(6,447 | ) | (10,626 | ) | (999 | ) | ||||||
Accumulated deficit
|
(559,622 | ) | (628,277 | ) | (289,473 | ) | ||||||
Total
|
$ | (406,973 | ) | $ | (479,807 | ) | $ | (131,376 | ) |
7.
|
Revenue
|
Six months ended
June 30,
2014
|
Year ended
December 31,
2013
|
Year ended
December 31,
2012
|
||||||||||
Collaboration revenue
|
$ | 755,419 | $ | 1,039,920 | $ | --- | ||||||
Others
|
23,250 | 35,772 | 265,654 | |||||||||
Total
|
$ | 778,669 | $ | 1,075,692 | $ | 265,654 |
8.
|
Commitments and Contingencies
|
Years ending June 30,
|
||||
2015
|
$ | 61,523 | ||
2016
|
37,342 | |||
Total lease payments
|
$ | 98,865 |
9.
|
Collaboration Agreements
|
10.
|
Subsequent Events
|
Consolidated
|
||||||||||||||||||
CELLULAR BIOMEDICINE GROUP INC.
|
BEIJING AGREEN BIOTECHNOLOGY CO., LTD.
|
CELLULAR BIOMEDICINE GROUP INC.
|
||||||||||||||||
September 30,
|
September 30,
|
Pro Forma Adjusting Entries
|
September 30,
|
|||||||||||||||
2014
|
2014
|
2014
|
||||||||||||||||
Assets
|
||||||||||||||||||
Cash
|
$ | 9,995,422 | $ | 145,611 | $ | (325,071 | ) | a | $ | 9,815,962 | ||||||||
Accounts Receivable
|
24,000 | 151,093 | 175,093 | |||||||||||||||
Other receivable
|
131,853 | 31,798 | 163,651 | |||||||||||||||
Amount due from related parties
|
- | - | - | |||||||||||||||
Inventory
|
172,976 | 174,820 | 347,796 | |||||||||||||||
Prepaid expenses
|
496,348 | 14,331 | 510,679 | |||||||||||||||
Other current assets
|
111,882 | - | 111,882 | |||||||||||||||
Total current assets
|
10,932,481 | 517,653 | 11,125,063 | |||||||||||||||
Property, plant and equipment, net
|
734,095 | 561,113 | 1,295,208 | |||||||||||||||
Intangibles
|
1,773,281 | - | 9,942,000 | e | 11,715,281 | |||||||||||||
Goodwill
|
- | - | 7,678,789 | b,c,d,e | 7,678,789 | |||||||||||||
Investments
|
9,218,722 | - | 9,218,722 | |||||||||||||||
Long-term prepaid expenses and other assets
|
458,058 | 83,051 | 541,109 | |||||||||||||||
Total assets
|
$ | 23,116,637 | $ | 1,161,817 | $ | 41,574,172 | ||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||
Liabilities:
|
||||||||||||||||||
Accounts payable
|
176,903 | 47,509 | $ | 224,412 | ||||||||||||||
Accrued expenses
|
520,680 | 42,013 | 1,300,284 | a | 1,862,977 | |||||||||||||
Advances payable to related party
|
34,531 | - | 34,531 | |||||||||||||||
Other current liabilities
|
624,422 | 523,077 | 1,625,804 | a | 2,773,303 | |||||||||||||
Total current liabilities
|
1,356,536 | 612,599 | 4,895,223 | |||||||||||||||
Other non-current liabilities
|
- | 422,592 | 422,592 | |||||||||||||||
Total liabilities
|
1,356,536 | 1,035,191 | 5,317,815 | |||||||||||||||
Stockholders' equity:
|
||||||||||||||||||
Preferred stock series B, no par value, 50,000,000 shares
|
- | - | - | |||||||||||||||
Common stock, par value $0.001, 300,000,000 shares authorized;
|
9,182 | - | 754 | b, c | 9,936 | |||||||||||||
Additional paid in capital
|
51,661,674 | 812,675 | 13,682,828 | b, c | 66,157,177 | |||||||||||||
Accumulated deficit
|
(32,360,053 | ) | (676,386 | ) | 676,386 | d | (32,360,053 | ) | ||||||||||
Accumulated other comprehensive income (loss)
|
2,449,297 | (9,663 | ) | 9,663 | e | 2,449,297 | ||||||||||||
Total stockholders' equity
|
21,760,101 | 126,626 | 36,256,357 | |||||||||||||||
Total liabilities and stockholder's equity
|
$ | 23,116,637 | $ | 1,161,817 | $ | 41,574,172 |
a
|
To record the proforma adjustment to cash payment required under the purchase.
|
b
|
To record the proforma adjustment to eliminate the Additional paid in capital of Agreen.
|
c
|
To record the proforma adjustment to issue $.001 par value common stock issued to Agreen.
|
d
|
To record the proforma adjustment to eliminate the retained earnings of Agreen in the merger.
|
e
|
To record the proforma adjustment to eliminate the accumulated other comprehensive loss of Agreen in the merger.
|
CELLULAR BIOMEDICINE GROUP INC.
|
Beijing Agreen Biotechnology Co., Ltd.
|
Consolidated
CELLULAR BIOMEDICINE GROUP INC. |
||||||||||||||||||
December 31,
|
December 31,
|
Pro Forma Adjusting Entries
|
December 31,
|
|||||||||||||||||
2013
|
2013
|
Dr
|
2013
|
|||||||||||||||||
Assets
|
||||||||||||||||||||
Cash
|
$ | 7,175,215 | $ | 35,244 | $ | (325,071 | ) | a | $ | 6,885,388 | ||||||||||
Accounts Receivable
|
10,581 | 126,710 | 137,291 | |||||||||||||||||
Other receivable
|
78,521 | 12,395 | 90,916 | |||||||||||||||||
Amount due from related parties
|
- | - | - | |||||||||||||||||
Inventory
|
119,119 | 193,175 | 312,294 | |||||||||||||||||
Prepaid expenses
|
56,911 | 31,284 | 88,195 | |||||||||||||||||
Other current assets
|
134,661 | - | 134,661 | |||||||||||||||||
Total current assets
|
7,575,008 | 398,808 | 7,648,745 | |||||||||||||||||
Property, plant and equipment, net
|
1,014,805 | 694,411 | 1,709,216 | |||||||||||||||||
Intangibles
|
601,456 | - | 6,568,873 | b, c, d, e | 7,170,329 | |||||||||||||||
Goodwill
|
3,299,566 | - | 3,299,566 | |||||||||||||||||
Investments
|
5,105,891 | - | 5,105,891 | |||||||||||||||||
Long-term prepaid expenses and other assets
|
- | 100,324 | 100,324.00 | |||||||||||||||||
Total assets
|
$ | 17,596,726 | $ | 1,193,543 | $ | 25,034,071 | ||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Accounts payable
|
213,891 | 41,081 | $ | 254,972 | ||||||||||||||||
Accrued expenses
|
503,717 | 169,237 | 1,300,284 | 1,973,238 | ||||||||||||||||
Advances payable to related party
|
67,999 | - | 67,999 | |||||||||||||||||
Other current liabilities
|
1,416,046 | 823,363 | 1,625,804 | 3,865,213 | ||||||||||||||||
Total current liabilities
|
2,201,653 | 1,033,681 | 6,161,422 | |||||||||||||||||
Other non-current liabilities
|
- | 639,669 | - | |||||||||||||||||
Total liabilities
|
2,201,653 | 1,673,350 | 6,161,422 | |||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Preferred stock series B, no par value, 50,000,000 shares
|
- | - | - | |||||||||||||||||
authorized; none issued and outstanding
|
- | |||||||||||||||||||
as of December 31, 2012 and December 31, 2011, respectively
|
- | |||||||||||||||||||
- | ||||||||||||||||||||
Common stock, par value $0.001, 300,000,000 shares authorized;
|
7,383 | - | 148 | b, c | 7,531 | |||||||||||||||
Additional paid in capital
|
37,861,593 | 159,096 | 2,678,664 | b, c | 40,699,353 | |||||||||||||||
Accumulated deficit
|
(22,415,979 | ) | (628,277 | ) | 628,277 | d | (22,415,979 | ) | ||||||||||||
Accumulated other comprehensive loss
|
(57,924 | ) | (10,626 | ) | 10,626 | e | (57,924 | ) | ||||||||||||
Total stockholders' equity
|
15,395,073 | (479,807 | ) | 18,232,980 | ||||||||||||||||
Total liabilities and stockholder's equity
|
$ | 17,596,726 | $ | 1,193,543 | $ | 24,394,402 |
a
|
To record the proforma adjustment to cash payment required under the purchase.
|
b
|
To record the proforma adjustment to eliminate the Additional paid in capital of Agreen.
|
c
|
To record the proforma adjustment to issue $.001 par value common stock issued to Agreen.
|
d
|
To record the proforma adjustment to eliminate the retained earnings of Agreen in the merger.
|
e
|
To record the proforma adjustment to eliminate the accumulated other comprehensive loss of Agreen in the merger.
|
CELLULAR BIOMEDICINE GROUP INC.
|
BEIJING AGREEN BIOTECHNOLOGY CO., LTD.
|
Pro Forma Adjustment
|
Consolidated
CELLULAR BIOMEDICINE GROUP INC. |
||||||||||
Net sales and revenue
|
|||||||||||||
Biomedical
|
$ | 179,120 | $ | 1,198,414 | $ | 1,377,534 | |||||||
Total sales and revenue
|
179,120 | 1,198,414 | 1,377,534 | ||||||||||
Operating expenses:
|
|||||||||||||
Cost of sales
|
92,553 | 880,797 | 973,350 | ||||||||||
General and administrative
|
5,123,210 | 245,911 | 5,369,121 | ||||||||||
Selling and marketing
|
86,806 | 6,351 | 93,157 | ||||||||||
Research and development
|
1,878,731 | 113,635 | 1,992,366 | ||||||||||
Impairment expense
|
- | - | - | ||||||||||
Total operating expenses
|
7,181,300 | 1,246,694 | 8,427,994 | ||||||||||
Operating loss
|
(7,002,180 | ) | (48,280 | ) | (7,050,460 | ) | |||||||
Other income (expense)
|
|||||||||||||
Interest income
|
1,263 | 318 | 1,581 | ||||||||||
Other income (expense)
|
94,357 | (147 | ) | 94,210 | |||||||||
Total other income (expense)
|
95,620 | 171 | 95,791 | ||||||||||
Loss from continuing operations before taxes
|
(6,906,560 | ) | (48,109 | ) | (6,954,669 | ) | |||||||
Income tax provision
|
- | - | - | ||||||||||
Loss from Continuing operations
|
(6,906,560 | ) | (48,109 | ) | (6,954,669 | ) | |||||||
Loss from discontinued Consulting segement
|
(3,037,514 | ) | - | (3,037,514 | ) | ||||||||
Income tax benefit
|
- | - | - | ||||||||||
Loss on discontiued operations
|
(3,037,514 | ) | - | (3,037,514 | ) | ||||||||
Net income (loss)
|
$ | (9,944,074 | ) | $ | (48,109 | ) | $ | (9,992,183 | ) | ||||
Other comprehensive income (loss):
|
|||||||||||||
Cumulative translation adjustment
|
(8,673 | ) | 963 | (7,710 | ) | ||||||||
Unrecognized loss on investments
|
2,515,894 | - | 2,515,894 | ||||||||||
Comprehensive net income (loss)
|
$ | (7,436,853 | ) | $ | (47,146 | ) | $ | (7,483,999 | ) |
CELLULAR BIOMEDICINE GROUP INC.
|
BEIJING AGREEN BIOTECHNOLOGY CO., LTD.
|
Pro Forma Adjustment
|
Consolidated
CELLULAR BIOMEDICINE GROUP INC. |
||||||||||
Net sales and revenue
|
|||||||||||||
Biomedical
|
$ | 204,914 | $ | 1,075,692 | $ | 1,280,606 | |||||||
Total sales and revenue
|
204,914 | 1,075,692 | 1,280,606 | ||||||||||
Operating expenses:
|
|||||||||||||
Cost of sales
|
296,212 | 872,937 | 1,169,149 | ||||||||||
General and administrative
|
9,314,143 | 304,027 | 9,618,170 | ||||||||||
Selling and marketing
|
57,670 | 9,709 | 67,379 | ||||||||||
Research and development
|
1,890,506 | 214,752 | 2,105,258 | ||||||||||
Total operating expenses
|
11,558,531 | 1,401,425 | 12,959,956 | ||||||||||
Operating loss
|
(11,353,617 | ) | (325,733 | ) | (11,679,350 | ) | |||||||
Other income (expense)
|
|||||||||||||
Interest income
|
1,294 | 310 | 1,604 | ||||||||||
Other expense
|
(6,196 | ) | (13,381 | ) | (19,577 | ) | |||||||
Total other income (expense)
|
(4,902 | ) | (13,071 | ) | (17,973 | ) | |||||||
Loss from continuing operations before taxes
|
(11,358,519 | ) | (338,804 | ) | (11,697,323 | ) | |||||||
Income tax provision
|
- | - | - | ||||||||||
Loss from Continuing operations
|
(11,358,519 | ) | (338,804 | ) | (11,697,323 | ) | |||||||
Loss from discontinued Consulting segement
|
(2,094,068 | ) | - | (2,094,068 | ) | ||||||||
Income tax provision
|
(344,446 | ) | - | (344,446 | ) | ||||||||
Loss on discontiued operations
|
(2,438,514 | ) | - | (2,438,514 | ) | ||||||||
Net income (loss)
|
$ | (13,797,033 | ) | $ | (338,804 | ) | $ | (14,135,837 | ) | ||||
Other comprehensive income (loss):
|
|||||||||||||
Cumulative translation adjustment
|
78,650 | (9,627 | ) | 69,023 | |||||||||
Unrecognized loss on investments
|
(198,200 | ) | - | (198,200 | ) | ||||||||
Comprehensive net income (loss)
|
$ | (13,916,583 | ) | $ | (348,431 | ) | $ | (14,265,014 | ) |
1 Year Cellular Biomedicine Chart |
1 Month Cellular Biomedicine Chart |
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