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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medite Cancer Diagnostics Inc (CE) | USOTC:MDIT | OTCMarkets | 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% | 0.0001 | 0.00 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2016
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
.
|
Delaware
|
36-4296006
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
4203 SW 34
th
Street, Orlando, FL
|
32811
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange on which registered
|
None
|
Not Applicable
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
x
|
Page
|
||||
PART I. – FINANCIAL INFORMATION
|
||||
F-1 | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
1 | ||||
6 | ||||
PART II. — OTHER INFORMATION
|
||||
7 | ||||
7 | ||||
7 | ||||
7 | ||||
8 |
March 31,
|
||||||||
2016
|
December 31,
|
|||||||
(unaudited)
|
2015
|
|||||||
Assets
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
100
|
$
|
587
|
||||
Accounts receivable, net of allowance for doubtful accounts of $83
|
1,765
|
1,798
|
||||||
Inventories
|
3,601
|
3,075
|
||||||
Prepaid expenses and other current assets
|
169
|
186
|
||||||
Total current assets
|
5,635
|
5,646
|
||||||
Property and equipment, net
|
1,977
|
1,941
|
||||||
In-process research and development
|
4,620
|
4,620
|
||||||
Trademarks, trade names
|
1,240
|
1,240
|
||||||
Goodwill
|
4,658
|
4,658
|
||||||
Other assets
|
352
|
273
|
||||||
Total assets
|
$
|
18,482
|
$
|
18,378
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current Liabilities:
|
||||||||
Secured lines of credit and current portion of long-term debt
|
$
|
3,072
|
$
|
2,857
|
||||
Notes due to employees, current portion
|
225
|
202
|
||||||
Accounts payable and accrued expenses
|
3,230
|
3,032
|
||||||
Advances – related party
|
50
|
70
|
||||||
Total current liabilities
|
6,577
|
6,161
|
||||||
Long-term debt, net of current portion
|
110
|
121
|
||||||
Notes due to employees, net of current portion
|
675
|
725
|
||||||
Deferred tax liability – long-term
|
2,205
|
2,205
|
||||||
Total liabilities
|
9,567
|
9,212
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity :
|
||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 198,355 shares issued and outstanding (liquidation value of all classes of preferred stock $2,465 and $2,442 as of March 31, 2016 and December 31, 2015, respectively)
|
962
|
962
|
||||||
Common stock, $0.001 par value; 35 million shares authorized, 21,055,990 shares issued and outstanding
|
21
|
21
|
||||||
Additional paid-in capital
|
8,520
|
8,340
|
||||||
Treasury stock
|
(327
|
)
|
(327
|
)
|
||||
Accumulated other comprehensive loss
|
(418
|
)
|
(609)
|
|||||
Retained earnings
|
157
|
779
|
||||||
Total stockholders’ equity
|
8,915
|
9,166
|
||||||
Total liabilities and stockholders’ equity
|
$
|
18,482
|
$
|
18,378
|
Three Months Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net sales
|
$
|
2,131
|
$
|
2,287
|
||||
Cost of revenues
|
1,213
|
1,369
|
||||||
Gross profit
|
918
|
918
|
||||||
Operating expenses
|
||||||||
Depreciation and amortization expense
|
51
|
34
|
||||||
Research and development
|
360
|
262
|
||||||
Selling, general and administrative
|
857
|
807
|
||||||
Total operating expenses
|
1,268
|
1,103
|
||||||
Operating loss
|
(350
|
)
|
(185
|
)
|
||||
Other expense
|
||||||||
Interest expense
|
261
|
58
|
||||||
Other expense
|
11
|
50
|
||||||
Total other expense
|
272
|
108
|
||||||
Loss before income taxes
|
(622
|
)
|
(293
|
)
|
||||
Income tax benefit
|
-
|
(38
|
)
|
|||||
Net loss
|
(622
|
)
|
(255
|
)
|
||||
Preferred dividend
|
(23
|
)
|
(23
|
)
|
||||
Net loss to common stockholders
|
$
|
(645
|
)
|
$
|
(278
|
)
|
||
Condensed consolidated statements of comprehensive loss
|
||||||||
Net loss
|
$
|
(622
|
)
|
$
|
(255
|
)
|
||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustments
|
191
|
(247
|
)
|
|||||
Comprehensive loss
|
$
|
(431
|
)
|
$
|
(502
|
)
|
||
Loss per share
|
||||||||
Net loss to common stockholders
|
$
|
(645
|
)
|
$
|
(278)
|
|||
Basic and diluted loss per share
|
$
|
(0.03
|
)
|
$
|
(0.01
|
)
|
||
Weighted average basic and diluted shares outstanding
|
21,055,990
|
19,546,116
|
Three Months Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(622
|
)
|
$
|
(255
|
)
|
||
Adjustments to reconcile net loss to cash (used in) provided by operating activities
|
||||||||
Depreciation and amortization
|
51
|
34
|
||||||
Deferred income taxes
|
-
|
(66
|
)
|
|||||
Amortization of debt discount and debt issuance costs
|
200
|
-
|
||||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
33
|
158
|
||||||
Inventories
|
(526)
|
240
|
||||||
Prepaid expenses and other current assets
|
17
|
60
|
||||||
Accounts payable and accrued expenses
|
288
|
(46
|
)
|
|||||
Net cash (used in) provided by operating activities
|
(559)
|
125
|
||||||
Cash flows from investing activities
|
||||||||
Purchases of equipment
|
(15)
|
(28
|
)
|
|||||
Increase in other assets
|
(79)
|
(104
|
)
|
|||||
Net cash used in investing activities
|
(94)
|
(132)
|
||||||
Cash flows from financing activities:
|
||||||||
Net repayments on lines of credit and long-term debt
|
(12)
|
(340
|
)
|
|||||
Repayment of notes due to employees
|
(27)
|
-
|
||||||
Proceeds (repayments) from related party advances, net
|
(20)
|
950
|
||||||
Proceeds from sale of common stock, net of issuance costs
|
-
|
357
|
||||||
Net cash provided by (used in) financing activities
|
(59)
|
967
|
||||||
Effect of exchange rates on cash
|
225
|
(164
|
)
|
|||||
Net increase (decrease) in cash
|
(487)
|
796
|
||||||
Cash at beginning of year
|
587
|
230
|
||||||
Cash at end of the period
|
$
|
100
|
$
|
1,026
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
46
|
$
|
55
|
||||
Cash paid for income taxes
|
$
|
8
|
$
|
28
|
||||
Supplemental schedule of non-cash financing activity:
|
||||||||
Reclassification of warrant liability to additional paid in capital
|
$
|
90
|
$
|
-
|
||||
Conversion of preferred stock to common stock
|
$
|
-
|
$
|
525
|
Note 1.
|
Organization
|
Note 2.
|
Summary of Significant Accounting Policies
|
Note 3.
|
Inventories
|
March 31,
|
December 31,
2015
|
|||||||
2016 (Unaudited)
|
||||||||
Raw materials
|
$
|
1,529
|
$
|
1,170
|
||||
Work in progress
|
207
|
142
|
||||||
Finished Goods
|
1,865
|
1,763
|
||||||
$
|
3,601
|
$
|
3,075
|
Note 4.
|
Property and Equipment
|
March 31,
2016
(Unaudited)
|
December 31,
2015
|
|||||||
Land
|
$
|
218
|
$
|
209
|
||||
Buildings
|
1,207
|
1,158
|
||||||
Machinery and equipment
|
1,234
|
1,196
|
||||||
Office furniture and equipment
|
242
|
232
|
||||||
Vehicles
|
54
|
53
|
||||||
Computer equipment
|
99
|
87
|
||||||
Construction in progress
|
234
|
225
|
||||||
Less: Accumulated depreciation
|
(1,311
|
)
|
(1,219
|
)
|
||||
$
|
1,977
|
$
|
1,941
|
Note 5.
|
Secured Lines of Credit, Long-term Debt, and Notes Due to Employees
|
March 31,
|
December 31,
2015
|
||||||
2016 (Unaudited)
|
|||||||
Hannoversche Volksbank credit line #1
|
$
|
1,250
|
$
|
1,120
|
|||
Hannoversche Volksbank credit line #2
|
350
|
383
|
|||||
Hannoversche Volksbank term loan #1
|
32
|
61
|
|||||
Hannoversche Volksbank term loan #2
|
25
|
24
|
|||||
Hannoversche Volksbank term loan #3
|
173
|
182
|
|||||
Secured Promissory Note
|
500
|
500
|
|||||
DZ Equity Partners Participation rights
|
852
|
818
|
|||||
Total
|
3,182
|
3,088
|
|||||
Discount on secured promissory notes and debt issuance costs
|
-
|
(110)
|
|||||
Less current portion of long-term debt
|
(3,072)
|
(2,857)
|
|||||
Long-term debt
|
$
|
110
|
$
|
121
|
Note 6.
|
Related Party Transactions
|
Note 7.
|
Common Stock
|
Note 8.
|
Preferred Stock and Warrants
|
March 31,
2016
|
December 31,
2015
|
|||||||
Shares Issued &
|
Shares Issued &
|
|||||||
Offering
|
Outstanding
|
Outstanding
|
||||||
Series A convertible
|
47,250
|
47,250
|
||||||
Series B convertible, 10% cumulative dividend
|
93,750
|
93,750
|
||||||
Series C convertible, 10% cumulative dividend
|
38,333
|
38,333
|
||||||
Series E convertible, 10% cumulative dividend
|
19,022
|
19,022
|
||||||
Total Preferred Stock
|
198,355
|
198,355
|
Liquidation Value:
|
$4.50 per share, $212,625
|
Conversion Price:
|
$10,303 per share
|
Conversion Rate:
|
0.00044—Liquidation Value divided by Conversion Price ($4.50/$10,303)
|
Voting Rights:
|
None
|
Dividends:
|
None
|
Conversion Period:
|
Any time
|
Liquidation Value:
|
$4.00 per share, $375,000
|
Conversion Price:
|
$1,000 per share
|
Conversion Rate:
|
0.0040—Liquidation Value divided by Conversion Price ($4.00/$1,000)
|
Voting Rights:
|
None
|
Dividends:
|
10%—Quarterly—Commencing March 31, 2001
|
Conversion Period:
|
Any time
|
Cumulative dividends in arrears at March 31, 2016 were $567,538
|
Liquidation Value:
|
$3.00 per share, $115,000
|
Conversion Price:
|
$600 per share
|
Conversion Rate:
|
0.0050—Liquidation Value divided by Conversion Price ($3.00/$600)
|
Voting Rights:
|
None
|
Dividends:
|
10%—Quarterly—Commencing March 31, 2002
|
Conversion Period:
|
Any time
|
Cumulative dividends in arrears at March 31, 2016 were $165,788
|
Liquidation Value:
|
$10.00 per share, $525,000
|
Conversion Price:
|
$1,000 per share
|
Conversion Rate:
|
.01—Liquidation Value divided by Conversion Price ($10.00/$1,000)
|
Voting Rights:
|
None
|
Dividends:
|
10%—Quarterly—Commencing April 30, 2002
|
Conversion Period:
|
Any time
|
Cumulative dividends in arrears at March 31, 2016 were $0
|
Liquidation Value:
|
$22.00 per share, $418,488
|
Conversion Price:
|
$800.00 per share
|
Conversion Rate:
|
.0275—Liquidation Value divided by Conversion Price ($22.00/$800)
|
Voting Rights:
|
Equal in all respects to holders of common shares
|
Dividends:
|
10%—Quarterly—Commencing May 31, 2002
|
Conversion Period:
|
Any time
|
Cumulative dividends in arrears at March 31, 2016 were $610,484
|
Weighted
|
||||||||||||||||
Weighted
|
Average
|
|||||||||||||||
Options and
|
Average
|
Aggregate
|
Remaining
|
|||||||||||||
Exercise
|
Intrinsic
|
Contractual
|
||||||||||||||
Warrants
|
Price
|
Value
|
Life (Years)
|
|||||||||||||
Outstanding at December 31, 2015
|
400,808
|
$
|
2.29
|
—
|
5.18
|
|||||||||||
Granted
|
250,000
|
$
|
0.80
|
—
|
5.00
|
|||||||||||
Exercised
|
—
|
—
|
—
|
—
|
||||||||||||
Expired
|
—
|
—
|
—
|
—
|
||||||||||||
Outstanding at March 31, 2016
|
650,808
|
$
|
1.72
|
—
|
4.96
|
Note 10.
|
Subsequent Events
|
Note 11.
|
Segment Information
|
United States
|
Germany
|
Poland
|
Total
|
|||||||||||||||||||||||||||||
March 31,
2016
|
December
31, 2015
|
March 31,
2016
|
December
31, 2015
|
March 31,
2016
|
December
31, 2015
|
March 31,
2016
|
December
31, 2015
|
|||||||||||||||||||||||||
Assets
|
$
|
11,435
|
$
|
11,826
|
$
|
6,862
|
$
|
6,357
|
$
|
185
|
$
|
195
|
$
|
18,482
|
$
|
18,378
|
||||||||||||||||
Property & equipment, net
|
79
|
84
|
1,895
|
1,853
|
3
|
4
|
1,977
|
1,941
|
||||||||||||||||||||||||
Intangible assets
|
10,518
|
10,518
|
-
|
-
|
-
|
-
|
10,518
|
10,518
|
United States
|
Germany
|
Poland
|
Total
|
|||||||||||||||||||||||||||||
|
March 31,
2016
|
March 31,
2015
|
March 31,
2016
|
March 31,
2015
|
March 31,
2016
|
March 31,
2015
|
March 31,
2016
|
March 31,
2015
|
||||||||||||||||||||||||
Revenues
|
$
|
274
|
$
|
280
|
$
|
1,842
|
$
|
2,003
|
$
|
15
|
$
|
4
|
$
|
2,131
|
$
|
2,287
|
||||||||||||||||
Net loss
|
(490
|
)
|
(163)
|
(89
|
)
|
(76)
|
(43
|
)
|
(16)
|
(622
|
)
|
(255)
|
Definition:
|
Histology - Cancer diagnostics based on the structures of cells in tissues
|
Cytology - Cancer diagnostics based on the structures of individual cells
|
Exhibit
|
||
Number
|
Description
|
|
31.1 |
Section 302 certification by the principal executive officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
|
|
31.2 |
Section 302 certification by the chief financial officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
|
|
32.1 |
Section 906 certification by the principal executive pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
|
|
32.2 |
Section 906 certification by the chief financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
|
|
101.INS*
|
XBRL Instance
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition
|
|
101.LAB*
|
XBRL Taxonomy Extension Labels
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation
|
MEDITE Cancer Diagnostics, Inc.
|
|
Date: May 13, 2016
|
/s/ Michaela Ott
|
Michaela Ott
|
|
Chief Executive Officer
|
|
Date: May 13, 2016
|
/s/ Robert F. McCullough, Jr.
|
Robert F. McCullough, Jr.
|
|
Chief Financial Officer
|
1 Year Medite Cancer Diagnostics (CE) Chart |
1 Month Medite Cancer Diagnostics (CE) Chart |
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