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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 |
☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2017
|
|
|
|
|
☐
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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
☒
|
|
Emerging growth company
☐
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Page
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1
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2
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|
|
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4
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5
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14
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|
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20
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21
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||
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21
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21
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22
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||
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|
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23
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|
|
Three
Months Ended
June
30,
|
|
|
2017
(unaudited)
|
2016
(unaudited)
|
|
|
|
Net
sales
|
$
1,277
|
$
2,816
|
Cost
of revenues
|
1,228
|
1,546
|
Gross
profit
|
49
|
1,270
|
|
|
|
Operating
expenses
|
|
|
Depreciation
and amortization expense
|
54
|
50
|
Research
and development
|
329
|
421
|
Selling,
general and administrative
|
1,228
|
918
|
Total
operating expenses
|
1,611
|
1,389
|
Operating
loss
|
(1,562
)
|
(119
)
|
|
|
|
Other
expenses
|
|
|
Interest
expense, net
|
67
|
139
|
Other income,
net
|
(8
)
|
(50
)
|
Total
other expense, net
|
59
|
89
|
|
|
|
Loss
before income taxes
|
(1,621
)
|
(208
)
|
|
|
|
Income
tax provision (benefit)
|
4
|
(6
)
|
Net
loss
|
(1,625
)
|
(202
)
|
|
|
|
Preferred
dividend
|
(23
)
|
(23
)
|
|
|
|
Net
loss available to common stockholders
|
$
(1,648
)
|
$
(225
)
|
Loss per share
|
|
|
Basic
and diluted loss per share
|
$
(0.06
)
|
$
(0.01
)
|
Weighted
average basic and diluted shares outstanding
|
25,866,163
|
21,058,235
|
|
|
|
Condensed consolidated statements of comprehensive
loss
|
|
|
Net
loss
|
$
(1,625
)
|
$
(202
)
|
Other
comprehensive income (loss)
|
|
|
Foreign
currency translation adjustments
|
212
|
(136
)
|
Comprehensive
loss
|
$
(1,413
)
|
$
(338
)
|
|
Six
Months Ended June 30,
|
|
|
2017
|
2016
|
|
(unaudited)
|
(unaudited)
|
|
|
|
Net
sales
|
$
3,168
|
$
4,947
|
Cost of
revenues
|
2,439
|
2,759
|
Gross
profit
|
729
|
2,188
|
|
|
|
Operating
expenses
|
|
|
Depreciation and
amortization expense
|
103
|
101
|
Research and
development
|
754
|
781
|
Selling, general
and administrative
|
2,010
|
1,775
|
|
|
|
Total operating
expenses
|
2,867
|
2,657
|
Operating
loss
|
(2,138
)
|
(469
)
|
|
|
|
Other
expenses
|
|
|
Interest
expense
|
260
|
400
|
Loss
on extinguishment of notes due to employees
|
158
|
-
|
Other (income)
expenses, net
|
20
|
(39
)
|
Total other
expenses, net
|
438
|
361
|
|
|
|
Loss before income
taxes
|
(2,576
)
|
(830
)
|
|
|
|
Income tax
provision (benefit)
|
4
|
(6
)
|
Net
loss
|
(2,580
)
|
(824
)
|
|
|
|
Preferred
dividend
|
(46
)
|
(46
)
|
|
|
|
Net loss to common
stockholders
|
$
(2,626
)
|
$
(870
)
|
|
|
|
Loss per
share
|
|
|
Basic and diluted
loss per share
|
$
(0.11
)
|
$
(0.04
)
|
Weighted average
basic and diluted shares outstanding
|
24,411,435
|
21,058,235
|
|
|
|
Condensed
consolidated statements of comprehensive loss
|
|
|
Net
loss
|
(2,580
)
|
(824
)
|
Other comprehensive
income (loss)
|
|
|
Foreign currency
translation adjustments
|
159
|
55
|
|
|
|
Comprehensive
loss
|
$
(2,421
)
|
$
(769
)
|
|
Six
Months Ended ,
|
|
|
2017
|
2016
|
Cash
flows from operating activities:
|
|
|
Net
loss
|
$
(2,580
)
|
$
(824
)
|
Adjustments
to reconcile net loss to cash used in operating
activities
|
|
|
Depreciation
and amortization
|
103
|
101
|
Provision
for doubtful accounts
|
62
|
-
|
Stock-based
compensation
|
63
|
-
|
Amortization
of debt discount and debt issuance costs
|
-
|
219
|
Amortization
of shares issued for prepaid consulting services
|
6
|
-
|
Estimated
fair value of warrants issued in connection with secured promissory
notes
|
162
|
51
|
Loss
on extinguishment of notes due to employees
|
158
|
-
|
Changes
in assets and liabilities:
|
|
|
Accounts
receivable
|
302
|
42
|
Inventories
|
114
|
(827
)
|
Prepaid
expenses and other assets
|
(95
)
|
57
|
Accounts
payable and accrued expenses
|
313
|
439
|
Net
cash used in operating activities
|
(1,392
)
|
(742
)
|
|
|
|
Cash
flows from investing activities:
|
|
|
Purchases
of equipment
|
(27
)
|
(3
)
|
Increase
in other assets
|
-
|
(104
)
|
Net
cash used in investing activities
|
(27
)
|
(107
)
|
|
|
|
Cash
flows from financing activities:
|
|
|
Net
(repayment) borrowings on lines of credit
|
(24
)
|
406
|
Repayment
of secured promissory notes
|
(167
)
|
-
|
Repayment
of notes due to employees
|
(155
)
|
(50
)
|
Proceeds
from related party advances, net
|
-
|
13
|
Proceeds
from sale of common stock, net of issuance costs
|
2,000
|
-
|
Proceeds
from common stock subscribed
|
25
|
-
|
Net
cash provided by financing activities
|
1,679
|
369
|
|
|
|
Effect
of exchange rates on cash
|
42
|
38
|
Net
change in cash
|
302
|
(442
)
|
Cash
at beginning of period
|
108
|
587
|
|
|
|
Cash
at end of the period
|
$
410
|
$
145
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Cash
paid for interest
|
$
97
|
$
89
|
Cash
paid for income taxes
|
$
24
|
$
8
|
|
|
|
Supplemental
schedule of non-cash investing and financing
activities:
|
|
|
Reclassification
of warrant liability to additional paid in capital
|
$
-
|
$
90
|
Settlement
of liabilities through issuance of common stock
|
$
-
|
$
275
|
Issuance
of common stock for services
|
$
25
|
$
-
|
Issuance
of warrants on secured promissory notes classified as additional
paid-in capital and debt discount
|
$
-
|
$
192
|
Issuance
of common stock subscribed
|
$
25
|
$
-
|
Conversion
of secured promissory note plus accrued interest into common
stock
|
$
58
|
$
-
|
|
June
30,
2017
(Unaudited)
|
December
31,
2016
|
Raw
materials
|
$
1,474
|
$
1,309
|
Work
in process
|
142
|
203
|
Finished
goods
|
2,353
|
2,299
|
|
$
3,969
|
$
3,811
|
|
June
30,
2017
(Unaudited)
|
December
31,
2016
|
Hannoversche
Volksbank credit line #1
|
$
1,447
|
$
1,321
|
Hannoversche
Volksbank credit line #2
|
426
|
397
|
Hannoversche
Volksbank term loan #3
|
95
|
117
|
Secured
Promissory Note
|
433
|
650
|
DZ
Equity Partners Participation rights
|
857
|
789
|
Total
|
3,258
|
3,274
|
Less
current portion of long-term debt
|
(3,226
)
|
(3,214
)
|
Long-term
debt
|
$
32
|
$
60
|
|
Warrants
|
Weighted
Average Exercise Price
|
Aggregate
Intrinsic Value
|
Weighted
Average Remaining Contractual Life (Years)
|
Outstanding
at December 31, 2016
|
1,396,161
|
$
1.08
|
—
|
4.11
|
Granted
|
4,256,150
|
0.50
|
—
|
5.00
|
Exercised
|
—
|
—
|
—
|
—
|
Expired
|
—
|
—
|
—
|
—
|
Outstanding
at June 30, 2017
|
5,652,311
|
$
0.62
|
—
|
4.54
|
|
United
States
|
Germany
|
Poland
|
Total
|
||||
|
June
30,
2017
|
December
31,
2016
|
June
30,
2017
|
December
31,
2016
|
June
30,
2017
|
December
31,
2016
|
June
30,
2017
|
December
31,
2016
|
Assets
|
$
11,819
|
$
11,268
|
$
6,181
|
$
6,264
|
$
114
|
$
238
|
$
18,114
|
$
17,770
|
Property
& equipment, net
|
60
|
68
|
1,516
|
1,487
|
-
|
2
|
1,576
|
1,557
|
Intangible
assets
|
10,518
|
10,518
|
-
|
-
|
-
|
-
|
10,518
|
10,518
|
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
|
|
|
|
10.1
|
|
Form of
First Amendment to Amended and Restated Securities Purchase
Agreement
|
|
|
|
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
USC. 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 USC. 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: August 14, 2017
|
/s/ David Patterson
|
|
David Patterson
|
|
Chief Executive Officer
|
|
|
Date: August 14, 2017
|
/s/ Susan Weisman
|
|
Susan Weisman
|
|
Chief Financial Officer
|
1 Year Medite Cancer Diagnostics (CE) Chart |
1 Month Medite Cancer Diagnostics (CE) Chart |
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