We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Akers Bio | LSE:AKR | London | Ordinary Share | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.50 | 50.00 | 65.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAKR
RNS Number : 2947W
Akers Biosciences, Inc.
18 August 2015
Embargoed: 0700hrs 18 August 2015
Akers Biosciences, Inc.
Akers Biosciences Announces its Financial Results for the Six Months Ended June 30, 2015
US Sales of Rapid HIT Test Continue to Rise: +44% Over H1 2014
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers Bio" or the "Company"), a medical device company focused on reducing the cost of healthcare through faster, easier diagnostics, reports its financial results for the six months ended June 30, 2015. The Form 10-Q containing the full financial statements for the six months and three months ended June 30, 2015 is available for viewing on the Company's website at www.akersbiosciences.com or www.sec.gov.
H1 Financial Highlights:
-- Revenue for H1 2015 was $1,476,970
-- US sales of flagship test for heparin--induced thrombocytopenia ("HIT") were $898,960 (+44% compared to H1 2014)
-- Company is beginning to see increased demand for its alcohol breathalyzer (mainly from EU) with $209,805 shipped in H1 and a larger pipeline of orders through the remainder of the year
-- Gross profit margin of 62% - consistent with management's expectations of where margins are expected to settle on a continuing basis
-- Gross profit of $909,603
-- Loss before income tax of $3,408,028 - which includes a one-time reserve of $864,000 for a past due receivable
-- Cash and marketable securities at June 30, 2015 of $6,677,360
H1 Operational Highlights
-- Sales and Marketing leadership team strengthened with appointments of additional senior sales and marketing executives
-- Added multiple sales executives across US to support distributors of rapid HIT test
-- Launched Akers Wellness product line with two new rapid breath tests for ketosis and oxidative stress targeting the health and wellness industry
-- Signed agreement to sell METRON(R) breath ketone test direct to consumers through Amazon Marketplace - online store to launch in Q3
-- Signed exclusive Master Distributor Agreement with ADS Inc. for marketing and supply of rapid tests to US Government agencies and departments
-- Expanded the international distribution network through the addition of new distributors for rapid HIT test in Europe, the Middle East and Africa (EMEA) - product now exposed to 30 non-US markets
-- Achieved ISO 13485 (2003) Certification which accelerates the process of gaining regulatory clearance for medical devices in certain countries, allowing the Company to get products to market faster
"Our core business of rapid tests for heparin-induced thrombocytopenia keeps growing," said Raymond F. Akers, Jr. PhD, Co-founder and Executive Chairman. "The benefits of the newly expanded sales team are beginning to be felt with domestic sales of this flagship product up 44 per cent compared with the first half of 2014; and we are confident of a significantly stronger second half of the year for this product," continued Dr. Akers.
"Outside of the HIT test business, we are very pleased to see a resurgence in demand from new customers for the alcohol breathalyzer product in the EU following the loss of the French revenue stream when the French government postponed the fine for drivers failing to possess breathalyzers in their vehicles. We have visibility over a healthy pipeline of orders from the EU for this product through the remainder of the year," continued Dr. Akers.
"One of the most significant events to occur in terms of the Company's future has been the creation of the new Akers Wellness product line and the introduction of its transformative breath tests - known as BreathScan OxiChek(TM) and BreathScan KetoChek(TM) - which connect to a bluetooth-enabled reader and synch via an app on any mobile device. These tests will enable doctors, chiropractors, suppliers of nutritional supplements, health coaches and consumers to monitor trends in critical metabolic processes with a level of convenience which has never before been available to them. This is a huge market globally - particularly in the US - and our proprietary technology for identifying biomarkers in exhaled breath positions us very well to capitalize on it," continued Dr. Akers.
"Looking ahead through the remainder of the year, the most important indicator is that domestic sales of the flagship HIT test continue to rise - and we expect this trend to accelerate. We also have a strong pipeline of orders for alcohol breathalyzers coming from new distributors in the EU. Longer term we're very excited about the prospects for our international business - particularly China where we see the most significant opportunity. While we have good revenue visibility through the remainder of the year in our core business, the Company's ability to meet full revenue expectations for the year remains partially dependent on the timing of large stocking orders from international distributors like those in China, which are influenced by external factors such as regulatory approvals. We are confident that such orders will materialize but there can be no certainty over their timing. We also expect to see initial revenue contributions this year from our Akers Wellness line as these transformative products establish their place in the market," said Dr. Akers.
Summary of Statements of Operations for the Six Months Ended June 30, 2015 and 2014
Revenue
Akers' revenue for the six months ended June 30, 2015 totaled $1,476,970, a 42% decrease from the same period in 2014. Importantly, sales of the flagship PIFA Heparin/PF4 Rapid Assay products increased by 44% over the six month period ended June 30, 2014. The reduction in overall revenue resulted from there having been an initial stocking order for Tri-Cholesterol "Check" tests in the first half of last year which was not repeated in the six months ended June 30, 2015 and from the impact on sales of BreathScan breathalyzer products following the French government's postponement, indefinitely, of the fine that was to be imposed for drivers failing to possess breathalyzers in their vehicles.
The table below summarizes our revenue by product line for the six months ended June 30, 2015 and 2014 as well as the percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent Product Lines June 30, 2015 June 30, 2014 Change --------------------------------------------- ---------------- ---------------- ------- MicroParticle Catalyzed Biosensor ("MPC") $ 209,805 $ 840,458 (75)% Particle ImmunoFiltration Assay ("PIFA") 898,960 622,188 44% Rapid Enzymatic Assay ("REA") - 864,000 (100)% Other 47,649 33,763 41% ------------ ------------ Product Revenue Total $ 1,156,414 $ 2,360,409 (51)% License Fees 320,556 166,667 92% ------------ ------------ Total Revenue $ 1,476,970 $ 2,527,076 (42)% ============ ============
The Company's MPC product sales declined during the six months ended June 30, 2015. During the same period of 2014, the Company received the final order from ChubeWorkx for the Company's breathalyzer product. The decline was partially offset by an initial stocking order from a new distributor in the European Union ("EU"). An initial order for 2,000,000 devices was received and units began to ship in June. Additional shipments will be released as directed by the distributor over the next twelve months.
Domestic sales of the Company's PIFA Heparin/PF4 Rapid Assay products continues to grow. The Company has expanded its sales and marketing staff to cover most of the United States, adding technical sales account executives whose role is to significantly support the sales representatives of Akers' US distribution partners, Cardinal Health ("Cardinal"), Fisher HealthCare ("Fisher") and Typenex Medical ("Typenex"). We have begun to recognize the revenue benefits from the expansion of the sales and marketing staff and expect this to continue as the additional sales executives become more involved with the distributor representatives in their sales regions.
There were no sales in the six months ended June 30, 2015 for the Tri-Cholesterol "Check" tests, part of the REA line of products, which generated sales of $864,000 during the same period of 2014. The revenue generated in the 2014 sale of the Tri-Cholesterol "Check" tests was due to an initial stocking order from 36 Strategies General Trading, LLC to distribute the tests in Australia, Singapore, the United Arab Emirates and Oman.
Other operating revenue increased due to a rise in shipping and handling fees, a result of increased volume and the mix of domestic and international shipments.
The Company's exclusive License and Supply Agreement with ChubeWorkx Guernsey Limited ("ChubeWorkx") for the Company's proprietary breathalyzer product was cancelled by both parties on May 7, 2015. As a result of this event, and per the terms of the original agreement, the Company recognized the remaining $166,667 of deferred revenue in the statement of operations for the period ended June 30, 2015. The Company is now able to solicit business outside the United States for its alcohol breathalyzer products and has begun to receive and ship orders.
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 02:00 ET (06:00 GMT)
Cost of sales for the six months ended June 30, 2015 decreased by 24% compared to the same period in 2014 to $567,367 from $745,732 in 2014. Direct cost of sales increased to 24% of product revenue while indirect cost of sales increased to 25% for the six months ended June 30, 2015 as compared to 22% and 9% respectively for the same period in 2014. Overall, cost of sales, as a percentage of product revenue, was 49% and 31% for the six month periods ended June 30, 2015 and 2014.
Direct cost of sales for the six month period ended June 30, 2015 showed a small increase of 2% of product revenue over 2014. The increase for the six months ended June 30, 2015 was due to one significant event that occurred in the six months ended June 30, 2014; during prior periods, the Company had written-off its REA product inventory while it worked to develop a market and identify a distributor for the product line. As a result of this action, no significant cost of sales was associated with the REA product revenue.
The increase in indirect cost of sales is attributed to an ongoing project to improve the management, reporting and turn-over rate of our production inventory. The increase was mitigated by a reduction in indirect personnel expenses in the six months ended June 30, 2015. In addition, the percentage increase is affected by the fixed cost nature of many of the components in this category.
Akers' gross profit margin, as a percentage of revenue, decreased to 62% for the six months ended June 30, 2015 as compared to 70% in 2014 for the reasons described above and is consistent with management's expectations of where margins are expected to settle on a continuing basis.
General and Administrative Expenses
General and administrative expenses for the six months ended June 30, 2015, totaled $2,444,964, which was a 46% increase as compared to $1,670,728 for the six months ended June 30, 2014.
The table below summarizes our general and administrative expenses for the six months ended June 30, 2015 and 2014 as well as the percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent Description June 30, 2015 June 30, 2014 Change ------------------------------------------ ---------------- ---------------- ------- Personnel Costs $ 417,101 $ 437.867 (5)% Professional Service Costs 498,470 435,587 14% Stock Market & Investor Relations Costs 272,007 349,031 (22)% Other General and Administrative Costs 1,257,386 448,243 181% ------------ ------------ Total General and Administrative Expenses $ 2,444,964 $ 1,670,728 46% ============ ============
During the six months ended June 30, 2014, the Company issued stock options to the officers and key employees which accounts for the most significant fluctuation in personnel and other general and administrative costs, where, during the same period of 2015, no costs were incurred.
The increase in professional service costs for the period ended June 30, 2015 is related to costs associated with various corporate and legal affairs. Also included in this increase is the use of employment agencies to seek out qualified applicants for our sales and marketing department.
Offsetting a portion of the professional service expenses was the elimination of management fees paid to Nicolette Consulting Group for services that were incurred in the six months ended June 30, 2014.
The Company established an allowance for bad debts of $864,000 for a receivable that was due June 30, 2015 during the six months ended June 30, 2015. During the six months ended June 30, 2014, the Company issued stock options to the directors which offsets a portion of the increase in other general and administrative expenses, where, during the same period of 2015, no costs were incurred.
Sales and Marketing Expenses
Sales and marketing expenses for the six months ended June 30, 2015 totaled $1,128,792, which was an 86% increase as compared to $607,707 for the six months ended June 30, 2014
The table below summarizes our sales and marketing expenses for the six months ended June 30, 2015 and 2014 as well as the percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent Description June 30, 2015 June 30, 2014 Change --------------------------------------- ---------------- ---------------- ------- Personnel Costs $ 616,607 $ 266,290 132% Professional Service Costs 366,781 231,129 59% Royalties and Outside Commission Costs 27,454 74,190 (63)% Other Sales and Marketing Costs 117,950 36,098 227% ------------ ------------ Total Sales and Marketing Expenses $ 1,128,792 $ 607,707 86% ============ ============
Sales and marketing expenses have increased in the six months ended June 30, 2015 due to the expansion from four employees at June 30, 2014 to ten employees as of June 30, 2015.
Professional service costs increased during the six months ended June 30, 2015 from the use of external market research firms to help the Company identify new markets for our product lines and to increase our market penetration in our existing markets.
Other sales and marketing costs during the six months ended June 30, 2015 increased compared to the same period of 2014 mainly due to increased travel and trade show activity.
Research and Development
Research and development expenses for the six months ended June 30, 2015 totaled $683,799, which was a 36% increase as compared to $502,489 for the six months ended June 30, 2014.
The table below summarizes our research and development expenses for the six months ended June 30, 2015 and 2014 as well as the percentage of change year-over-year:
6 Months Ended 6 Months Ended Percent Description June 30, 2015 June 30, 2014 Change ---------------------------------------- ---------------- ---------------- ------- Personnel Costs $ 331,691 $ 415,719 (20)% Clinical Trial Costs 23,613 8,000 195% Professional Service Costs 246,127 24,613 900% Other Research and Development Costs 82,368 54,157 52% ------------ ------------ Total Research and Development Expenses $ 683,799 $ 502,489 36% ============ ============
During the six months ended June 30, 2014, the Company issued stock options to key employees which accounts for the most significant fluctuation in personnel costs, where, during the same period of 2015, no costs were incurred.
Clinical trial costs, professional service costs and other research and development costs have increased in the six months ended June 30, 2015 due to the significant costs associated with preparing several key products for market. Major expenses include engineering fees, product insert and packaging design, testing and clinical trials.
The following table illustrates research and development costs by project for the six months ended June 30, 2015 and 2014, respectively.
Project 2015 2014 --------------------------------- -------- -------- Asthma/pH $ 4,917 $ 5,359 Breath Alochol Phone Application - 6,747 BreathScan(R) 46,626 13,866 Chlamydia Trachomatis 79,860 - CHUBE 397 3,867 Heparin/PF4 43,514 55,124 HIV 58,718 56,586 Ketone 45,922 43,345 Lithium 40,638 - Lyophilization - 68,906 Malaria - 6,755 METRON 61,299 4,904 Other Projects 74,301 6,199 PIFA PLUSS(R) PF4 - 20,080 Sonicator OQ 886 - Troponin (heart attacks) 104,592 - Tri-Cholesterol 64,890 54,794 VIVO 57,239 155,957 ------- ------- Total R&D Expenses: $683,799 $502,489 ======= =======
Other Income and Expense
Other income increased for the six months ended June 30, 2015 to $69,210 from $38,272 for the same period in 2014. The increase is the result of interest and dividend earnings on the marketable securities and the note receivable totaling $69,169 (2014: $29,707) and was partially offset by a loss on foreign currency transactions of $5,969 (2014: gain of $3,896).
Income Taxes
As of June 30, 2015, the Company does not believe any uncertain tax positions exist that would result in the Company having a liability to the taxing authorities. The Company's policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively in the consolidated statement of operations.
Liquidity and Capital Resources
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 02:00 ET (06:00 GMT)
For the six months ended June 30, 2015 and 2014, the Company generated a net loss attributable to shareholders of $3,408,028 and $1,106,388, respectively. As of June 30, 2015 and December 31, 2014, the Company has an accumulated deficit of $88,272,114 and $84,864,086 and had cash totaling $261,234 and $455,841, respectively.
Currently, our primary focus is to expand the domestic and international distribution of our PIFA Heparin/PF4 rapid assays. The Company's secondary focus is preparing for the launch of our health and wellness product line linked to smartphones and tablets. The Company continues commercialization tasks for METRON and VIVO, as well as development activities for its PIFA PLUSS(R) Infectious Disease single-use assays, BreathScan(R) DKA, and Breath PulmoHealth products, including advancement of the steps required for FDA clearance or CE marking in the EU where necessary.
We expect to continue to incur losses from operations for the near-term and these losses could be significant as we incur product development, clinical and regulatory activities, contract consulting and other product development and commercialization related expenses. We believe that our current working capital position will be sufficient to meet our estimated cash needs for at least 33 months. We are closely monitoring our cash balances, cash needs and expense levels. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might result in the possible inability of the Company to continue as a going concern.
We expect that our primary expenditures will be to continue development of our health and wellness line, PIFA PLUSS(R) Infectious Disease single-use assays, BreathScan(R) DKA and Breath PulmoHealth products, enroll patients in clinical trials to support performance claims, generate studies in peer-reviewed journals to support product marketing, and provide data for the FDA 510(k) clearance/CE certifications processes when required. We will also continue to support commercialization and marketing activities of commercialized products (PIFA Heparin/PF4 rapid assays, PIFA PLUSS(R) PF4, breath alcohol detectors, METRON and VIVO) in the US and internationally. Based upon our experience, clinical trial and related regulatory expenses can be significant costs. Steps to achieve commercialization of emerging products will be an ongoing and evolving process with expected improvements and possible subsequent generations being evaluated for commercialized and emerging tests. Should we be unable to achieve FDA clearance for products that require such regulatory "approval", develop performance characteristics for rapid tests that satisfy market needs, or generate sufficient revenue from commercialized products, we would need to rely on other business or product opportunities to generate revenue and costs that we have incurred for the patents may be deemed impaired.
Capital expenditures for production for the six months ended June 30, 2015 were $44,509 (2014: $1,660). Capital expenditures, primarily for production, laboratory and facility improvement costs for the year ending December 31, 2015 are expected to be approximately $250,000. As per the Company's lease agreement, the owner of the facility will be handling the majority of facility upgrades, and we anticipate financing any production and laboratory capital expenditures through working capital.
The Company invested $64,091 for a 19.9% ownership position in a joint venture with Hainan Savy Investment Management, Ltd and Mr. Thomas Knox, the Company's Non-executive Co-chairman, to research, develop, produce and sell Akers' rapid diagnostic screening and testing products in China. The new entity, incorporated in the People's Republic of China, operates as Hainan Savy Akers Biosciences, Ltd.
The Company may enter into generally short-term consulting and development agreements primarily for testing services and in connection with clinical trials conducted as part of the Company's development process which may include activities related to the development of technical files for FDA 510(k) clearance submissions. Such commitments at any point in time may be significant but the agreements typically contain cancellation provisions.
We lease our manufacturing facility which also contains our administrative offices. Our current lease was executed January 1, 2013 and is effective through December 31, 2019. The Company has leased this property from the current owner since 1997.
Due to recent market events that have adversely affected all industries and the economy as a whole, management has placed increased emphasis on monitoring the risks associated with the current environment, particularly the recoverability of current assets, the fair value of assets, and the Company's liquidity. At this point in time, there has not been a material impact on the Company's assets and liquidity. Management will continue to monitor the risks associated with the current environment and their impact on the Company's results.
The Company's net cash provided by investing and financing activities totaled $2,769,177 during the six months ended June 30, 2015. Cash was consumed by capital expenditures, the investment in Hainan Savy Akers Biosciences, Ltd. and the purchase of marketable securities of $143,155. Proceeds from the sale of marketable securities and a policy renewal incentive from an insurer contributed cash of $2,912,332 for the period ended June 30, 2015.
The Company's net cash provided by investing and financing activities totaled $2,093,432, during the six months ended June 30, 2014. Cash was consumed by capital expenditures, the payment of a short-term note payable - related party, the purchase of marketable securities and the payment of dividends on Series A Convertible Preferred Stock totaling $12,838,926. Proceeds from the issuance of common shares, proceeds from the sale of marketable securities and the demutualization of an insurer contributed cash of $14,932,358 for the period ended June 30, 2014.
Operating Activities
Our net cash consumed by operating activities totaled $2,963,784 during the six months ended June 30, 2015. Cash was consumed by the loss of $3,408,028 less non-operating gains of $6,010 plus a non-cash adjustment of $160,931 for depreciation and amortization of non-current assets, $864,000 for an allowance for bad debts and $223 for accrued interest and dividends on marketable securities. For the six months ended June 30, 2015, decreases in notes receivable - related party, other receivables and inventories of $222,272 and an increase in trade and other payables of $323,849 provided cash, primarily related to routine changes in operating activities. A net increase in trade receivables and other assets of $815,465 and a decrease in deferred revenue - related party of $305,556 consumed cash from operating activities.
Akers' net cash consumed by operating activities totaled $1,794,784 during the six months ended June 30, 2014. Cash was consumed by the loss of $1,090,595 less non-operating gains of $20,364 plus non-cash adjustments of $723,247 for depreciation and amortization of non-current assets and the issuance of stock options. For the six months ended June 30, 2014, decreases in inventory and other assets of $334,747 provided cash while a net increase in trade receivables, trade receivables - related parties and other receivables of $1,206,368 and decreases in trade and other payables, trade and other payables - related parties and deferred revenue - related party of $535,451 consumed cash from operating activities.
Financial statements
Condensed Consolidated Balance Sheets
June 30, 2015 and December 31, 2014
2015 2014 ------------ ------------ (unaudited) (audited) ASSETS Current Assets Cash $ 261,234 $ 455,841 Marketable Securities 6,416,126 9,264,961 Trade Receivables (net) 1,901,919 1,154,290 Trade Receivables - Related Party (net) - 864,000 Notes Receivable - Related Party 273,189 266,457 Other Receivables 33,857 41,435 Inventories (net) 821,988 905,116 Other Current Assets 175,468 107,633 ----------- ----------- Total Current Assets 9,883,781 13,059,733 ----------- ----------- Non-Current Assets Notes Receivable - Related Party 1,071,011 1,209,309 Property, plant and equipment, net 214,347 201,483 Intangible assets, net 2,046,779 2,176,065 Other Assets 68,374 4,282 ----------- ----------- Total Non-Current Assets 3,400,511 3,591,139 ----------- -----------
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 02:00 ET (06:00 GMT)
Total Assets $ 13,284,292 $ 16,650,872 =========== =========== LIABILITIES Current Liabilities Trade and Other Payables $ 1,164,979 $ 1,538,430 Deferred Revenue - Related Party - 305,556 ----------- ----------- Total Current Liabilities 1,164,979 1,843,986 ----------- ----------- Total Liabilities 1,164,979 1,843,986 ----------- ----------- STOCKHOLDERS' EQUITY Convertible Preferred Stock, No par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2015 and December 31, 2014 - - Common Stock, No par value, 500,000,000 shares authorized, 5,144,837 and 4,954,837 issued and outstanding as of June 30, 2015 and December 31, 2014 100,388,396 99,691,096 Accumulated Deficit (88,272,114) (84,864,086) Accumulated Other Comprehensive Income/(Loss) 3,031 (20,124) ----------- ----------- Total Stockholders' Equity 12,119,313 14,806,886 ----------- ----------- Total Liabilities and Stockholders' Equity $ 13,284,292 $ 16,650,872 =========== ===========
Condensed Consolidated Statements of Operations and Comprehensive Income
(unaudited)
Three months ended Six months ended June 30, June 30, ------------------------ ------------------------- 2015 2014 2015 2014 ----------- ---------- ----------- ----------- Revenues: Product Revenue $ 744,700 $ 405,823 $ 1,156,414 $ 730,030 Product Revenue - Related party - 864,000 - 1,630,379 License Revenue - - 15,000 - License Revenue - Related party 222,222 83,333 305,556 166,667 ---------- --------- ---------- ---------- Total Revenue 966,922 1,353,156 1,476,970 2,527,076 Cost of Sales: Product Cost of Sales (341,025) (141,408) (567,367) (745,732) ---------- --------- ---------- ---------- Gross Profit 625,897 1,211,748 909,603 1,781,344 Administrative Expenses 882,531 1,017,047 1,580,964 1,475,726 Administrative Expenses - Related parties 864,000 - 864,000 195,002 Sales and Marketing Expenses 553,539 396,609 1,128,792 607,707 Research and Development Expenses 378,225 248,951 683,799 502,489 Amortization of Non-Current Assets 64,643 64,643 129,286 129,287 ---------- --------- ---------- ---------- Loss from Operations (2,117,041) (515,502) (3,477,238) (1,128,867) ---------- --------- ---------- ---------- Other (Income)/Expenses Foreign Currency Transaction (Gain)/Loss 6,965 (1,497) 5,969 (3,896) Gain from demutualization of insurance carrier - - - (4,669) Interest and Dividend Income (37,122) (19,010) (69,169) (29,707) Other Income (655) - (6,010) - ---------- --------- ---------- ---------- Total Other Income (30,812) (20,507) (69,210) (38,272) ---------- --------- ---------- ---------- Loss Before Income Taxes (2,086,229) (494,995) (3,408,028) (1,090,595) Income Tax Benefit - - - - ---------- --------- ---------- ---------- Preferred Stock Dividend - (15,793) - (15,793) ---------- --------- ---------- ---------- Net Loss Attributable to Common Stockholders (2,086,229) (510,788) (3,408,028) (1,106,388) ---------- --------- ---------- ---------- Other Comprehensive Income/(Loss) Unrealized Gains/(Losses) on Marketable Securities (3,559) 7,325 23,155 (3,549) ---------- --------- ---------- ---------- Total Other Comprehensive Income/(Loss) (3,559) 7,325 23,155 (3,549) ---------- --------- ---------- ---------- Comprehensive Loss $(2,089,788) $ (503,463) $(3,384,873) $(1,109,937) ========== ========= ========== ========== Basic & diluted loss per common share $ (0.41) $ (0.10) $ (0.66) $ (0.24) ========== ========= ========== ========== Weighted average basic & diluted common shares outstanding 5,144,837 4,894,837 5,135,389 4,548,312 ========== ========= ========== ==========
Condensed Consolidated Statement of Changes in Stockholder's Equity
For six months ended June 30, 2015
Common Accumulated Shares Other Issued and Common Accumulated Comprehensive Total Outstanding Stock Deficit Income/(Loss) Equity ------------ ------------ ------------ --------------- ----------- Balance at December 31, 2014 (audited) 4,954,837 $ 99,691,096 $(84,864,086) $ (20,124) $14,806,886 Net loss for the period - (3,408,028) - (3,408,028) Issuance of Restricted Common Stock for Directors & Officers 190,000 697,300 - - 697,300 Unrealized gain on marketable securities - - 23,155 23,155 ----------- ----------- ----------- ----------- ---------- Balance at June 30, 2015 (unaudited) 5,144,837 $100,388,396 $(88,272,114) $ 3,032 $12,119,313 =========== =========== =========== =========== ==========
Condensed Consolidated Statement of Cash Flow
For six months ended June 30, 2015 and 2014
(unaudited)
2015 2014 ----------- ------------ Cash flows from operating activities Net loss for the period $(3,408,028) $ (1,090,595) Adjustments to reconcile net loss to net cash used in operating activities: Accrued interest and dividends on marketable securities 223 (15,695) Depreciation and amortization 160,931 173,647 Reserve for bad debts 864,000 - Gain from other non-operating activities (6,010) (4,669) Non-cash share based compensation - 549,600 Changes in assets and liabilities Increase in trade receivables (747,629) (926,766) Increase in trade receivables - related party - (266,379) Decrease in notes receivables - related party 131,566 - (Increase)/decrease in other receivables 7,578 (13,223) Decrease in inventories 83,128 272,501 (Increase)/decrease in other assets (67,836) 62,246
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2015 02:00 ET (06:00 GMT)
1 Year Akers Biosciences Chart |
1 Month Akers Biosciences Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions