UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
ý Quarterly Report
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2004
o Transition Report
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
(Exact name of registrant as specified in its charter)
Delaware |
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001-31564 |
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87-0458888 |
(State or other
jurisdiction
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(Commission File Number) |
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(I.R.S. Employer
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2500 Wilcrest, 5th Floor
Houston, Texas 77042
(Address of principal executive offices, including zip code)
(713) 780-4754
(Registrant’s telephone number, including area code)
Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for any shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No
Check whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act.) o Yes ý No
As of May 12, 2004, issuer had 26,808,111 shares of issued and outstanding common stock, par value $0.001.
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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PART I - FINANCIAL INFORMATION
Isolagen, Inc.
(A Development Stage Company)
Consolidated Balance Sheets
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March 31, |
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December
31, |
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(unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
13,087,936 |
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$ |
15,935,558 |
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Accounts receivable, net of allowance for doubtful accounts |
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554,296 |
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207,202 |
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Inventory |
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269,381 |
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259,695 |
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Other receivables |
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100,552 |
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91,545 |
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Prepaid expenses |
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434,848 |
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254,508 |
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Total current assets |
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14,447,013 |
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16,748,508 |
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Property and equipment, net |
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2,081,042 |
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2,221,838 |
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Intangible assets |
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540,000 |
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540,000 |
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Other assets |
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139,268 |
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134,119 |
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Total assets |
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$ |
17,207,323 |
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$ |
19,644,465 |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
1,493,570 |
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$ |
1,460,478 |
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Accrued expenses |
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1,063,284 |
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535,975 |
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Deferred revenue |
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698,787 |
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384,287 |
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Total current liabilities |
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3,255,641 |
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2,380,740 |
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Total liabilities |
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3,255,641 |
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2,380,740 |
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Commitments and contingencies |
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Shareholders’ equity |
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Preferred stock, $.001 par value; 5,000,000 shares authorized; no shares issued and outstanding |
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— |
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— |
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Common stock, $.001 par value; 50,000,000 shares authorized; 26,769,718 and 26,672,192 shares issued and outstanding, respectively |
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26,770 |
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26,672 |
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Additional paid-in capital |
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52,375,378 |
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50,862,258 |
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Other comprehensive income (foreign currency translation) |
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415,863 |
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374,380 |
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Accumulated deficit during development stage |
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(38,866,329 |
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(33,999,585 |
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Total shareholders’ equity |
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13,951,682 |
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17,263,725 |
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Total liabilities and shareholders’ equity |
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$ |
17,207,323 |
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$ |
19,644,465 |
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The accompanying notes are an integral part of these statements.
1
Isolagen, Inc.
(A Development Stage Company)
Consolidated Statements of Operations
(unaudited)
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Three
Months Ended |
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Cumulative |
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2004 |
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2003 |
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2004 |
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Revenues |
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Sales |
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$ |
289,357 |
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$ |
371 |
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$ |
2,176,151 |
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License fees |
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— |
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— |
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260,000 |
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Total revenues |
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289,357 |
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371 |
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2,436,151 |
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Cost of sales |
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226,905 |
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994 |
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786,323 |
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Gross profit (loss) |
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62,452 |
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(623 |
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1,649,828 |
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Selling, general and administrative expenses |
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3,764,319 |
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1,660,490 |
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18,905,735 |
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Research and development |
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1,182,982 |
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591,081 |
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8,254,443 |
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Operating loss |
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(4,884,849 |
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(2,252,194 |
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(25,510,350 |
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