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 September 30, 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 |
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Houston, Texas 77042 |
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(Address of principal executive offices, including zip code) |
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(713) 780-4754 |
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(Registrant’s telephone number, including area code) |
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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 November 8, 2004, issuer had 30,174,801 shares of issued and outstanding common stock, par value $0.001.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Isolagen, Inc.
(A Development Stage Company)
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September 30, |
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December 31, |
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(unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
62,024,226 |
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$ |
15,935,558 |
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Accounts receivable, net of allowance for doubtful accounts |
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1,468,236 |
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207,202 |
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Inventory |
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877,081 |
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259,695 |
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Other receivables |
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375,907 |
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91,545 |
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Prepaid expenses |
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623,130 |
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254,508 |
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Total current assets |
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65,368,580 |
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16,748,508 |
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Property and equipment, net |
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3,006,059 |
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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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730,355 |
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134,119 |
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Total assets |
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$ |
69,644,994 |
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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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$ |
3,795,884 |
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$ |
1,460,478 |
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Accrued expenses |
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2,401,605 |
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535,975 |
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Deferred revenue |
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1,870,930 |
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384,287 |
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Total current liabilities |
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8,068,419 |
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2,380,740 |
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Long term liabilities |
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503,205 |
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— |
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Total liabilities |
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8,571,624 |
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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; |
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— |
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— |
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Common stock, $.001 par value; 50,000,000
shares authorized; |
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34,167 |
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26,672 |
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Additional paid-in capital |
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109,807,705 |
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50,862,258 |
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Other comprehensive income (foreign currency translation) |
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392,560 |
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374,380 |
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Accumulated deficit during development stage |
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(49,161,062 |
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(33,999,585 |
) |
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Total shareholders’ equity |
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61,073,370 |
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17,263,725 |
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Total liabilities and shareholders’ equity |
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$ |
69,644,994 |
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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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Cumulative |
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2004 |
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2003 |
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Revenues |
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Sales |
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$ |
2,176,407 |
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$ |
158,371 |
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$ |
4,063,201 |
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License fees |
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— |
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— |
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260,000 |
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