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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Schedule of ResponseDX Accounts Receivable
ResponseDX® accounts receivable as of December 31, 2012 and September 30, 2013, consisted of the following:
 
 
 
December 31,
2012
 
September 30,
2013
 
 
 
 
 
 
(Unaudited)
 
Net Medicare receivable
 
$
890,936
 
$
2,185,721
 
Net Private Payor receivable
 
 
2,924,412
 
 
3,590,552
 
 
 
 
3,815,348
 
 
5,776,273
 
Allowance for doubtful accounts
 
 
(991,990)
 
 
(1,159,756)
 
Total
 
$
2,823,358
 
$
4,616,517
 
Schedule of Estimated Useful Lives of Property and Equipment
The Company has determined the estimated useful lives of its property and equipment, as follows:
 
Laboratory equipment
5 to 7 years
Furniture and Equipment
3 to 7 years
Leasehold Improvements
Shorter of the useful life (5 to 7 years) or the lease term
Schedule of ResponseDX Revenue
The following details ResponseDX® revenue for the periods indicated:
 
 
 
Three Months
 
Nine Months
 
 
 
Ended September 30,
 
Ended September 30,
 
 
 
(Unaudited)
 
(Unaudited)
 
 
 
2012
 
2013
 
2012
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Medicare revenue
 
$
1,227,893
 
$
956,716
 
$
3,995,200
 
$
3,379,405
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Private Payor revenue
 
 
1,795,723
 
 
1,584,796
 
 
4,814,403
 
 
5,450,682
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net ResponseDX® revenue
 
$
3,023,616
 
$
2,541,512
 
$
8,809,603
 
$
8,830,087
 
Schedule of Revenue Sources that Account for Greater than 10 Percent of Total Revenue
Revenue sources that account for greater than 10 percent of total revenue are provided below.
 
 
 
Three Months
Ended September 30,
 
 
Nine Months
Ended September 30,
 
 
 
 
2012
 
 
2013
 
 
2012
 
 
2013
 
 
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
GlaxoSmithKline, LLC and GlaxoSmithKline Biologicals S.A.
 
$
1,664,515
 
 
31
%
 
$
710,335
 
 
17
%
 
$
2,619,519
 
 
20
%
 
$
3,745,894
 
 
25
%
 
Medicare, net of contractual allowances
 
$
1,227,893
 
 
23
%
 
$
956,716
 
 
23
%
 
$
3,995,200
 
 
30
%
 
$
3,379,405
 
 
23
%
 
Schedule of Customers that Account for Greater than 10 Percent of Accounts Receivable
Customers that account for greater than 10 percent of gross accounts receivable are provided below.
 
 
 
As of December 31, 2012
 
 
As of September 30, 2013
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
Receivable
Balance
 
Percent of
Total
Receivables
 
 
Receivable
Balance
 
Percent of
Total
Receivables
 
GlaxoSmithKline, LLC and GlaxoSmithKline Biologicals S.A.
 
$
1,691,144
 
 
27
%
 
$
1,380,374
 
 
19
%
Medicare, net of contractual allowances
 
$
890,936
 
 
14
%
 
$
2,185,721
 
 
30
%