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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2014
Significant Accounting Policies [Line Items]  
Schedule of ResponseDX Accounts Receivable
ResponseDX® accounts receivable as of December 31, 2013 and June 30, 2014, consisted of the following:
 
 
 
December 31,
2013
 
June 30,
2014
 
 
 
 
 
 
(Unaudited)
 
Net Medicare receivable
 
$
2,422,611
 
$
2,574,923
 
Net Private Payor receivable
 
 
4,315,587
 
 
4,806,646
 
 
 
 
6,738,198
 
 
7,381,569
 
Allowance for doubtful accounts
 
 
(2,404,659)
 
 
(1,912,668)
 
Total
 
$
4,333,539
 
$
5,468,901
 
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 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 June 30,
 
 
Six Months Ended June 30,
 
 
 
2013
 
 
2014
 
 
2013
 
 
2014
 
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
Revenue
 
Percent
of Total
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GlaxoSmithKline entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GlaxoSmithKline, LLC
 
$
502,814
 
 
22
%
 
$
 
 
%
 
$
502,814
 
 
*
%
 
 
 
 
%
GlaxoSmithKline Biologicals S.A.
 
 
1,176,361
 
 
10
 
 
 
392,875
 
 
*
 
 
 
2,532,745
 
 
23
 
 
 
721,155
 
 
*
 
Total GlaxoSmithKline entities
 
$
1,679,175
 
 
32
 
 
$
392,875
 
 
*
 
 
$
3,035,559
 
 
28
%
 
$
721,155
 
 
*
 
Medicare, net of contractual allowances
 
$
1,078,473
 
 
20
%
 
$
1,211,995
 
 
28
%
 
$
2,422,688
 
 
22
%
 
$
2,520,416
 
 
31
%
 
* Represents less than 10% of revenue.
Sales Revenue, Net [Member]
 
Significant Accounting Policies [Line Items]  
Schedule of Revenue by Major Customers by Reporting Segments
The following details ResponseDX® revenue for the periods indicated:
 
 
 
Three Months
 
Six Months
 
 
 
Ended June 30,
 
Ended June 30,
 
 
 
(Unaudited)
 
(Unaudited)
 
 
 
2013
 
2014
 
2013
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Medicare revenue
 
$
1,078,473
 
$
1,211,995
 
$
2,422,688
 
$
2,520,416
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Private Payor revenue
 
 
2,027,604
 
 
2,469,958
 
 
3,865,886
 
 
4,479,090
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net ResponseDX® revenue
 
$
3,106,077
 
$
3,681,953
 
$
6,288,574
 
$
6,999,506
 
Accounts Receivable [Member]
 
Significant Accounting Policies [Line Items]  
Schedule of Revenue by Major Customers by Reporting Segments
Customers that account for greater than 10 percent of gross accounts receivable are provided below.
 
 
 
As of December 31, 2013
 
As of June 30, 2014
 
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
Receivable
Balance
 
Percent of
Total
Receivables
 
Receivable
Balance
 
Percent of
Total
Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GlaxoSmithKline entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
GlaxoSmithKline LLC
 
$
597,937
 
 
*
%
$
 
 
%
GlaxoSmithKline Biologicals S.A.
 
$
544,298
 
 
*
%
$
701,797
 
 
11
%
Total GlaxoSmithKline entities
 
$
1,142,235
 
 
13
%
$
701,797
 
 
11
%
Medicare, net of contractual allowances
 
$
2,422,611
 
 
28
%
$
2,574,923
 
 
39
%
 
* Represents less than 10% of accounts receivable.