XML 27 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
8. SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
7. SUBSEQUENT EVENTS

On October 1, 2013, the Company satisfied the terms of its Letter of Credit pursuant to the landlord tenant agreement for its ADMA BioCenters subsidiary facility in Georgia. The Company was required to maintain a restricted cash balance of $452,000 as part of the Letter of Credit.  After satisfying its obligation in October 2013, the Company, on October 1, 2013, has reclassified the restricted cash balance of $452,004 to cash and cash equivalents.

 

On October 22, 2013, the Company completed its IPO by issuing 3,352,941 shares of its common stock, priced at $8.50 per share.  Aggregate net proceeds to ADMA, after deducting underwriting discounts and commissions was $26,499,998.  The Company expects its available cash on hand as of September 30, 2013, in addition to the funds received from the IPO to be sufficient to fund its operations into the first half of 2016.