Date of Report (Date of earliest event reported) | May 8, 2018 |
AquaBounty Technologies, Inc. |
(Exact name of registrant as specified in its charter) |
Delaware | 001-36426 | 04-3156167 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2 Mill & Main Place, Suite 395, Maynard, Massachusetts | 01754 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | 978-648-6000 |
(Former name or former address, if changed since last report.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press release issued by AquaBounty Technologies, Inc. on May 8, 2018, furnished herewith. |
AquaBounty Technologies, Inc. | ||
(Registrant) | ||
May 8, 2018 | /s/ David A. Frank | |
David A. Frank | ||
Chief Financial Officer |
• | Completed public offering of common shares and warrants, raising net funds of $10.6 million; |
• | received approval from the U.S. Food and Drug Administration (“FDA”) to raise AquAdvantage® Salmon at the Indiana facility; |
• | net loss for the three-month period ended March 31, 2018, increased to $2.4 million from $2.1 million in the corresponding period of the previous year, reflecting pre-production costs at the Indiana farm site and commencement of R&D activities at the Rollo Bay hatchery; and |
• | cash and cash equivalents were $6.9 million (December 31, 2017: $0.5 million). |
As of | ||||||||
March 31, | December 31, | |||||||
2,018 | 2,017 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,839,389 | $ | 492,861 | ||||
Certificate of deposit | 13,045 | 13,422 | ||||||
Other receivables | 217,536 | 183,926 | ||||||
Inventory | 125,293 | 172,363 | ||||||
Prepaid expenses and other current assets | 156,973 | 527,322 | ||||||
Total current assets | 7,352,236 | 1,389,894 | ||||||
Property, plant and equipment, net | 23,599,868 | 21,802,976 | ||||||
Definite-lived intangible assets, net | 181,569 | 184,995 | ||||||
Indefinite-lived intangible assets | 191,800 | 191,800 | ||||||
Other assets | 162,093 | 162,093 | ||||||
Total assets | $ | 31,487,566 | $ | 23,731,758 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 2,092,927 | $ | 2,666,855 | ||||
Current debt | 59,260 | 49,794 | ||||||
Total current liabilities | 2,152,187 | 2,716,649 | ||||||
Long-term debt | 3,001,813 | 3,034,420 | ||||||
Total liabilities | 5,154,000 | 5,751,069 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $0.001 par value, 200,000,000 shares authorized; | ||||||||
12,675,533 (2017: 8,895,094) shares outstanding | 12,676 | 8,895 | ||||||
Additional paid-in capital | 137,629,187 | 126,718,186 | ||||||
Accumulated other comprehensive loss | (326,002 | ) | (213,884 | ) | ||||
Accumulated deficit | (110,982,295 | ) | (108,532,508 | ) | ||||
Total stockholders’ equity | 26,333,566 | 17,980,689 | ||||||
Total liabilities and stockholders’ equity | $ | 31,487,566 | $ | 23,731,758 |
Three Months Ended | ||||||||
March 31, | ||||||||
2,018 | 2,017 | |||||||
Revenues | ||||||||
Product revenues | $ | 19,097 | $ | — | ||||
Costs and expenses | ||||||||
Product costs | 16,232 | — | ||||||
Sales and marketing | 81,647 | 208,288 | ||||||
Research and development | 977,817 | 720,022 | ||||||
General and administrative | 1,386,873 | 1,120,788 | ||||||
Total costs and expenses | 2,462,569 | 2,049,098 | ||||||
Operating loss | (2,443,472 | ) | (2,049,098 | ) | ||||
Other income (expense) | ||||||||
Gain on disposal of equipment | 1,160 | — | ||||||
Interest expense | (5,402 | ) | (5,280 | ) | ||||
Other income (expense), net | (2,073 | ) | (1,365 | ) | ||||
Total other income (expense) | (6,315 | ) | (6,645 | ) | ||||
Net loss | $ | (2,449,787 | ) | $ | (2,055,743 | ) | ||
Other comprehensive loss: | ||||||||
Foreign currency translation loss | (112,118 | ) | (14,286 | ) | ||||
Total other comprehensive loss | (112,118 | ) | (14,286 | ) | ||||
Comprehensive loss | $ | (2,561,905 | ) | $ | (2,070,029 | ) | ||
Basic and diluted net loss per share | $ | (0.21 | ) | $ | (0.24 | ) | ||
Weighted average number of common shares - | ||||||||
basic and diluted | 11,940,874 | 8,400,795 |