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(3) SEGMENT ANALYSIS
9 Months Ended
Sep. 30, 2011
Segment Reporting, General Information
(3) SEGMENT ANALYSIS

The Company has two operating segments: Equipment Sales and Related Services, and Cryobanking and Related Services.

The Equipment Sales and Related Services segment comprises the Blood Volume Analyzer equipment and related activity. This includes equipment sales, equipment rentals, equipment delivery fees, BVA-100 kit sales and service contract revenues.

The Cryobanking and Related Services segment is comprised of activity relating to the storage of blood and semen, and related laboratory services and handling fees.

Although not deemed an operating segment: the Company reports a third business segment; Investment activity. This segment reports the activity of the Company’s investment portfolio. This includes all earnings, gains and losses, and expenses relating to these investments.

The following table summarizes the results of each segment described above for the three months ended September 30, 2011 (unaudited).

   
September 30, 2011
 
   
Equipment
Sales &
Related
Services
   
Cryobanking
& Related
Services
   
Investment
Activity
   
Total
 
                         
Revenues
 
$
260,231
   
$
80,676
   
$
—
   
$
340,907
 
                                 
Expenses
                               
Cost of sales
   
136,166
     
13,210
     
—
     
149,376
 
Research and development expenses
   
591,043
     
46,008
     
—
     
637,051
 
Selling, general and administrative expenses
   
639,894
     
175,658
     
—
     
815,552
 
                                 
Total Expenses
   
1,367,103
     
234,876
     
—
     
1,601,979
 
                                 
Operating loss
   
(1,106,872
)
   
(154,200
)
   
—
     
(1,261,072
)
                                 
Investment loss, net
   
—
     
—
     
(5,741,057
)     
(5,741,057
) 
                                 
Other income (expense)
                               
                                 
Interest expense, net
   
(5,412
)
   
—
     
(24,357
)
   
(29,769
)
                                 
Other income
   
3,093
     
—
     
—
     
3,093
 
                                 
Total Other Expense
   
(2,319
)
   
—
     
(24,357
)
   
(26,676
)
                                 
Loss before income taxes
   
(1,109,191
)
   
(154,200
)
   
(5,765,414
)     
(7,028,805
) 
                                 
Income tax expense (benefit)
   
(10,806
)     
470
     
(2,834,800
) 
   
(2,845,136
) 
                                 
Net Income (loss)
 
$
(1,098,385
)
 
$
(154,670
)
 
$
(2,930,614
)   
$
(4,183,669
) 
                                 
Total assets
 
$
4,842,613
   
$
131,629
   
$
83,278,400
   
$
88,252,642
 

The following table summarizes the results of each segment described above for the three months ended September 30, 2010 (unaudited).

   
September 30, 2010
 
   
Equipment Sales &
Related Services
   
Cryobanking & Related Services
   
Investment Activity
   
Total
 
                         
Revenues
 
$
368,201
   
$
 85,080
   
$
 —
   
$
 453,281
 
                                 
Expenses
                               
Cost of sales
   
 174,014
     
 11,728
     
 —
     
 185,742
 
Research and development expenses
   
 642,143
     
 52,587
     
—
     
 694,730
 
Selling, general and administrative expenses
   
 651,639
     
 206,035
     
 —
     
 857,674
 
                                 
Total Expenses
   
1,467,796
     
270,350
     
—
     
1,738,146
 
                                 
Operating loss
   
(1,099,595
)
   
 (185,270
)
   
—
     
(1,284,865
)
                                 
Investment income, net
   
 —
     
 —
     
5,706,063
     
5,706,063
 
                                 
Other income (expense)
                               
                                 
Interest expense, net
   
 (6,896
)
   
 —
     
 (13,427
)
   
 (20,323
)
                                 
Other income
   
 3,041
     
 —
     
—
     
 3,041
 
Total Other Income (expense)
   
(3,855
)
   
 —
     
(13,427
)
   
(17,282
)
                                 
Income (loss) before income taxes
   
(1,103,450
)
   
(185,270
)
   
 5,692,636
     
 4,403,916
 
Income tax expense
   
75,403
     
—
     
1,723,709
     
1,799,112
 
                                 
Net Income (loss)
 
$
 (1,178,853
)
 
$
 (185,270
)
 
$
 3,968,927
   
$
2,604,804
 
                                 
Total assets
 
$
5,052,684
   
$
162,402
   
$
 81,032,990
   
$
86,248,076
 

The following table summarizes the results of each segment described above for the nine months ended September 30, 2011 (unaudited).

   
September 30, 2011
 
   
Equipment
Sales &
Related
Services
   
Cryobanking
& Related
Services
   
Investment
Activity
   
Total
 
                         
Revenues
 
$
841,158
   
$
235,357
   
$
—
   
$
1,076,515
 
                                 
Expenses
                               
Cost of sales
   
445,453
     
30,104
     
—
     
475,557
 
Research and development expenses
   
1,853,350
     
143,074
     
—
     
1,996,424
 
Selling, general and administrative expenses
   
2,903,796
     
481,544
     
—
     
3,385,340
 
                                 
Total Expenses
   
5,202,599
     
654,722
     
—
     
5,857,321
 
                                 
Operating loss
   
(4,361,441
)
   
(419,365
)
   
—
     
(4,780,806
)
                                 
Investment loss, net
   
—
     
—
     
(4,868,729
)     
(4,868,729
) 
                                 
Other income (expense)
                               
                                 
Interest expense, net
   
(28,004
)
   
—
     
(113,673
)
   
(141,677
)
                                 
Other income
   
9,281
     
—
     
—
     
9,281
 
                                 
Total Other Expense
   
(18,723
)
   
—
     
(113,673
)
   
(132,396
)
                                 
Loss before income taxes
   
(4,380,164
)
   
(419,365
)
   
(4,982,402
)     
(9,781,931
) 
                                 
Income tax expense (benefit)
   
112,176
     
470
     
(4,200,126
) 
   
(4,087,480
) 
                                 
Net Income (loss)
 
$
(4,492,340
)
 
$
(419,835
)
 
$
(782,276
)   
$
(5,694,451
)
                                 
Total assets
 
$
4,842,613
   
$
131,629
   
$
83,278,400
   
$
88,252,642
 

The following table summarizes the results of each segment described above for the nine months ended September 30, 2010 (unaudited).

   
September 30, 2010
 
   
Equipment Sales &
Related Services
   
Cryobanking & Related Services
   
Investment Activity
   
Total
 
                         
Revenues
 
$
 958,929
   
$
 258,956
   
$
 —
   
$
1,217,885
 
                                 
Expenses
                               
Cost of sales
   
 516,304
     
 26,626
     
 —
     
 542,930
 
Research and development expenses
   
2,166,121
     
 155,143
     
—
     
 2,321,264
 
Selling, general and administrative expenses
   
1,950,852
     
 534,930
     
 —
     
 2,485,782
 
                                 
Total Expenses
   
4,633,277
     
716,699
     
—
     
5,349,976
 
                                 
Operating loss
   
(3,674,348
)
   
 (457,743
)
   
—
     
(4,132,091
)
                                 
Investment income, net
   
 —
     
 —
     
9,202,472
     
 9,202,472
 
                                 
Other income (expense)
                               
                                 
Interest expense, net
   
 (21,142
)
   
 296
     
 (14,660
)
   
 (35,506
)
                                 
Other income
   
9,124
     
 —
     
—
     
 9,124
 
Total Other Income (Expense)
   
(12,018
)
   
296
     
(14,660
)
   
(26,382
)
                                 
Income (loss) before income taxes
   
(3,686,366
)
   
(457,447
)
   
 9,187,812
     
 5,043,999
 
                                 
Income tax expense
   
111,403
     
—
     
2,231,855
     
2,343,258
 
                                 
Net Income (loss)
 
$
 (3,797,769
)
 
$
 (457,447
)
 
$
 6,955,957
   
$
2,700,741
 
                                 
Total assets
 
$
5,052,684
   
$
162,402
   
$
 81,032,990
   
$
86,248,076