Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.

Free
Message: Q is out
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
August 31, 2008
August 31, 2007
Operating activities:
Net income (loss)
 $ 3,209,513 $ (1,962,386 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Minority interest in variable interest entity
 (78,636 ) -
Amortization and depreciation
 9,887 11,322
Non-cash compensation relating to issuance of stock options and vesting of warrants
 114,875 282,913
Accrued interest income added to investments and notes receivable
 (7,389 ) (267 )
Equity in (earnings) loss of affiliated companies
 (6,558,770 ) 1,200,542
Loss on sale of assets
 - 345
Write-off of patent costs
 21,527 -
Deferred income taxes
 (1,605,545 ) (9,955,821 )
Gain on VIE sale of portion of subsidiary interest
 - (150,000 )
Reversal of tax effect of exercise of options
 - (25,645 )
Changes in operating assets and liabilities:
Accounts receivable
 254,877 (125,228 )
Receivable from affiliated company
 721 -
Inventory
 (353,743 ) (137,404 )
Prepaid expenses and other current assets
 (1,243 ) 131,568
Prepaid income taxes
 222,311 2,070,981
Accounts payable and accrued expenses
 37,308 (1,147,570 )
Income taxes payable
 3,749,353 7,677,916
Net cash used in operating activities
 (984,954 ) (2,128,734 )
Investing activities:
Proceeds from sales of short-term investments
 278,856 2,725,793
Purchases of short-term investments
 (70,286 ) (3,072,781 )
Purchases of property and equipment
 (2,736 ) (8,178 )
Proceeds from VIE sale of portion of subsidiary interest
 - 100,000
Repayment of note receivable
 50,000 -
Purchases of convertible notes receivable
 (667,750 ) -
Investments in affiliated companies
 (1,546,500 ) -
Distributions from affiliated company
 5,852,056 -
Net cash provided by (used in) investing activities
 3,893,640 (255,166 )
Financing activities:
Proceeds from exercise of common stock warrants and options
 - 8,000
Repurchase of warrants
 - (921,857 )
Payments on note payable
 (70,296 ) -
Repurchase of common stock for treasury
 (504,771 ) (2,725,793 )
Net cash used in financing activities
 (575,067 ) (3,639,650 )
Net increase (decrease) in cash and cash equivalents
 2,333,619 (6,023,550 )
Cash and cash equivalents, beginning of period
 6,424,015 21,605,428
Cash and cash equivalents, end of period
 $ 8,757,634 $ 15,581,878
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest
 $ 4,622 $ 237
Cash payments for income taxes
 $ 25,500 $ -
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Cashless exercise of stock options
 $ - $ 10
Note receivable issued in connection with VIE sale of portion of subsidiary interest
 $ - $ 50,000
Conversion of note receivable to preferred stock – Avot Media, Inc.
 $ 250,000 $ -
Insurance premium financed with a note payable
 $ 210,888 $ -
Deferred tax benefit related to unrealized loss on investments in marketable securities charged to other comprehensive income
 $ (60,995 ) $ -
1 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply