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Unaudited results for nine months ended 30.09.2013

15 Nov 2013 14:37

RNS Number : 1924T
Akers Biosciences, Inc.
15 November 2013
 



15 November 2013

Akers Biosciences, Inc.

("ABI" or the "Company")

Unaudited results for the nine months ended 30 September 2013

Change to applicable accounting standard

Akers Biosciences, Inc. (AIM:AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, announces the Company's unaudited results for the nine months ended 30 September 2013. The results are included in the Company's Form S-1, which may be viewed on the US Securities and Exchange Commission ("SEC") website at www.sec.gov.

Change to applicable accounting standard

As previously announced, the Company is proposing to list on the NASDAQ Capital Market ("NASDAQ"). The nine month results ended 30 September 2013 and those for the comparable period in 2012 are therefore both stated in US GAAP. It is intended that following the NASDAQ listing, the Company's final results for the year ending 31 December 2013 will be reported in US GAAP. These results will include a comparison table to show the effects of the change from IFRS to US GAAP.

 

AKERS BIOSCIENCES, INC. AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

 

September 30, 2013 and December 31, 2012

 

 

 

 2013

 2012

 

 (unaudited)

 (audited)

 

ASSETS

 

 Current Assets

 

 Cash and Cash Equivalents

 $ 681,237

 $ 633,022

 

 Trade Receivables (net)

73,333

101,213

 

 Trade Receivables - Related Party

1,041,388

10,013

 

 Other Receivables

26,413

4,497

 

 Notes Receivable - Related Party

-

225,000

 

 License Fee Receivable - Related Party

-

450,000

 

 Inventories (net)

1,085,032

987,853

 

 Other Assets

113,176

67,898

 

 

 Total Current Assets

3,020,579

2,479,496

 

 

 Non-Current Assets

 

 Property, plant and equipment, net

267,871

240,014

 

 Intangible assets, net

2,499,279

2,693,209

 

 Other Assets

4,282

4,572

 

 

 Total Non-Current Assets

2,771,432

2,937,795

 

 

Total Assets

 $ 5,792,011

 $ 5,417,291

 

 

LIABILITIES

 

 Current Liabilities

 

Trade and Other Payables

 $ 861,673

 $ 1,082,504

 

Other Payables - Related Parties

49,308

58,542

 

Deferred Revenue - Related Party

722,222

972,222

 

 

 Total Current Liabilities

1,633,203

2,113,268

 

 

Total Liabilities

1,633,203

2,113,268

 

 

EQUITY

 

 Convertible Preferred Stock, No par value,

 

50,000,000 shares authorized, 10,000,000 shares

 

issued and outstanding as of September 30, 2013

 

and December 31, 2012.

225,000

225,000

 

 Common Stock, No par value, 500,000,000 shares

 

authorized, 1,791,436 and 1,278,616 issued

 

and outstanding as of September 30, 2013 and

 

December 31, 2012

84,873,376

83,273,376

 

 Accumulated Deficit

(80,939,568)

(80,194,353)

 

 

Total Equity

4,158,808

3,304,023

 

 

Total Equity and Liabilities

 $ 5,792,011

 $ 5,417,291

 

 

 

Condensed Consolidated Statements of Operations

 

(unaudited)

 

 

Nine Months Ended

 

September 30

 

2013

2012

 

Revenues:

 

 Product Revenue

 $ 972,880

 $ 1,155,330

 

 Product Revenue - Related party

1,551,340

2,660

 

 License Revenue

200,000

-

 

 License Revenue - Related party

250,000

-

 

Total Revenue

2,974,220

1,157,990

 

Cost of Sales:

 

 Product Cost of Sales

(1,503,303)

(691,628)

 

 

 Gross Profit

1,470,917

466,362

 

 

Administrative Expenses

752,126

633,157

 

Administrative Expenses - Related parties

294,300

400,153

 

Sales and Marketing Expenses

536,631

498,531

 

Research and Development Expenses

755,981

689,481

 

Amortization of Non-Current Assets

193,929

181,652

 

 

Loss from Operations

(1,062,050)

(1,936,612)

 

 

Other Income/Expenses

 

 Gain on sale of equity investment - Related party

(99,710)

-

 

 Foreign Currency Transaction (Income)/Expense

(723)

(7,345)

 

 Gain from demutualization of insurance carrier

(91,286)

-

 

 Other Income

(125,116)

(32,223)

 

Total Other Income

(316,835)

(39,568)

 

 

 Loss Before Income Taxes

(745,215)

(1,897,044)

 

 

 Income Tax Benefit/(Expense)

-

-

 

 

 Net Loss

 $ (745,215)

 $ (1,897,044)

 

 

 Basic & diluted loss per common share

 $ (0.50)

 $ (1.73)

 

 

 Weighted average basic & diluted common

 

shares outstanding

1,481,490

1,097,098

 

 

Condensed Consolidated Statement of Changes in Stockholder's Equity

 

Nine months ended September 30, 2013

 

 

 

Convertible

 

Preferred

Common

Accumulated

Total

 

Stock

Stock

Deficit

Equity

 

 

Balance at December 31, 2012 (audited)

 $ 225,000

 $ 83,273,376

 $ (80,194,353)

 $ 3,304,023

 

 

 Net loss for the period

-

-

(745,215)

(745,215)

 

 

 

 Issuance of shares

-

1,600,000

-

1,600,000

 

 

Balance at September 30, 2013 (unaudited)

 $ 225,000

 $ 84,873,376

 $ (80,939,568)

 $ 4,158,808

 

 

 

Condensed Consolidated Cash Flow Statements

Nine months ended September 30, 2013 and 2012

(unaudited)

 2013

 2012

Cash flows from operating activities

 Net loss for the period

 $ (745,215)

 $ (1,897,044)

 Adjustments to reconcile net loss to net cash used by

operating activities

 Provisions for bad debts

-

(241)

 Write-off of note receivable

-

148,900

 Reversal of old trade payables

(91,905)

-

 Gain on sale of equity investment

(99,710)

-

 Gain from demutualization of insurer

(91,286)

-

 Depreciation and amortization of non-current assets

265,799

266,481

Changes in assets and liabilities

 Decrease in trade receivables

27,880

106,290

 Increase in trade receivables - related party

(1,031,375)

(2,660)

 (Increase)/decrease in other receivables

(21,916)

260,936

 Decrease in license fees receivable - related party

450,000

-

 (Increase)/decrease in inventories

(97,179)

(260,120)

 (Increase)/decrease in other assets

(45,278)

26,176

 Increase/(decrease) in trade and other payables

(22,002)

227,562

 Decrease in other payables - related party

(9,234)

-

 Increase/(decrease) in legal settlement liabilities

(106,924)

55,867

 Decrease in deferred revenue - related party

(250,000)

-

Net cash used in operating activities

(1,868,345)

(1,067,853)

Cash flows from investing activities

 Purchases of property, plant and equipment

(99,726)

(7,325)

 Proceeds from sale of equity investment

100,000

-

 Proceeds from demutualization of insurance carrier

91,286

-

Net cash provided from/(used in) investing activities

91,560

(7,325)

Cash flows from financing activities

 Proceeds from note receivable - related party for Series A Convertible

Preferred Stock

225,000

-

 Proceeds from issuance of common shares

1,600,000

211,068

Net cash provided from financing activities

1,825,000

211,068

 Net increase/(decrease) in cash and cash equivalents

48,215

(864,110)

 Cash and cash equivalents at beginning of year

633,022

1,192,805

 Cash and cash equivalents at end of period

$681,237

 $ 328,695

Supplemental Disclosure of Cash Flow Information

 Non-cash financing activities

Issuance of common shares for short-term receivable - related party

$

 $ 240,000

Issuance of convertible preferred stock for note receivable - related party

$

 $ 225,000

 

 

Enquiries:

Thomas A. Nicolette

President and CEO

Tel. +1 856 848 8698

 

Antony Legge or James Thomas

Daniel Stewart & Company plc (Nomad and Broker)

Tel. +44 (0)20 7776 6550

 

Ben Simons

Vigo Communications

Tel. +44 (0)20 7016 9574

 

About Akers Biosciences, Inc.

Akers Biosciences develops, manufactures, and supplies rapid, pointofcare screening and testing products designed to bring health status information, both rapidly and directly, to the consumer or healthcare provider. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's stateoftheart rapid diagnostic assays can be performed virtually anywhere, in minutes, since time is always of essence. ABI is aligned with high volume medical product distributors to help facilitate the Company's growth into a major, worldwide competitor in the field of rapid diagnostics. Additional information on the Company and its products can be found at www.akersbiosciences.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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