TIDMTYR TIDMTYRU
RNS Number : 1872P
TyraTech, Inc.
30 September 2013
TyraTech, Inc.
("TyraTech" or the "Company")
Interim Results
TyraTech, Inc. (AIM: TYR and TYRU), a life sciences company
focusing on natural insect and parasite control products, today
announces its interim results for the six months ended 30 June 2013
and other post period operating events.
Operational Highlights
-- Registration granted to sell head lice products in Europe as well as in the USA
-- Permissions granted to sell personal insect repellent in the
UK and France, following existing approval for USA and German
markets
-- Completion of final manufacturing pilot run for the head lice
and personal repellent products
-- Patent for the Company's Extend(TM) product granted in South Africa
-- Chinese and USA patents granted for the Company's novel
natural compositions for controlling intestinal worms and
parasites
-- Appointment of Bruno Jactel as Chief Executive Officer
-- Appointment of Eric Wintemute, Chairman and Chief Executive
of American Vanguard Corporation as a Non-Executive Director
Financial Highlights
-- Total revenues increased by 75% to $0.8 million (H1 2012: $0.4 million)
-- Gross profit remained steady at $0.3 million (H1 2012: $0.3 million)
-- Overall operating expenses decreased 15% to $2.7 million (H1 2012: $3.2 million)
-- Net loss before and after tax was $2.8 million for the first
half of 2013 (H1 2012: $2.8 million net loss)
-- Net cash used in operating activities reduced by 30% to $1.9
million ($2.7 million at 30 June 2012)
-- Cash and cash equivalents of $3.7 million at 30 June 2013
($2.1 million at 30 June 2012 and $1.5 million at 31 December
2012)
-- The exercise price in the stock warrant agreement with
American Vanguard Corporation (NYSE: AVD) (the parent company of
AMVAC Chemical Corporation) was modified and the expiration date
was extended by two years to 31 May 2015, as announced on 18 March
2013
-- Placing and subscription of new common shares at an issue
price of 5 pence per share to raise gross proceeds of approximately
$4.5 million. American Vanguard Corporation purchased a 29.46%
shareholding in the Company in the placing
Post period end
-- Reached a preliminary distribution agreement for 2014 to
place TyraTech's head lice product with a major pharmacy chain in
the USA, representing approximately 8,500 pharmacy stores or close
to 15% of retail pharmacy stores in the USA
-- Advanced discussions with additional pharmacy and supermarket
retailers in the USA and UK to market the Company's head lice and
personal insect repellent during 2014
-- Entered into a global distribution agreement with Novartis
Animal Health, Inc. a leading global Animal Health company, to
distribute a range of TyraTech's biocide products in the USA and on
a worldwide basis
Commenting, Alan Reade, Non-Executive Chairman of TyraTech said:
"TyraTech has reached a preliminary agreement to place its head
lice product with a leading pharmacy chain in the USA and, in
addition, is in the process of placing its personal care products
with additional major retailers in the USA and the UK in time for
the 2014 head lice and mosquito season, albeit resulting in reduced
sales opportunities for 2013.
The recent response from major retailers to our innovative head
lice and personal repellent products has exceeded our expectations
and gives us confidence that TyraTech can generate increased value
for shareholders in the future. We look forward with optimism to
the challenge of preparing the Company such that it is able to
service TyraTech's forecasted demand for its products."
For further information please contact:
TyraTech Inc.
Alan Reade, Non-Executive Chairman
Tel: +44 7841978709
Bruno Jactel, Chief Executive Officer
Tel: +1 919 415 4340
N+1 Singer, Nominated Adviser and Joint Broker
Jonny Franklin-Adams / Alex Wright
Tel: +44 20 7496 3000
First Columbus LLP, Joint Broker
Chris Crawford
Tel: +44 20 3002 2070
Walbrook, Financial PR and IR
Bob Huxford /Guy McDougall (Public Relations)
Tel + 44 7933 8792
Paul Cornelius (Investor Relations)
Tel +44 20 7933 8794
Chairman's Statement
Since the beginning of the year, TyraTech's management team has
taken significant steps towards executing its long-term strategy
with a focus on:
-- Products in the late registration phase or which are close to market entry including:
o head lice treatment
o personal insect repellent
o biocide products for production animals
-- Geographical expansion: the first objective is to enter the
USA and the UK markets, where our products are already registered,
and progressively expand into other European, Asian and Latin
American territories
-- Taking TyraTech's own branded products for head lice
treatment and insect repellent to market in order to increase value
for the Company
I believe that the Company has delivered important operational
milestones during the first six months of the financial year which
provide the Company with a clear path to creating shareholder value
over the long-term by delivering:
-- authentication of clinical data by independent laboratories
-- full product registration across multiple territories
-- Validation, through successful manufacturing pilot runs, of
the Company's capability to produce head lice, personal insect
repellent and biocide products on a large scale
The completion of these milestones has led to successful
negotiations with a global strategic partner in animal health and a
major retail customer for the head lice product in the USA. In
addition, advanced discussions are on-going with major distributors
in the UK and retail chains across the USA for the Company's head
lice and insect repellent products.
Post Period End
Post 30 June 2013, the Company reached a preliminary agreement
with a leading pharmacy chain in the USA, to sell TyraTech's head
lice treatment product VaMousse(TM). This pharmacy chain has
approximately 8,500 pharmacy stores, which the Company estimates
represents approximately 15% of the total number of retail
pharmacies in the USA. In addition, discussions are on-going with a
further ten pharmacy chains in the USA which have expressed a
strong interest in selling VaMousse(TM). In aggregate, these
pharmacy chains represent, to the estimate of the Company, up to
16,000 stores or 30% of the pharmacies across the market in the
USA.
Furthermore, the Company has successfully concluded a
significant commercial agreement with Novartis Animal Health, Inc.
a leading global Animal Health company, to distribute a range of
TyraTech's biocide products both in the USA and on a worldwide
basis.
With regard to the Company's personal insect repellent product,
retailers representing more than 15,000 stores in the USA, have
already expressed a strong interest in carrying TyraTech's
products.
Following the appointment of Bruno Jactel as Chief Executive
Officer in January 2013, I became Non-Executive Chairman on 20 June
2013, relinquishing my previous Executive Chairman position. At the
same time, the Board appointed Eric Wintemute, Chairman and CEO of
American Vanguard Corporation, as a Non-Executive Director. In
addition, Dr. Kevin Schultz retired from the Company and resigned
from the Board as a Non-Executive Director with effect from 1 April
2013.
Alan Reade
Non-Executive Chairman
30 September 2013
Chief Executive Officer's Statement
The six month period up to 30 June 2013 has, the Board believes,
seen the Company put in place the necessary elements to enter the
USA and UK markets in 2014 with our head lice, personal insect
repellent and animal health products.
By way of background, epidemiological reports lead us to believe
that head lice affect more than 50 million children across the USA
and Europe every year. According to the National Health Service in
the UK, "it is thought that more than 1 in 3 children in the UK are
likely to get head lice at some time during the year". (Source: NHS
website:
http://www.nhs.uk/conditions/Head-lice/Pages/Introduction.aspx).
The Directors believe that the global market for head lice
products can be evaluated at close to $500 million per annum. There
are reported concerns about the potential harmful effect on
children of products that contain potentially toxic synthetic
chemicals. In addition, the chemicals used in existing head lice
products have become much less effective over time as lice develop
resistance to the active ingredient.
Other products utilise non-toxic oils to kill head lice but can
be inconvenient to use and leave behind oily residues that can be
difficult to remove. Natural solutions to date have been very
ineffective at killing head lice and therefore the Directors of the
Company believe there is a gap in the market for a safe and
effective solution to this problem that afflicts both children and
their families physically and emotionally.
TyraTech's technology has led to the creation of a safe,
practical and effective head lice solution that uses only non-toxic
ingredients, and has been proven to kill 100% of nits, immature and
adult head lice within 15 minutes.
We are pleased to report that the Company has reached a
preliminary agreement with a leading pharmacy chain in the USA,
which the Directors hope will allow our product to be distributed
in its approximately 8,500 pharmacies in, what we estimate is a
$150 million market in the USA for head lice control. Additional
pharmacy chains, representing another 8,000 stores, have also
expressed strong interest, which could lead to market coverage of
approximately 16,000 pharmacies (or 30% of retail pharmacy stores)
in the USA by 2014.
In the $50 million UK market for head lice, as estimated by the
Company, we are in advanced discussions with major retailers for
distribution in a significant portion of stores (including
supermarkets, drugstores and pharmacies). Furthermore, we are
putting together a go-to-market model in the UK relying on strong
distribution, sales and marketing partners which could be
reproduced in other European markets. Current discussions are
ongoing in France, Germany and the Netherlands.
With regard to personal mosquito and tick repellent solutions,
current market leading products contain the active ingredient DEET.
There is a growing concern over DEET's safety and an increased
public perception that it is harmful to human health, especially in
children.
After extensive research and development, TyraTech has
engineered what the Company regards as an innovative proposition
for the mosquito and tick market. The product contains only natural
ingredients, is completely safe for the entire family and
effectively repels mosquitoes and ticks for up to 8 hours.
The product has been independently tested by the laboratory of
Dr. Carroll, Davis, California, which conducts most of the clinical
testing of new repellent products for the Environmental Protection
Agency in the USA. After showing that the TyraTech product was
performing 30% to 50% longer than the common formulation of the
market leader, Dr. Carroll concluded in his report that "the
evident superiority of F-4302 (TyraTech's repellent product) in a
challenging laboratory study is remarkable, given that it is
formulated from a palette of US Environmental Protection Agency
'exempt' ingredients that have not previously been combined to
create highly repellent products."
These results were crucial in generating the strong interest of
major retail distributors in the USA and the UK to market this
product for the 2014 tick and mosquito season. US retailers could
potentially represent a 15% market coverage for, what the Company
believes to be, a $200 million market for personal mosquito and
tick repellents.
Further to this, Envance Technologies, LLC, our 40% owned joint
venture with AMVAC Chemical Corporation continues to progress well.
The operation is currently selling a range of household pesticides
utilising the Terminix(R) brand-name in The Home Depot(R) stores in
the USA. We expect that the products will be taken up by additional
retail outlets in the USA in 2014. In addition, we continue to work
on the development of new products including new solutions
incorporating combinations with synthetic compounds, with the aim
of developing solutions with improved efficacy and safety for
distribution in global consumer, agriculture, institutional, and
professional pest control markets.
TyraTech recently entered into a worldwide distribution
partnership with Novartis Animal Health, Inc. ("Novartis") to
distribute several of the Company's existing biocide products on a
worldwide basis. By way of this breakthrough agreement, TyraTech's
products and technology will be able to enter, what the Company
believes to be, a $700 million global biocide market for animal
health, expected to reach between $900 million to $1 billion by
2016.
Biocide products are used in livestock and production animal
premises to protect against infectious diseases from insects and
pests, while simultaneously minimising the spread of infectious
pathogenic agents among the animals.
The Directors anticipate that the Novartis agreement will enable
a rapid and efficient route to market for a range of TyraTech's
animal health products. The product range will be white-labeled as
Novartis's own brands - something which TyraTech regards as a
significant benefit given Novartis's high brand recognition
worldwide.
Beyond this agreement, there is the potential to partner with
Novartis on other areas of TyraTech's animal health product
portfolio. However, TyraTech will continue to evaluate all of its
options in this respect.
This agreement however, demonstrates that TyraTech has
successfully developed and productised solutions to a significant
worldwide problem for animals and the food chain, where the
Directors believe no comparable solutions, in terms of efficacy and
safety, currently exist. This problem of controlling insects in
production animal premises represents an important market in which
TyraTech believes it has the potential to be a significant
player.
In addition, TyraTech is in the latter stages of developing an
innovative fly repellent for horses and cattle, where current
pesticide products fail to provide adequate protection and carry
concerns associated with the safety of synthetic chemicals for the
animals and the users.
Outlook
Despite the positive product and commercial developments
achieved during the first six months of the current financial year,
and due to the late line review of new products in the USA by major
retailers, sales and earnings in the year to 31 December 2013 are
now expected to be lower than previously forecast.
Furthermore, the necessary inventory-building process, as well
as the incremental marketing expenses necessary to build TyraTech's
brands, will impose additional constraints on TyraTech's cash over
the next year. We will, therefore, be keeping financing
requirements for these major opportunities under close scrutiny as
we enter 2014.
Notwithstanding this, the excellent progress highlighted in
these interim results and the strong interest raised by major
distributors in the USA and in the UK for head lice and repellent
products, together with the agreement with Novartis on biocide
products, provides us with increasing confidence that the Company
can deliver future shareholder value.
Bruno Jactel
Chief Executive Officer
30 September 2013
Financial Review
Revenue
Total revenue for the six month period to 30 June 2013 was $0.8
million (2012: $0.4 million). All of the revenue generated in the
period was from collaborative revenue. Collaborative revenue
includes upfront license fee amortisation and cost reimbursement
from our agreements with Envance Technologies and Mondelez Global
(formerly Kraft Foods). License fees remained constant at $0.3
million (2012: $0.3 million). Cost reimbursement from Mondelez
decreased to $24,000 (2012: $97,000) as a result of decreased
expenditures on the project by TyraTech, while the cost
reimbursement from Envance Technologies increased to $0.5 million
(2012: $0).
Cost of sales and gross profit
Costs for our Mondelez and Envance Technologies agreements were
$0.5 million (2012: $0.1 million). Gross profit decreased to 33%
(2012: 77%) as a result of extended revenue recognition of
exclusivity fees from Mondelez, which was agreed upon in October
2012. There are no costs attributable to exclusivity fees.
Operating expenses
Overall operating expenses from continuing operations decreased
by 15% to $2.7 million (2012: $3.2 million). Operating expense
reductions continued as we focused on controlling our cost
structure. This decrease in operating expenses resulted primarily
from reductions in stock compensation and allocation of labour
expenses to Envance, LLC for providing administrative and R&D
services. These are partially offset by the addition of TyraTech's
share of the unconsolidated loss from Envance Technologies, LLC.
Operating expenses for the six months included non-cash equity
compensation of $0.1 million (2012: $0.4 million) and depreciation
of $57,967 (2012: $68,763).
Net Loss
The net loss before and after taxes of $2.8 million (2012: $2.8
million) includes $0.4 million of non-cash stock warrant expense
which resulted from the modification of the exercise price and
extension of the American Vanguard Corporation warrants granted in
2012.
Balance Sheet, liquidity and cash flow
Cash and cash equivalents totaled $3.7 million (2012: $2.1
million). Cash used in operations for the period was $1.9 million
(2012: $2.7million), a $0.8 million decrease from the first half of
2012. This was the result of continuing cost-saving measures,
driven primarily by a $0.5 million reduction in staff expenses due
to a shared services agreement with Envance Technologies, LLC.
Accounts payable increased to $0.7 million (2012: $0.1 million)
primarily as a result of legal, advisory and fundraising
expenses.
The Company raised approximately $4.2 million in capital, after
2013 fund raise expenses, through the issuance of 60,000,000 new
common shares to fund our operations while we continued
negotiations with our existing and new partners. Additionally,
further expenses of $0.2 million relating to revised estimates for
expenses associated with the Company's fundraise in 2012 were
identified and charged to additional paid-in capital.
The Company invests its cash resources in deposits with banks
with the highest credit ratings, putting security before absolute
levels of return.
R. Daniel Williams
Chief Financial Officer
30 September 2013
Consolidated Statements of Operations
in $'000 (except share information)
(Unaudited) Six months
ended
30 June
Year ended
31 December
2013 2012 2012
Revenues:
Product sales $- $6 $323
Collaborative revenue 765 432 3,249
------------------------- ------------------------ -----------------------------
Total revenue 765 438 3,572
Cost and expenses related to product
sales
and collaborative revenue:
Product costs - 1 238
Collaborative costs and expenses 514 98 223
------------------------- ------------------------ -----------------------------
Total costs and expenses 514 99 461
------------------------- ------------------------ -----------------------------
Gross Profit 251 339 3,111
------------------------- ------------------------ -----------------------------
Costs and expenses:
General and administrative 1,526 1,562 3,008
Business development 93 342 639
Research and technical development 848 1,256 2,364
Net loss (from unconsolidated subsidiary) 217 - 41
------------------------- ------------------------ -----------------------------
Total costs and expenses 2,684 3,160 6,052
------------------------- ------------------------ -----------------------------
Loss from operations (2,433) (2,821) (2,941)
Other income (expense):
Warrant expense (390) - -
Interest/other expense - 4 5
------------------------- ------------------------ -----------------------------
Loss before income taxes (2,823) (2,817) (2,936)
Income tax expense - - -
------------------------- ------------------------ -----------------------------
Net loss attributable to TyraTech,
Inc. $(2,823) $(2,817) $(2,936)
========================= ======================== =============================
Net loss per common share attributable
to TyraTech, Inc. Basic and diluted
Weighted average number of common
shares:
Basic and diluted $(0.02) $(0.03) $(0.03)
The accompanying notes are an integral
part of the consolidated financial
statements. 136,289,682 88,091,749 97,258,479
Consolidated Balance Sheets
in $'000 (except share information)
(Unaudited) (Unaudited)
Six months Six months Year ended
ended ended 31 December
30 June 2013 30 June 2012 2012
Assets
Current assets:
Cash and cash equivalents $3,658 $2,082 $1,549
Accounts receivable, net 176 7 110
Inventory 17 167 17
Prepaid expenses 27 84 81
------------------------ --------------------- ----------------------------
Total current assets 3,878 2,340 1,757
Property and equipment, net of
accumulated depreciation
Investment in unconsolidated
subsidiary 215 318 257
Long term deposits 142 - 359
65 65 65
------------------------ --------------------- ----------------------------
Total assets $4,300 $2,723 $2,438
------------------------ --------------------- ----------------------------
Liabilities and
Shareholders' Equity
Current liabilities:
Accounts payable $688 $137 $139
Accrued liabilities 404 608 504
Warrant liability 390 - -
Deferred revenue 501 745 501
------------------------ --------------------- ----------------------------
Total current liabilities 1,983 1,490 1,144
Deferred Revenue 1,612 1,987 1,862
Other long-term liabilities 20 20 20
------------------------ --------------------- ----------------------------
Total liabilities 3,615 3,497 3,026
------------------------ --------------------- ----------------------------
Equity
Common stock, at $0.001 par authorized
and issued 168 million for 6/30/13
and 107 million for 12/31/12
and 6/30/2012 168 107 107
Additional paid in capital 78,377 74,038 74,342
Accumulated deficit (77,747) (74,806) (74,924)
Treasury stock of 1,084,413 at
6/30/13,
12/31/12, and 6/30/12 (108) (108) (108)
------------------------ --------------------- ----------------------------
TyraTech Inc. shareholders' equity
(deficit) 690 (769) (583)
Non-controlling interest (5) (5) (5)
Total shareholders' equity (deficit) 685 (774) (588)
------------------------ --------------------- ----------------------------
Total liabilities & shareholders'
equity (deficit)
The accompanying notes are an
integral part of the consolidated
financial statements. $4,300 $2,723 $2,438
------------------------ --------------------- ----------------------------
Consolidated Statements of Cash Flow
in $'000
(Unaudited) (Unaudited)
Six months Six months
ended ended Year ended
30 June 2013 30 June 2012 31 December
2012
Cash flows from operating activities:
Net loss $(2,823) $(2,817) $(2,936)
Adjustments to reconcile net
loss to net cash used in operating
activities:
Depreciation and amortization 58 69 135
Amortization of stock awards 117 365 663
Change in fair value of warrants 390 - -
Write-off of inventory - - 123
Net loss from unconsolidated
subsidiary 217 - 41
Changes in operating assets and
liabilities:
Accounts receivable (66) 5 (98)
Inventory - 1 28
Prepaid expenses 54 (12) (9)
Accounts payable and accrued
liabilities 449 (3) (105)
Deferred revenue (250) (258) (627)
Net cash used in operating
activities (1,854) (2,650) (2,785)
---------------------------- ------------ ------------------
Cash flows from investing activities:
Purchases of property and
equipment (16) (7) (12)
Investment in non-controlled
joint venture - - (400)
Net cash used in investing
activities (16) (7) (412)
---------------------------- ------------ ------------------
Cash flows from financing
activities:
Net proceeds from sale of
common stock 3,979 3,942 3,946
Net proceeds from stock grants - - 3
issued for services
Treasury stock purchase - (108) (108)
Net cash provided by financing
activities 3,979 3,834 3,841
---------------------------- ------------ ------------------
Net increase in cash and cash
equivalents 2,109 1,177 644
Cash and cash equivalents beginning
of the period 1,549 905 905
---------------------------- ------------ ------------------
Cash and cash equivalents end
of the period $3,658 $2,082 $1,549
---------------------------- ------------ ------------------
The accompanying notes are an
integral part of the consolidated
financial statements.
Notes to the Interim Consolidated Financial Statements
1. Basis of Preparation
The financial statements of TyraTech, Inc. and its subsidiaries
(TyraTech Sustainable Solutions, LLC; and TyraChem, LLC) referred
to as the "Company" have been prepared in accordance with
accounting principles generally accepted in the United States of
America (US GAAP) and the attached financial statements have been
prepared on a consolidated basis.
The Company holds a 40% share of an unconsolidated jointly owned
enterprise (Envance Technologies, LLC.) with AMVAC Chemical
Corporation, a wholly owned subsidiary of American Vanguard
Corporation. This is an unconsolidated entity over which the
Company has operational and financial influence.
The results for the year ended 31 December 2012 have been
extracted from the statutory consolidated financial statements of
TyraTech, Inc. for the year ended 31 December 2012 which were
prepared in accordance with US GAAP.
The unaudited interim consolidated financial statements for the
six months ended 30 June 2013 and 2012 were prepared on the basis
of the accounting policies set out in the most recently published
consolidated financial statements of the Company for the year ended
31 December 2012. As permitted, this interim report has been
prepared in accordance with AIM rules.
2. Liquidity and Capital Resources
At 30 June 2013 the Company had $3,658,180, (2012: $2,082,062 at
30 June 2012) in cash and cash equivalents and no indebtedness.
The Company has had significant negative cash flows from
operating activities since inception. The Company is continuing to
manage the magnitude of these negative operating cash flows through
cost reduction programs and product sales expansion. The Company
believes that with the existing cash on hand, cash expected from
existing supply contracts, funding from prospective agreements, and
a continued focus on cost control, that the Company should have
sufficient cash to meet its working capital needs for the remainder
of 2013 through to 30 June 2014. However, there are no assurances
on the timing of product sales and cash flow from existing and
prospective product sales agreements and, as a result, the Company
may need to raise additional debt and/or equity capital during the
period.
3. Warrants
On November 30, 2012, the Company issued 10,000,000 stock
warrants (the "Warrants") to American Vanguard Corporation in
connection with a Technology License Agreement, as announced on 4
December 2012. These warrants were exercisable at a price of 10
pence per share at any time prior to 31 May 2013.
On April 2, 2013 an Amended and Restated Warrant agreement was
issued to replace the original agreement. The number of stock
warrants remained the same at 10,000,000, however the strike price
was lowered from 10 pence to 6 pence per share and the expiration
date was extended to 31 May, 2015. Additionally, a provision was
added requiring the reduction in the stock warrant exercise price
under certain circumstances. If during the term of the Warrant
Agreement the Company issues shares of common stock at an effective
price per share that is less than 6 pence, the warrant exercise
price must be reduced to the effective price per share of the
common stock sale.
4. Revenue
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31 December
30 June 2013 30 June 2012 2012
$'000 $'000 $'000
Opening deferred revenue 2,363 2,990 2,990
Closing deferred revenue 2,113 2,732 2,363
-------------- -------------- -------------
Movement in deferred
revenue 250 258 627
-------------- -------------- -------------
Invoices raised 515 180 2,945
Total revenue $765 $438 $3,572
-------------- -------------- -------------
5. Loss per Common Stock
The calculation of the basic and diluted earnings per ordinary
share is based on the Company's loss, excluding the effect of
losses attributable to non-controlling interests, of $2,823,214 for
the six months ended 30 June 2013 (six months ended 30 June 2012:
loss of $2,816,758; year ended 31 December 2012: loss of
$2,935,664), and on 136,289,682, (30 June 2012: 88,091,749; 31
December 2012: 97,258,479) common shares, the weighted average
number in issue and ranking for dividend during the period. There
is no impact considered on the conversion of stock options or
warrants as the effect would be anti-dilutive.
6. Movement in Shareholders' Equity during the six months ended
31 December 2012 and 30 June 2013
Common Additional Accum-ulated Treasury Non-con- Total
Stock Paid-in deficit Stock trolling
Capital Interest
$'000 $'000 $'000 $'000 $'000 $'000
Shareholders' Equity,
as of 30 June 2012
$107 $74,038 $(74,806) $(108) $(5) $(774)
Stock based compensation 304
- - - - 304
Net loss -
- (118) - - (118)
Shareholders' Deficit,
as of 31 December
2012
74,342
Issuance of common
stock, net of expenses 107 (74,924) (108) (5) (588)
3,918
61 - - - 3,979
Stock based compensation - 117 - - - 117
Net loss - - (2,823) - - (2,823)
Shareholders' Equity,
as of
30 June 2013 $168 $78,377 $(77,747) $(108) $(5) $685
------- ----------- ------------- --------- ---------- ---------
7. Subsequent Events
We have evaluated all events and transactions through 27
September 2013, the date the consolidated financial statements were
available to be issued. Based on such evaluation, no events have
occurred that, in the opinion of management, warrant disclosure in
or adjustment to the consolidated financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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