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SEC Filings

10-K/A
BIOTIME INC filed this Form 10-K/A on 03/29/2017
Entire Document
 

The following table shows the activity in warrants classified as a liability discussed in Note 6 (in thousands):

   
Warrant
Liability
   
Warrant
Shares
 
Fair value of warrants issued on May 13, 2016
 
$
6,009
     
2,959
 
Fair value of warrants exercised on December 2, 2016
   
(452
)
   
(146
)
Increase in fair value of warrants during 2016
   
3,108
     
-
 
Fair value of warrants at December 31, 2016
 
$
8,665
     
2,813
 

Basic and diluted net loss per share – Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the year. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are convertible to common stock, such as options and warrants (using the treasury stock method) and shares issuable in future periods, such as restricted stock or RSU awards, except in cases where the effect would be anti-dilutive.

The computations of basic and diluted net loss per share are as follows (in thousands, except per share data):

   
Year Ended December 31,
 
   
2016
   
2015
   
2014
 
Net loss
 
$
(35,489
)
 
$
(15,003
)
 
$
(10,097
)
Weighted average common shares outstanding – basic and diluted
   
42,934
     
35,443
     
30,720
 
Net loss per share – basic and diluted
 
$
(0.83
)
 
$
(0.42
)
 
$
(0.33
)

The following common stock equivalents were excluded from the computation of diluted net loss per share of common stock for the periods presented because including them would have been antidilutive (in thousands):

 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
Stock options and restricted stock units
   
6,266
     
5,178
     
3,347
 
Warrants
   
6,552
     
3,500
     
8,500
 

Reclassification– Certain prior year amounts in the statement of cash flows have been reclassified to conform to the current year presentation.  There was no change or impact to total amounts reported in the prior years.

Recently Issued Accounting Pronouncements – The following accounting standards, which are not yet effective, are presently being evaluated by Asterias to determine the impact that they might have on its financial statements.

On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01). Changes to the current GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, ASU No. 2016-01 clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. The more significant amendments are to equity investments in unconsolidated entities.

In accordance with ASU No. 2016-01, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value through earnings. There will no longer be an available-for-sale classification (changes in fair value reported in other comprehensive income) for equity securities with readily determinable fair values. The classification and measurement guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. ASU No. 2016-01, when adopted, could have a material impact on Asterias’ financial statements based on the current accounting of available-for-sale securities Asterias holds as discussed in Note 4.
 
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