Print Page     Close Window     

SEC Filings

10-Q
BIOTIME INC filed this Form 10-Q on 08/09/2017
Entire Document
 

BIOTIME, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)

   
Six Months Ended
June 30,
 
   
2017
   
2016
 
CASH FLOWS FROM OPERATING ACTIVITIES:
           
Net income attributable to BioTime, Inc.
 
$
37,637
   
$
7,438
 
Net loss allocable to noncontrolling interests
   
(2,840
)
   
(10,091
)
Adjustments to reconcile net income attributable to BioTime, Inc. to net cash used in operating activities:
               
Gain on deconsolidation of Asterias
   
-
     
(49,048
)
Gain on deconsolidation of OncoCyte
   
(71,697
)
    -  
Unrealized loss on equity method investment in Asterias at fair value
   
22,835
     
13,483
 
Unrealized gain on equity method investment in OncoCyte at fair value
   
(5,136
)
   
-
 
Depreciation expense, including amortization of leasehold improvements
   
421
     
748
 
Amortization of intangible assets
   
1,184
     
2,292
 
Stock-based compensation
   
1,930
     
5,593
 
Subsidiary shareholder expense for subsidiary warrants
   
-
     
3,125
 
Amortization of discount on related party convertible debt
   
640
     
245
 
Foreign currency remeasurement (gain) or loss and other
   
(1,814
)
   
883
 
Gain on sale of assets
   
(1,754
)
   
-
 
Changes in operating assets and liabilities:
               
Accounts and grants receivable, net
   
299
     
(54
)
Deferred revenue
   
-
     
1,496
 
Receivables from affiliates, net of payables
   
332
     
-
 
Prepaid expenses and other current assets
   
105
     
(396
)
Accounts payable and accrued liabilities
   
841
     
(211
)
Other
   
(144
)
   
(62
)
Net cash used in operating activities
   
(17,161
)
   
(24,559
)
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
               
Deconsolidation of cash and cash equivalents of OncoCyte
   
(8,898
)
   
-
 
Deconsolidation of cash and cash equivalents of Asterias
   
-
     
(8,376
)
Purchase of equipment and other assets
   
(474
)
   
(1,384
)
Restricted cash equivalents in escrow
   
(5,100
)
   
-
 
Payments on construction in progress
   
-
     
(278
)
Other
   
(12
)
   
22
 
Cash used in investing activities
   
(14,484
)
   
(10,016
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
               
Proceeds from issuance of common shares
   
20,125
     
17,500
 
Fees paid on sale of common shares
   
(1,669
)
   
(1,311
)
Proceeds deposited in escrow account
   
5,100
     
-
 
Proceeds from exercises of stock options
   
29
     
2,015
 
Reimbursement from landlord on construction in progress
   
198
     
411
 
Shares retired to pay for employees’ taxes
   
(31
)
   
-
 
Repayment of capital lease obligation
   
(31
)
   
(74
)
Net proceeds from sale of common shares of subsidiary
   
-
     
171
 
Proceeds from issuance of related party convertible debt
   
299
     
1,019
 
Net cash provided by financing activities
   
24,020
     
19,731
 
                 
Effect of exchange rate changes on cash and cash equivalents
   
87
     
317
 
                 
NET DECREASE IN CASH AND CASH EQUIVALENTS
   
(7,538
)
   
(14,527
)
CASH AND CASH EQUIVALENTS:
               
At beginning of the period
   
22,088
     
42,229
 
At end of the period
 
$
14,550
   
$
27,702
 

See accompanying notes to the condensed consolidated interim financial statements.

5

© Copyright BioTime, Inc.