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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/11/11 ChromaDex Corp. 10-Q 7/02/11 27:2.3M SEC Connect |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 339K 2: EX-10.1 Material Contract HTML 17K 3: EX-31.1 Certification -- §302 - SOA'02 HTML 16K 4: EX-31.2 Certification -- §302 - SOA'02 HTML 16K 5: EX-32.1 Certification -- §906 - SOA'02 HTML 12K 14: R1 Document and Entity Information HTML 34K 25: R2 Statement of Financial Position HTML 87K 12: R3 Statement of Financial Position (Parenthetical) HTML 22K 13: R4 Statement of Operations HTML 54K 23: R5 Statement of Cash Flows HTML 106K 18: R6 Statement of Stockholders Equity HTML 43K 24: R7 Interim Financial Statements HTML 22K 16: R8 Nature of Business and Significant Accounting HTML 38K Policies 19: R9 Leasehold Improvements and Equipment HTML 33K 20: R10 Employee Equity Incentive Plan HTML 118K 21: R11 Non-Employee Share-Based Compensation HTML 77K 15: R12 Warrants HTML 27K 17: R13 Managements Plans for Continuing Operations HTML 17K 26: XML IDEA XML File -- Filing Summary XML 32K 27: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 323K 6: EX-101.INS XBRL Instance -- cdxc-20110702 XML 381K 8: EX-101.CAL XBRL Calculations -- cdxc-20110702_cal XML 86K 9: EX-101.DEF XBRL Definitions -- cdxc-20110702_def XML 203K 10: EX-101.LAB XBRL Labels -- cdxc-20110702_lab XML 299K 11: EX-101.PRE XBRL Presentations -- cdxc-20110702_pre XML 222K 7: EX-101.SCH XBRL Schema -- cdxc-20110702 XSD 32K 22: ZIP XBRL Zipped Folder -- 0001415889-11-000758-xbrl Zip 43K
Delaware | 26-2940963 | |
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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10005 Muirlands Blvd Suite G,
Irvine, California
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92618
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(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer
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o |
Accelerated filer
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o
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Non-accelerated filer
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o |
Smaller reporting company
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x |
(Do not check if smaller reporting company) |
PART I –FINANCIAL INFORMATION (UNAUDITED) | ||||
ITEM 1. | 1 | |||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
ITEM 2 | 13 | |||
ITEM 3. | 18 | |||
ITEM 4. | 18 | |||
PART II – OTHER INFORMATION | ||||
ITEM 1. | 19 | |||
ITEM 2. | 19 | |||
ITEM 3. | 19 | |||
ITEM 4. | 19 | |||
ITEM 5. | 19 | |||
ITEM 6. | 19 | |||
20 |
ChromaDex Corporation and Subsidiaries
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||||||||
Condensed Consolidated Balance Sheets (Unaudited)
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||||||||
Assets
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||||||||
Current Assets
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||||||||
Cash
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$ | 2,044,848 | $ | 2,226,459 | ||||
Trade receivables, net
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841,879 | 1,001,563 | ||||||
Inventories
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1,974,530 | 1,423,035 | ||||||
Prepaid expenses and other assets
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673,317 | 243,967 | ||||||
Total current assets
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5,534,574 | 4,895,024 | ||||||
Leasehold Improvements and Equipment, net
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1,240,184 | 1,303,108 | ||||||
Deposits and Other Noncurrent Assets
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||||||||
Deposits
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31,415 | 31,415 | ||||||
Intangible assets, net
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256,005 | 277,855 | ||||||
Total deposits and other noncurrent assets
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287,420 | 309,270 | ||||||
Total assets
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$ | 7,062,178 | $ | 6,507,402 | ||||
Liabilities and Stockholders' Equity
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||||||||
Current Liabilities
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||||||||
Accounts payable
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$ | 1,357,006 | $ | 514,598 | ||||
Accrued expenses
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544,134 | 371,020 | ||||||
Current maturities of capital lease obligations
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73,835 | 78,577 | ||||||
Customer deposits and other
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159,267 | 112,427 | ||||||
Deferred rent, current
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59,076 | 62,664 | ||||||
Total current liabilities
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2,193,318 | 1,139,286 | ||||||
Capital lease obligations, less current maturities
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164,899 | 198,071 | ||||||
Deferred rent, less current
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226,573 | 233,822 | ||||||
Stockholders' Equity
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||||||||
Common stock, $.001 par value; authorized 150,000,000 shares; issued and outstanding July 2, 2011 65,718,566 shares; January 1, 2011 60,875,325 shares
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65,718 | 60,875 | ||||||
Additional paid-in capital
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17,569,826 | 15,034,550 | ||||||
Accumulated deficit
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(13,158,156 | ) | (10,159,202 | ) | ||||
Total stockholders' equity
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4,477,388 | 4,936,223 | ||||||
Total liabilities and stockholders' equity
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$ | 7,062,178 | $ | 6,507,402 |
ChromaDex Corporation and Subsidiaries
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||||||||
Condensed Consolidated Statements of Operations (Unaudited)
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||||||||
For the Three Month Periods Ended July 2, 2011 and July 3, 2010
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||||||||
Sales
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$ | 1,937,976 | $ | 2,033,861 | ||||
Cost of sales
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1,357,058 | 1,258,172 | ||||||
Gross profit
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580,918 | 775,689 | ||||||
Operating expenses:
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||||||||
Sales and marketing
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565,975 | 228,351 | ||||||
General and administrative
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1,849,733 | 840,538 | ||||||
Operating expenses
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2,415,708 | 1,068,889 | ||||||
Operating loss
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(1,834,790 | ) | (293,200 | ) | ||||
Nonoperating income (expenses):
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||||||||
Interest income
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430 | 397 | ||||||
Interest expense
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(8,209 | ) | (10,726 | ) | ||||
Nonoperating loss
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(7,779 | ) | (10,329 | ) | ||||
Net loss
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$ | (1,842,569 | ) | $ | (303,529 | ) | ||
Basic and Diluted loss per common share
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$ | (0.03 | ) | $ | (0.01 | ) | ||
Basic and Diluted average common shares outstanding
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65,001,979 | 43,623,403 |
ChromaDex Corporation and Subsidiaries
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||||||||
Condensed Consolidated Statements of Operations (Unaudited)
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||||||||
For the Six Month Periods Ended July 2, 2011 and July 3, 2010
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Sales
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$ | 4,477,221 | $ | 3,971,453 | ||||
Cost of sales
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2,875,907 | 2,377,791 | ||||||
Gross profit
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1,601,314 | 1,593,662 | ||||||
Operating expenses:
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||||||||
Sales and marketing
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1,011,482 | 452,970 | ||||||
General and administrative
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3,572,568 | 1,394,571 | ||||||
Operating expenses
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4,584,050 | 1,847,541 | ||||||
Operating loss
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(2,982,736 | ) | (253,879 | ) | ||||
Nonoperating income (expenses):
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||||||||
Interest income
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864 | 517 | ||||||
Interest expense
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(17,082 | ) | (16,425 | ) | ||||
Nonoperating loss
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(16,218 | ) | (15,908 | ) | ||||
Net loss
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$ | (2,998,954 | ) | $ | (269,787 | ) | ||
Basic and Diluted loss per common share
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$ | (0.05 | ) | $ | (0.01 | ) | ||
Basic and Diluted average common shares outstanding
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63,973,139 | 36,230,810 | ||||||
ChromaDex Corporation and Subsidiaries
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||||||||||||||||||||
Condensed Consolidated Statement of Stockholders' Equity (Unaudited)
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||||||||||||||||||||
Six Months Ended July 2, 2011
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||||||||||||||||||||
Additional
Paid-in Capital
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Accumulated
Deficit
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Total
Stockholders'
Equity
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||||||||||||||||||
Common Stock
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||||||||||||||||||||
Shares
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Amount
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|||||||||||||||||||
Balance, January 1, 2011
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60,875,325 | $ | 60,875 | $ | 15,034,550 | $ | (10,159,202 | ) | $ | 4,936,223 | ||||||||||
Share-based compensation
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- | - | 737,019 | - | 737,019 | |||||||||||||||
Exercise of stock options
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29,149 | 29 | 19,319 | - | 19,348 | |||||||||||||||
Exercise of warrants
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2,285,709 | 2,286 | 477,713 | - | 479,999 | |||||||||||||||
Net loss
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- | - | - | (1,156,385 | ) | (1,156,385 | ) | |||||||||||||
Balance, April 2, 2011
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63,190,183 | 63,190 | 16,268,601 | (11,315,587 | ) | 5,016,204 | ||||||||||||||
Share-based compensation
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- | - | 768,704 | - | 768,704 | |||||||||||||||
Exercise of stock options
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14,099 | 14 | 7,036 | - | 7,050 | |||||||||||||||
Exercise of warrants
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2,514,284 | 2,514 | 525,485 | - | 527,999 | |||||||||||||||
Net loss
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- | - | - | (1,842,569 | ) | (1,842,569 | ) | |||||||||||||
Balance, July 2, 2011
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65,718,566 | $ | 65,718 | $ | 17,569,826 | $ | (13,158,156 | ) | $ | 4,477,388 |
ChromaDex Corporation and Subsidiaries
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||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited)
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For the Six Month Periods Ended July 2, 2011 and July 3, 2010
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Cash Flows From Operating Activities
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Net loss
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$ | (2,998,954 | ) | $ | (269,787 | ) | ||
Adjustments to reconcile net loss to net cash (used in) operating activities:
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||||||||
Depreciation
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165,878 | 151,920 | ||||||
Amortization of intangibles
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36,850 | 36,471 | ||||||
Share-based compensation expense
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1,505,723 | 282,457 | ||||||
Changes in operating assets and liabilities:
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||||||||
Trade receivables
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159,684 | (347,682 | ) | |||||
Inventories
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(551,495 | ) | (241,897 | ) | ||||
Prepaid expenses and other assets
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(429,350 | ) | (135,733 | ) | ||||
Accounts payable
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842,408 | 238,632 | ||||||
Accrued expenses
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173,114 | 56,052 | ||||||
Customer deposits and other
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46,840 | (55,063 | ) | |||||
Deferred rent
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(10,837 | ) | (7,972 | ) | ||||
Due to officers
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- | (1,178,206 | ) | |||||
Net cash (used in) operating activities
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(1,060,139 | ) | (1,470,808 | ) | ||||
Cash Flows From Investing Activities
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||||||||
Purchases of leasehold improvements and equipment
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(102,954 | ) | (79,448 | ) | ||||
Purchase of intangible assets
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(15,000 | ) | (30,000 | ) | ||||
Net cash (used in) investing activities
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(117,954 | ) | (109,448 | ) | ||||
Cash Flows From Financing Activities
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||||||||
Proceeds from issuance of common stock
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- | 3,486,626 | ||||||
Proceeds from exercise of stock options
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26,398 | - | ||||||
Proceeds from exercise of warrants
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1,007,998 | 1,031,249 | ||||||
Principal payments on capital leases
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(37,914 | ) | (27,253 | ) | ||||
Net cash provided by financing activities
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996,482 | 4,490,622 | ||||||
Net increase (decrease) in cash
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(181,611 | ) | 2,910,366 | |||||
Cash Beginning of Period
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2,226,459 | 471,378 | ||||||
Cash Ending of Period
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$ | 2,044,848 | $ | 3,381,744 | ||||
Supplemental Disclosures of Cash Flow Information
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Cash payments for interest
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$ | 17,082 | $ | 16,425 | ||||
Supplemental Schedule of Noncash Investing Activity
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Capital lease obligation incurred for the purchase of equipment
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$ | - | $ | 264,958 |
Note 2: Earnings Per Share
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Three Months Ending
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Six Months Ending
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Basic average common shares outstanding
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65,001,979 | 43,623,403 | 63,973,139 | 36,230,810 | ||||||||||||
Warrants and options in the money, net
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14,532,466 | 18,967,838 | 15,183,686 | 17,250,610 | ||||||||||||
Weighted average common shares outstanding assuming dilution
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79,534,445 | 62,591,241 | 79,156,825 | 53,481,420 |
Laboratory equipment
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$ | 2,351,576 | $ | 2,336,954 | ||||
Leasehold improvements
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390,628 | 372,943 | ||||||
Computer equipment
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299,501 | 248,374 | ||||||
Furniture and fixtures
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18,313 | 18,313 | ||||||
Office equipment
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7,877 | 3,445 | ||||||
Construction in progress
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100,057 | 86,294 | ||||||
3,167,952 | 3,066,323 | |||||||
Less accumulated depreciation
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1,927,768 | 1,763,215 | ||||||
$ | 1,240,184 | $ | 1,303,108 |
Six Months Ended July 2, 2011
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2011
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|||
Volatility
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31.56 | % | ||
Expected dividends
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0.00 | % | ||
Expected term
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5.8 years
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|||
Risk-free rate
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2.21 | % |
Weighted Average
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||||||||||||||||
Remaining
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Aggregate
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|||||||||||||||
Number of
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Exercise
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Contractual
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Intrinsic
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Shares
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Price
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Term
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Value
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|||||||||||||
Outstanding at January 1, 2011
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12,926,131 | $ | 1.52 | |||||||||||||
Options Granted
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1,367,177 | 1.57 | ||||||||||||||
Options Classification from Employee to Non-Employee
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(67,500 | ) | 1.55 | |||||||||||||
Options Exercised
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(43,248 | ) | 0.61 | |||||||||||||
Options Forfeited
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(334,239 | ) | 1.47 | |||||||||||||
Outstanding at July 2, 2011
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13,848,321 | $ | 1.53 | 7.23 | $ | 2,613,313 | ||||||||||
Exercisable at July 2, 2011
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5,754,746 | $ | 1.48 | 6.76 | $ | 1,399,458 |
Weighted Average
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||||||||||||||||
Remaining
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Aggregate
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|||||||||||||||
Number of
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Exercise
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Contractual
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Intrinsic
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|||||||||||||
Shares
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Price
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Term
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Value
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|||||||||||||
Outstanding at January 1, 2011
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1,000,000 | $ | 1.65 | |||||||||||||
Options Granted
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200,000 | 1.59 | ||||||||||||||
Options Exercised
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- | - | ||||||||||||||
Options Forfeited
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- | - | ||||||||||||||
Outstanding at July 2, 2011
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1,200,000 | $ | 1.64 | 9.43 | $ | 97,000 | ||||||||||
Exercisable at July 2, 2011
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- | $ | - | - | $ | - |
Weighted Average
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||||||||
Award-Date
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||||||||
Shares
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Fair Value
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|||||||
Unvested shares at January 1, 2011
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1,000,000 | $ | 1.27 | |||||
Granted
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- | - | ||||||
Vested
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- | - | ||||||
Forfeited
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- | - | ||||||
Unvested shares at July 2, 2011
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1,000,000 | $ | 1.27 | |||||
Expected to Vest as of July 2, 2011
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1,000,000 | $ | 1.27 |
Weighted Average
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||||||||||||||||
Remaining
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Aggregate
|
|||||||||||||||
Number of
|
Exercise
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Contractual
|
Intrinsic
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|||||||||||||
Shares
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Price
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Term
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Value
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|||||||||||||
Outstanding at January 1, 2011
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1,097,300 | $ | 1.23 | |||||||||||||
Options Granted
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- | - | ||||||||||||||
Options Classification from Employee to Non-Employee
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67,500 | 1.55 | ||||||||||||||
Options Exercised
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- | - | ||||||||||||||
Options Forfeited
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- | - | ||||||||||||||
Outstanding at July 2, 2011
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1,164,800 | $ | 1.25 | 6.88 | $ | 550,115 | ||||||||||
Exercisable at July 2, 2011
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795,192 | $ | 1.14 | 6.09 | $ | 459,303 | ||||||||||
Weighted Average
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||||||||
Award-Date
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||||||||
Shares
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Fair Value
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|||||||
Unvested shares at January 1, 2011
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- | $ | - | |||||
Granted
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630,000 | 1.46 | ||||||
Vested
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- | - | ||||||
Forfeited
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- | - | ||||||
Unvested shares at July 2, 2011
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630,000 | $ | 1.46 | |||||
Expected to Vest as of July 2, 2011
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630,000 | $ | 1.46 |
Warrants granted
in connection with :
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Weighted Average
Exercise Prices
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Number Outstanding
And Exercisable
At
|
Weighted Average
Remaining Contractual Life
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|||||||||
2008 Private Placement Equity Offering
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$ | 3.00 | 1,718,350 | 1.80 | ||||||||
2010 Private Placement Equity Offering
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$ | 0.21 | 15,774,994 | 1.89 | ||||||||
$ | 0.48 | 17,493,344 | 1.88 |
Exhibit No | Description of Exhibits | |
10.1
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Amendment dated June 3, 2011 to Patent License Agreement, dated March 25, 2010 between the University of Mississippi and the Company.*
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31.1
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Certification of the Chief Executive Officer pursuant to §240.13a−14 or §240.15d−14 of the Securities Exchange Act of 1934, as amended
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31.2
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Certification of the Chief Financial Officer pursuant to §240.13a−14 or §240.15d−14 of the Securities Exchange Act of 1934, as amended
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32.1
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Certification pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes−Oxley Act of 2002)
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101
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The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2011, filed with the Securities and Exchange Commission on August 11, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders’ Equity, (v) the Notes to Condensed Consolidated Financial Statements.
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ChromaDex Corporation
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(Registrant)
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Date: August 11, 2011
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Duly Authorized Officer and Chief Financial Officer
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This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/19/12 | ||||
12/31/11 | 10-K, 10-K/A | |||
Filed on: | 8/11/11 | 424B3 | ||
For Period end: | 7/2/11 | 10-Q/A | ||
6/23/11 | ||||
6/3/11 | 4 | |||
4/2/11 | 10-Q | |||
3/16/11 | 10-K, 424B3, S-1 | |||
1/1/11 | 10-K | |||
7/3/10 | 10-Q | |||
3/25/10 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/08/23 ChromaDex Corp. 10-K 12/31/22 93:9.2M Workiva Inc Wde… FA01/FA 3/14/22 ChromaDex Corp. 10-K 12/31/21 91:9.9M Workiva Inc Wde… FA01/FA 3/12/21 ChromaDex Corp. 10-K 12/31/20 98:7.7M Blueprint/FA |