UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 12, 2015
Applied DNA Sciences, Inc.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation) |
001-36745 (Commission File Number) |
59-2262718 (IRS Employer Identification No.) |
50 Health Sciences Drive
Stony Brook, New York 11790
(Address of principal executive offices; zip code)
Registrant’s telephone number, including area code:
631-240- 8800
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 12, 2015, Applied DNA Sciences, Inc. (“Applied DNA Sciences” or the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended March 31, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. |
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits | |
99.1 |
Press Release of Applied DNA Sciences, Inc. dated May 12, 2015 regarding results of operations for the fiscal quarter ended March 31, 2015. |
- 2 - |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 12, 2015 | APPLIED DNA SCIENCES, INC. | |
By: |
/s/ James A. Hayward | |
Name: |
James A. Hayward | |
Title: |
Chief Executive Officer | |
- 3 - |
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press Release issued by Applied DNA Sciences, Inc. dated May 12, 2015 regarding results of operations for the fiscal quarter ended March 31, 2015. |
- 4 - |
·
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Revenues increased 138% for the second quarter of fiscal 2015 to a record $1.5 million, compared with $637 thousand reported in the second quarter of fiscal 2014, and a 22% increase from $1.2 million reported in the first fiscal quarter ended December 31, 2014. This increase in revenues resulted primarily from an increase in revenues from government contracts.
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·
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Total operating expenses were $3.4 million, compared with $3.8 million in the prior year’s quarter, a decrease of approximately $367 thousand or 10%. The decrease is primarily attributable to a decrease in legal fees, as well as lower selling, general and administrative expenses (“SG&A”) as a result of management’s cost-savings program.
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·
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Net loss for the three months ended March 31, 2015 was $1.9 million, or $0.11 per share, compared with a net loss of $2.8 million, or $0.20 per share for the three months ended March 31, 2014 and a net loss of $7.8 million, or $0.51 per share for the three months ended December 31, 2014.
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·
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Excluding non-cash expenses, Adjusted EBITDA for the three months ended March 31, 2015 would have been a negative $1.2 million compared to a negative Adjusted EBITDA of $2.6 million for the same quarter last year and a negative Adjusted EBITDA of $1.7 million for our prior fiscal quarter. The improvement in adjusted EBITDA is primarily related to the increased revenues and decreased operating expenses for the three months ended March 31, 2015, as described above. See below for information regarding non-GAAP measures.
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·
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The Company recorded record six-month revenues of almost $2.8 million, an increase of 124% from the same period last fiscal year, beating full-year fiscal 2014 revenues, which was the Company’s prior annual record. The increase in revenues was primarily due to two government contracts, revenues related to textile sales for protecting cotton supply chains, and an increase in sales of DNAnet kits.
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·
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Operating expenses for the six months ended March 31, 2015 increased by approximately $280 thousand or 3%. The increase is attributable to an increase in SG&A expenses of approximately $427 thousand, including an increase in stock based compensation expense of approximately $1.2 million, offset by decreases in legal and consulting expenses. The increase in operating expenses was also offset by a decrease in research and development expenses of approximately $167 thousand.
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·
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Net loss for the six months ended March 31, 2015 was $9.7 million or $0.59 per share, compared with a net loss of $9.0, million or $0.68 per share for the six months ended March 31, 2014.
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·
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Excluding non-cash expenses and interest Adjusted EBITDA for the six months ended March 31, 2015 would have been a negative $2.9 million compared with an Adjusted EBITDA of negative $5.0 million for the same period last year. See below for information regarding non-GAAP measures.
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●
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Closed on $12.0 million public offering. On April 1, 2015, the Company closed on an underwritten public offering for gross proceeds of $12 million. On April 30, the Company closed on the over-allotment option for additional gross proceeds of $264 thousand.
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●
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Introduction of DNAnet® Home Asset Marking. In a recent media event with local politicians, APDN announced the introduction of its DNAnet kits for home asset marking in Huntington Station, NY. Multiple US and EU municipalities have expressed interest, and insurance companies have begun direct marketing of DNAnet to their insured.
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●
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Entered into License Agreement with Divatex. Using Applied DNA Sciences’ patented SigNature® T DNA technology, U.S.-grown cotton fibers will be DNA-tagged at the ginner, offering the ability to verify the origin of the cotton throughout the supply chain.
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●
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Launched On-Site™ Authentication. SigNature DNA and fragmented DNA segments are forensically detectable in a field-deployable format. Licensees will be supplied devices in exchange for annual testing commitments. On-Site testing accelerates DNA-based quality release and assures authenticity at every node in which a product changes hands.
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●
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Compliance with FDA Guideline. Received a legal opinion stating that SigNature DNA is considered to be suitable for inclusion in prescription drugs as a PCID (“Physico-Chemical Identifier”) to help authenticate originality and exclude counterfeit drugs from the supply chain.
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●
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Launched DNA Beacon™. Based on a panel of novel, fluorescent-encrypted security elements, this patent pending technology is designed to identify SigNature DNA marked products throughout an entire supply chain. Identification in the field is easily conducted. Beacon technology can survive flame temperatures in excess of 1,000°C, making it well suited to prevent crimes such as copper theft.
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March 31,
2015
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September 30,
2014
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(unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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984,050
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$
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1,393,132
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Accounts receivable, net of allowance of $11,257 and $9,634 at March 31, 2015 and September 30, 2014, respectively
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1,160,304
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834,818
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Prepaid expenses and other current assets
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155,593
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135,365
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Total current assets
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2,299,947
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2,363,315
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Property, plant and equipment, net of accumulated depreciation of $645,855 at March 31, 2015 and $759,087 at September 30, 2014
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587,600
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576,128
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Other assets:
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Deposits
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61,988
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57,638
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Deferred offering costs
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287,831
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181,104
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Intangible assets, net of accumulated amortization and impairment of $302,610 and $256,208 at March 31, 2015 and September 30, 2014, respectively
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389,470
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327,872
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Total Assets
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$
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3,626,836
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$
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3,506,057
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
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Current liabilities:
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Accounts payable and accrued liabilities, including related party accrued interest of $-- and $6,597 at March 31, 2015 and September 30, 2014, respectively
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$
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1,443,665
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$
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1,494,759
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Promissory notes payable, including $1,000,000 with a related party
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—
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1,800,000
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Deferred revenue
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227,810
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583,362
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Total current liabilities
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1,671,475
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3,878,121
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Warrant liability
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—
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1,096,412
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Total liabilities
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1,671,475
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4,974,533
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Commitments and contingencies (Note I)
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Stockholders’ Equity (Deficit)
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Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; -0- shares issued and outstanding as of March 31, 2015 and September 30, 2014
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—
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—
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Series A Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2015 and September 30, 2014
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—
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—
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Series B Preferred stock, par value $0.001 per share, 10,000,000 shares authorized; -0- issued and outstanding as of March 31, 2015 and September 30, 2014
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—
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—
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Common stock, par value $0.001 per share; 500,000,000 and 1,350,000,000 shares authorized; 17,369,202 and 13,935,954 shares issued and outstanding as of March 31, 2015 and September 30, 2014, respectively
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17,370
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13,937
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Additional paid in capital
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211,412,483
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198,277,859
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Accumulated deficit
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(209,474,492
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)
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(199,760,272
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)
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Total stockholders’ equity (deficit)
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1,955,361
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(1,468,476
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)
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Total Liabilities and Stockholders’ Equity (Deficit)
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$
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3,626,836
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$
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3,506,057
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||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015
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2014
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2015
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2014
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Revenues
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$ | 1,518,761 | $ | 637,146 | $ | 2,760,563 | $ | 1,234,500 | ||||||||
Operating expenses:
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Selling, general and administrative
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2,901,207 | 3,297,739 | 7,569,950 | 7,143,317 | ||||||||||||
Research and development
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373,380 | 359,782 | 651,652 | 819,086 | ||||||||||||
Depreciation and amortization
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123,079 | 106,810 | 232,805 | 212,025 | ||||||||||||
Total operating expenses
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3,397,666 | 3,764,331 | 8,454,407 | 8,174,428 | ||||||||||||
LOSS FROM OPERATIONS
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(1,878,905 | ) | (3,127,185 | ) | (5,693,844 | ) | (6,939,928 | ) | ||||||||
Other income (expense):
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||||||||||||||||
Interest income (expense), net
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16 | 239 | (31,859 | ) | 673 | |||||||||||
Other (expense) income, net
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(6,693 | ) | (79,389 | ) | (13,135 | ) | 76,028 | |||||||||
Loss on conversion of promissory notes
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— | — | (980,842 | ) | — | |||||||||||
Gain (loss) on change in fair value of warrant liability
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— | 455,899 | (2,994,540 | ) | (2,178,859 | ) | ||||||||||
Net loss before provision for income taxes
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(1,885,582 | ) | (2,750,436 | ) | (9,714,220 | ) | (9,042,086 | ) | ||||||||
Provision for income taxes
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— | — | — | — | ||||||||||||
NET LOSS
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$ | (1,885,582 | ) | $ | (2,750,436 | ) | $ | (9,714,220 | ) | $ | (9,042,086 | ) | ||||
Net loss per share-basic and diluted
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$ | (0.11 | ) | $ | (0.20 | ) | $ | (0.59 | ) | $ | (0.68 | ) | ||||
Weighted average shares outstanding-
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||||||||||||||||
Basic and diluted
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17,362,573 | 13,470,806 | 16,404,299 | 13,316,179 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
2015
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2014
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2015
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2014
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|||||||||||||
Net Loss
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$ | (1,885,582 | ) | $ | (2,750,436 | ) | $ | (9,714,220 | ) | $ | (9,042,086 | ) | ||||
Operating expenses:
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Interest (income) expense, net
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(16 | ) | (239 | ) | 31,859 | (673 | ) | |||||||||
Depreciation and amortization
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123,079 | 106,810 | 232,805 | 212,025 | ||||||||||||
(Gain) loss on change in fair value of warrant liability
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— | (455,899 | ) | 2,994,540 | 2,178,859 | |||||||||||
Stock based compensation expense
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539,996 | 547,784 | 2,538,519 | 1,650,831 | ||||||||||||
Loss on conversion of promissory notes
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— | — | 980,842 | — | ||||||||||||
Bad debt expense
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— | 1,144 | 2,779 | 16,144 | ||||||||||||
Total non-cash items
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663,059 | 199,600 | 6,781,344 | 4,057,186 | ||||||||||||
Consolidated Adjusted EBITDA (loss)
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$ | (1,222,523 | ) | $ | (2,550,836 | ) | $ | (2,932,876 | ) | $ | (4,984,900 | ) |
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