-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MrjiOa7r2IyVwakxUdqoi+WPHsq7t6Qj1LEjr8pDwMlYePiIWIGCccdOdRe6V+BA sX8qh64+08XkZ5zCLZnuiQ== 0001001277-95-000006.txt : 19951106 0001001277-95-000006.hdr.sgml : 19951106 ACCESSION NUMBER: 0001001277-95-000006 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951103 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERM0GENESIS CORP CENTRAL INDEX KEY: 0000811212 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 943018487 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 000-16375 FILM NUMBER: 95586895 BUSINESS ADDRESS: STREET 1: 11431 SUNRISE GOLD CIRCLE SUITE A CITY: RANCHO CORDOVA STATE: CA ZIP: 95742 BUSINESS PHONE: 9166388357 FORMER COMPANY: FORMER CONFORMED NAME: INSTA COOL INC OF NORTH AMERICA DATE OF NAME CHANGE: 19920703 10QSB 1 FORM 10QSB FOR 9/30/95 FOR THERMOGENESIS CORP. U.S. SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-QSB X Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 1995 Commission File Number: 0-16375 THERMOGENESIS CORP. (Exact name of Small Business issuer as specified in its charter) Delaware 94-3018487 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 11431 Sunrise Gold, Ste. A, Rancho Cordova, CA 95742 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (916) 638-8357 Former name, former address and former fiscal year, if changed since last report. Check whether the issuer: (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No__ The issuer had 20,355,434 shares of common stock outstanding on October 28, 1995. Total of sequentially numbered pages _____ Exhibit index on sequential page ___ THERMOGENESIS CORP. INDEX PART I Condensed Financial Statements (Unaudited): Page Number Condensed Balance Sheets at September 30, 1995 and June 30, 1995 2 Condensed Statements of Operations for the Three Months ended September 30, 1995 and 1994 4 Condensed Statements of Cash Flows for the Three Months Ended September 30, 1995 and 1994 5 Notes to Condensed Financial Statements 6 Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II Item 6. Exhibits and Reports on Form 8-K. 9 SIGNATURES 10 THERMOGENESIS CORPORATION Condensed Balance Sheet (Unaudited) September 30, June 30, ASSETS 1995 1995 ____________ __________ Current assets: Cash $193,450 $325,965 Accounts receivable, net of allowance for doubt- ful of $72,913 ($72,913 at June 30, 1995) 815,478 675,240 Net investment in sales-type leases 35,731 35,731 Inventory 934,437 1,014,309 Prepaid expenses 21,434 9,711 ___________ __________ Total current assets 2,000,530 2,060,956 Equipment, at cost less accumulated depreciation of $216,674 ($200,557 at June 30, 1995) 289,973 176,535 Long-term net investment in sales-type leases 77,692 86,460 Prepaid royalties, net of accumulated amortization of $296,122 ($277,259 at June 30, 1995) 263,378 277,241 Leased equipment, net 34,748 40,778 Other assets 20,224 20,869 __________ __________ $2,686,545 $2,662,839 __________ __________ __________ __________ See accompanying notes. THERMOGENESIS CORPORATION Condensed Balance Sheet (Cont'd) (Unaudited) September 30, June 30 1995 1995 ____________ ________ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $400,038 $512,931 Current portion of long-term lease obligations 30,624 - Accrued payroll and related expenses 104,309 55,346 Deferred revenue 38,300 60,000 Customer deposits 19,925 19,523 ___________ __________ Total current liabilities 593,196 647,800 Deferred rent 13,397 14,456 Long-term lease obligations 79,756 - Commitments Shareholders' equity: Common stock, $.001 par value; 50,000,000 shares authorized: 20,355,434 issued and outstanding 20,356 20,356 Paid in capital in excess of par 7,794,621 7,794,621 Accumulated deficit (5,814,781) (5,814,394) ___________ ___________ Total shareholders' equity 2,000,196 2,000,583 ___________ ___________ $2,686,545 $2,662,839 ___________ ___________ ___________ ___________ See accompanying notes. THERMOGENESIS CORPORATION Condensed Statements of Operations (Unaudited) Three Months Ended September 30, September 30, 1995 1994 _____________ _____________ Net Sales $851,903 $800,633 Cost of Sales 443,535 459,386 Gross profit 408,368 341,247 Expenses: General and administrative expense 84,307 66,727 Selling and marketing expense 169,121 169,918 Research and development expense 155,214 70,814 _____________ _____________ Total expenses 408,642 307,459 Interest income 2,823 2,381 Interest expense 2,936 - _____________ _____________ Net income (loss) ($387) $36,169 _____________ _____________ _____________ _____________ Net income (loss) per share ($0.00) $0.00 _____________ _____________ _____________ _____________ Shares used in computing net income (loss) per share 20,355,000 20,593,000 _____________ _____________ _____________ _____________ See accompanying notes. THERMOGENESIS CORPORATION Condensed Statements of Cash Flows Three Months Ended September 30, 1995 and 1994 Increase (Decrease) in Cash (Unaudited) 1995 1994 ____________ ____________ Cash flows from operating activities: Net income (loss) ($387) $36,169 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 36,655 33,434 Net changes in operating assets and liabilities: Accounts receivable (140,238) (215,865) Investment in sales type leases 8,768 10,287 Inventory 79,872 (89,144) Prepaid expenses (11,723) 5,069 Accounts payable and accrued liabilities (112,893) 69,406 Accrued payroll and related expenses 48,963 (39,159) Customer deposits 402 (28,132) Deferred revenue (21,700) - Deferred rent (1,059) - ____________ _____________ Total adjustments (112,953) (254,104) ____________ _____________ Net cash used by operating activities (113,340) (217,935) Cash flows from investing activities: Capital expenditures - (78,998) ____________ _____________ Net cash used in investing activities - (78,998) Cash flows from financing activities: Principal payments on long-term lease obligations (19,175) - ____________ _____________ Net decrease in cash (132,515) (296,933) Cash at beginning of period 325,965 347,769 ____________ _____________ Cash at end of period $193,450 $50,836 ____________ _____________ ____________ _____________ See accompanying notes. THERMOGENESIS CORP. Notes to Condensed Financial Statements September 30, 1995 (Unaudited) 1. Interim Reporting. These Condensed Financial Statements should be read in conjunction with the Company's Annual Report (Form 10-KSB) for the year ended June 30, 1995. In the opinion of management, all adjustments (which consist of only normally recurring adjustments) necessary for a fair presentation of the condensed financial statements have been made. The results of operations for the three months ended September 30, 1995 are not necessarily indicative of the results to be expected for the full year. Inventories Inventories are stated at the lower of cost (First-In, First-Out) or market and consist approximately of the following: September 30, June 30, 1995 1995 ____________ ___________ Raw materials $ 417,945 $ 453,669 Work in process 104,570 113,508 Finished goods 411,922 447,132 ____________ ___________ Total $ 934,437 $1,014,309 ____________ ___________ ____________ ___________ Net Investment in Sales Type Leases The net investment in sales type leases consists of the following: September 30, June 30, 1995 1995 ____________ ___________ Total minimum lease payments receivable $ 128,741 $ 140,020 Less unearned interest (15,318) (17,829) ____________ ___________ Net investment in sales type leases $ 113,423 $ 122,191 ____________ ___________ ____________ ___________ Statement of Cash Flows The Company incurred approximately $130,000 in long-term lease obligations for the purchase of computer equipment. Management's Discussion and Analysis of Financial Condition and Results of Operation for the Three Months Ended September 30, 1995 The following is Management's discussion and analysis of certain significant factors which have affected the Company's financial condition and results of operations during the periods included in the accompanying financial statements. Results of Operations Sales and revenues: Net sales increased for the three months ended September 30, 1995 by 6% from the corresponding quarter in 1994. Sales increases were primarily due to increased sales of the Company's human blood plasma freezer products while sales of human blood plasma thawer products decreased from the same quarter of the prior year. Cost of sales as a percent of sales for the quarter ended September 30, 1995 was approximately 52% as compared to 57% for the corresponding quarter in 1994. The decrease in cost of sales as a percent of sales was due to increased sales of human blood plasma freezer products which have a higher profit margin. General and administrative expenses for the quarter ended September 30, 1995 increased by 26% from the corresponding quarter in 1994 due to increased salaries for additional personnel. Selling and marketing expenses for the quarter ended September 30, 1995 increased slightly over the corresponding quarter in 1994. While salaries increased due to added personnel, these increases were offset by decreases in phone, commission and other operating expenses due to soliciting foreign sales from the United States. Research and development expenses for the quarter ended September 30, 1995, increased 119% over the respective 1994 quarter. The increase was due to development efforts for a computerized human blood plasma sample storage and retrieval system, a computerized liquid nitrogen biological storage and retrieval freezer system, continuing development of a device for creating autologous fibrinogen sealant and continued development of computer controllers for plasma thawers and freezers. Management believes that research and development is essential to maintaining the Company's market position. Therefore, the Company considers such costs a continuing cost of doing business. Liquidity and Capital Resources The Company has consumed cash resources for operating activities. These resources have been primarily consumed for marketing activities and product development. Working capital decreased modestly by $5,822 from June 30, 1995. This decrease was primarily due to a decrease in current assets primarily offset by a decrease in current liabilities. Management's Discussion and Analysis of Financial Condition and Results of Operation for the Three Months Ended September 30, 1995 (Cont'd) Liquidity and Capital Resources (Cont'd) The Company continues to contain operating costs. The Company is currently seeking equity financing to supplement its current cash position. While no assurances can be given, management believes that with a combination of increased sales volume, further financing, and cost containment, the Company can continue to operate for the next twelve months. The Company has no significant outstanding capital commitments at September 30, 1995. PART II - OTHER INFORMATION Item 1. Legal proceedings. None. Item 2. Changes in Securities. None. Item 3. Default Upon Senior Securities. None. Item 4. Submission of Matters to a Vote of Security Holders. None. Item 5. Other Information. None. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits None. (b) Reports on Form 8-K. Current Report on Form 8-K for event date September 27, 1995. THERMOGENESIS CORP. Signatures In accordance with the requirements of the Exchange Act, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THERMOGENESIS CORP. (Registrant) Dated October 30, 1995 Merrill L. Parker, Controller (Principal Financial and Accounting Officer) Philip H. Coelho, President and Chief Executive Officer (Principal Executive Officer) EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-QSB FOR THE QUARTER ENDED SEPTEMBER 30, 1995 FOR THERMOGENESIS CORP. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000811212 THERMOGENESIS CORP. 3-MOS JUN-30-1995 SEP-30-1995 193450 0 815478 0 934437 2000530 289973 0 2686545 593196 0 20356 0 0 0 2686545 854726 851903 443535 0 408642 0 2936 0 0 0 0 0 0 (387) (0.00) 0
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