DELAWARE | 25-1741849 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
o Large accelerated filer | o Accelerated filer | o Non-accelerated filer | x smaller reporting company |
PART I | ||
ITEM 1. | 4 | |
ITEM 1A. | ||
ITEM 1B. | ||
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
PART II | ||
ITEM 5. | ||
ITEM 6. | ||
ITEM 7. | ||
ITEM 7A. | ||
ITEM 8. | ||
ITEM 9. | ||
ITEM 9A. | ||
ITEM 9B. | 26 | |
PART III | ||
ITEM 10. | 27 | |
ITEM 11. | 29 | |
ITEM 12. | ||
ITEM 13. | ||
ITEM 14. | ||
PART IV | ||
ITEM 15. | ||
· | Leveraging the effective and safe virosome vaccine technology and know-how |
· | Building on our leading expertise in membrane proteins and lipid membranes |
· | Advancing existing vaccine candidates through Phase II clinical trials with our partners |
· | Maintaining a comprehensive IP portfolio |
· | Adopting a flexible cost model based on a combination of in-house expertise and best-in-class outsourcing |
· | Entering into strategic partnerships with leading pharmaceutical companies and research organizations |
Vaccine | Pre-Clinical | Phase I | |
HIV-1 | X | ||
RSV | X | ||
HSV | X | ||
Malaria | X | ||
Influenza | X |
WO/1999/025377 (GP41 mutee) Method for obtaining vaccines for preventing the pathogenic effects related to a retroviral infection Mymetics Corp. Expiration date: November 16, 2018 |
WO/2005/010033 (GP41 ter) New soluble and stabilized trimeric form of GP 41 polypeptide Mymetics Corp. Expiration date: July 28, 2024 |
WO/2007/099446 (Virosome-P1) Virosome-like vesicles comprising gp41 - derived antigens Mymetics Corp. + INSERM + Pevion Expiration date: January 3, 2027 |
WO/2004/078099 (AMA49) Compositions and methods for the generation of immune response against Malaria Mymetics Corp. Expiration date: March 2, 2023 |
WO/2004/110486 (Lipopeptide) Functionally reconstituted viral membranes containing adjuvant Bestewil BV Expiration date: June 17, 2024 |
- | a competitive environment characterized by numerous, well-established and well-capitalized competitors; |
- | demonstrate substantial protective or therapeutic benefits in the prevention or treatment of any disease; |
- | provide that our board of directors is expressly authorized to make, alter or repeal the bylaws; and |
- | establish advance notice requirements for nominations for election to our board or for proposing matters that can be acted upon by stockholders at stockholder meetings. |
(a) | Market Information. The Corporation's common stock is quoted on the OTC Bulletin Board under the trading symbol "MYMX" |
FISCAL QUARTER ENDED | HIGH | LOW | HIGH | LOW | ||||||||||||
2012 | ||||||||||||||||
2015 | ||||||||||||||||
March 31 | $ | 0.100 | $ | 0.026 | $ | 0.030 | $ | 0.017 | ||||||||
June 30 | 0.090 | 0.040 | 0.030 | 0.019 | ||||||||||||
September 30 | 0.045 | 0.033 | 0.025 | 0.011 | ||||||||||||
December 31 | 0.050 | 0.020 | 0.024 | 0.010 | ||||||||||||
2013 | ||||||||||||||||
2014 | ||||||||||||||||
March 31 | $ | 0.045 | $ | 0.020 | $ | 0.060 | $ | 0.055 | ||||||||
June 30 | 0.040 | 0.015 | 0.030 | 0.030 | ||||||||||||
September 30 | 0.025 | 0.010 | 0.040 | 0.026 | ||||||||||||
December 31 | 0.025 | 0.010 | 0.025 | 0.021 |
(b) | Stockholders. At March |
(c) | Dividends. We have not paid any dividends on our common stock and do not intend to pay any dividends in the foreseeable future. |
Number of Securities to be issued upon exercise of Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) | Number of Securities to be issued upon exercise of vested Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||
Plan | ||||||||||||||||||||
Category | (a) | (b) | (c) | (a) | (b) | (c) | ||||||||||||||
Equity Compensation Plans (1) | ||||||||||||||||||||
Approved by Security Holders | ||||||||||||||||||||
2001 Plan | -- | (2) | $ | -- | -- | (2) | $ | -- | ||||||||||||
2009 Plan | 3,350,000 | (3) | $U.S. 0.15 | 3,350,000 | (3) | $ | U.S. 0.15 | |||||||||||||
2013 Plan | 17,500,000 | (4) | $U.S. 0.02 | 10,620,000 | (4) | $ | U.S. 0.02 | 670,000 | ||||||||||||
Total | 20,850,000 | $U.S. 0.04 | 9,150,000 | 13,970,000 | $ | U.S. 0.05 | 670,000 |
12 Months | ||||||||
Revenue from R&D services for RSV vaccine | E | 387,000 | ||||||
RSV R&D costs | E | |||||||
888,000 | ||||||||
Other R&D costs | 500,000 | |||||||
Administration costs | 980,000 | |||||||
Total | E | 2,368,000 |
EXPIRATION | EXPIRATION | ||||||||||||||||
OF TERM AS | OF TERM AS | ||||||||||||||||
NAME | CURRENT POSITION WITH THE COMPANY | AGE | A DIRECTOR | CURRENT POSITION WITH THE COMPANY | AGE | A DIRECTOR | |||||||||||
Ronald Kempers | Chief Financial Officer (appointed August 1, 2010), Chief Executive Officer (appointed November 19, 2012) | 46 | n/a | Chief Financial Officer (appointed August 1, 2010), Chief Executive Officer (appointed November 19, 2012) | 48 | n/a | |||||||||||
Thomas Staehelin (Class II) | Director | 65 | 2014 | Director | 68 | 2017 | |||||||||||
Ernest M. Stern (Class II) | Director | 63 | 2014 | Director | 65 | 2017 | |||||||||||
Ulrich Burkhard (Class III) | Director | 52 | 2015 | Director | 55 | 2018 |
● | Dr. Ruth Ruprecht, |
(ii) | Granting stock awards as a portion of the total compensation, which vest over a certain number of years; and |
Name and Principal Position | Year | Salary (E) | Bonus (E) | Awards (E) | Stock Awards (E) | Option Plan (E) | Non-Equity Incentive Earnings (E) | Change in Pension Value and Nonqualified Deferred Compensation (E) | Total Annual Compensation | Year | Salary (E) | Bonus (E) | Awards (E) | Stock Awards (E) | Option Plan (E) | Non-Equity Incentive Earnings (E) | Change in Pension Value and Nonqualified Deferred Compensation (E) | Total Annual Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ronald Kempers | (6 | ) | 2013 | 216,000 | - | - | - | 184,796 | - | - | E | 400,796 | (1 | ) | (6 | ) | 2015 | 282,000 | 37,678 | - | - | 119,122 | - | - | E | 438,800 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(CEO) | 2012 | 216,000 | - | - | - | - | - | - | E | 216,000 | (1 | ) | 2014 | 248,000 | 62,898 | - | - | - | - | - | E | 310,898 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 216,000 | - | - | - | - | - | - | E | 216,000 | (1 | ) | 2013 | 244,700 | - | - | - | 184,796 | - | - | E | 400,496 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sylvain Fleury, Ph. D. | (6 | ) | 2013 | 216,000 | - | - | - | 9,903 | - | - | E | 215,903 | (2 | ) | (6 | ) | 2015 | 282,000 | - | - | - | 11,912- | - | - | E | 293,912 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 216,000 | - | - | - | - | - | - | E | 216,000 | (2 | ) | 2014 | 248,000 | - | - | - | - | - | - | E | 248,000 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 216,000 | - | - | - | - | - | - | E | 216,000 | (2 | ) | 2013 | 244,700 | - | - | - | 9,903 | - | - | E | 225,903 | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas Staehelin, Dr. | 2013 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3 | ) | 2015 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3 | ) | 2014 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3 | ) | 2013 | 10,000 | - | - | - | - | - | - | E | 10,000 | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ernest Stern | 2013 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4 | ) | 2015 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4 | ) | 2014 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4 | ) | 2013 | 10,000 | - | - | - | - | - | - | E | 10,000 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ulrich Burkhard | 2013 | - | - | - | - | - | - | - | E | - | (5 | ) | 2015 | - | - | - | - | - | - | - | E | - | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | - | - | - | - | - | - | - | E | - | (5 | ) | 2014 | - | - | - | - | - | - | - | E | - | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | - | - | - | - | - | - | - | E | - | (5 | ) | 2013 | - | - | - | - | - | - | - | E | - | (5) |
(1) | Mr. Kempers has been Mymetics’ Chief Operating Officer since July 1st, 2009, Chief Financial Officer since August 1, 2010, and was appointed Chief Executive Officer on November |
(2) | Dr. Fleury has been appointed as Mymetics’ Chief Scientific Officer on November 3, 2003. |
(5) | Ulrich Burkhard is a member of the Board of Directors of the Company. He was elected on March 23rd, 2012 as non-executive director for attendance at the Board meetings, whether in person or by telephone. |
(6) | See below “Employment Agreements”. |
NAME AND ADDRESS OF BENEFICIAL OWNER | TITLE OF CLASS | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP | PERCENT OF CLASS | TITLE OF CLASS | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP | PERCENT OF CLASS | |||||||||||||
Ulrich Burkhard (1) Director | Common | -- | 0 | % | Common | -- | 0 | % | |||||||||||
Dr. Thomas Staehelin (1) Director | Common | 12,479,907 | 4.18 | % | Common | 12,479,907 | 4.11 | % | |||||||||||
Dr. Sylvain Fleury (1) Chief Scientific Officer | Common | 6,500,000 | (2 | ) | 2.18 | % | Common | 6,500,000 | (2) | 2.14 | % | ||||||||
Ernest M. Stern (1) Director | Common | 1,500,000 | (3 | ) | 0.50 | % | Common | 1,500,000 | (3) | 0.49 | % | ||||||||
Ronald Kempers (1) CEO, CFO and Director | Common | 3,100,000 | (5 | ) | 1.04 | % | Common | 3,100,000 | (5) | 1.02 | % | ||||||||
Round Enterprises Ltd. (1) | Common | 141,006,552 | (4 | ) | 47.25 | % | Common | 141,006,552 | (4) | 46.42 | % | ||||||||
All current executive officers and directors as a group (4 persons) | Common | 164,586,459 | 55.15 | % | |||||||||||||||
All current executive officers and directors as a group (5 persons) | Common | 164,586,459 | 54.18 | % |
(1) | Address is Mymetics Corporation, Biopole, Route de la Corniche 4, CH-1066 Epalinges (Switzerland). |
(2) | Of which 500,000 were issued for services, 1,000,000 were acquired through conversion of unpaid salary and expenses and 5,000,000 were acquired as a bonus. |
2013 | 2012 | 2015 | 2014 | |||||||||||||
Audit Fees | $ | 49,268 | $ | 55,146 | $ | 53,907 | $ | 60,977 | ||||||||
Audit-Related Fees | - | - | -- | -- | ||||||||||||
Tax Fees | 12,815 | 10,425 | 7,514 | 16,175 | ||||||||||||
All Other Fees | - | - | - | - | ||||||||||||
Total | $ | 62,083 | $ | 65,571 | $ | 61,421 | $ | 77,152 |
(a) | (1) | Index to Financial Statements | |
Report of Independent Registered Public Accounting Firm | |||
Consolidated Balance Sheets | |||
Consolidated Statements of Operations and Comprehensive Loss | |||
Consolidated Statements of Changes in Shareholders' Equity (Deficit) | |||
Consolidated Statements of Cash Flows | |||
Notes to Consolidated Financial Statements | |||
(a) | (2) | ALL OTHER SCHEDULES HAVE BEEN OMITTED BECAUSE THEY ARE NOT APPLICABLE OR THE REQUIRED INFORMATION IS SHOWN IN THE FINANCIAL STATEMENTS OR NOTES THERETO. | |
(3) | List of Exhibits | ||
2.1 | Share Exchange Agreement dated December 13, 2001 between the Company and the stockholders of Mymetics S.A. listed on the signature page thereto (1) | ||
2.2 | Share Exchange Agreement dated December 13, 2001 between the Company and the stockholders of Mymetics S.A. listed on the signature page thereto (1) | ||
2.3 | Purchase Agreement dated October 17, 1998 between the Company and the majority stockholders of Nazca Holdings Ltd. (2) | ||
2.4 | Amendment to the Purchase Agreement dated October 17, 1998 between the Company and the majority stockholders of Nazca Holdings Ltd. (3) | ||
2.5 | Revised Purchase Agreement dated July 28, 1999 between the Company and the majority stockholders of Nazca Holdings Ltd. (4) | ||
2.6 | Share Exchange Agreement dated July 30, 2002 between the Company and the stockholders of Mymetics S.A. listed on the signature page thereto (5) | ||
3 (i) | Articles of Incorporation of the Company (as amended through May 10, 2002) (6) | ||
3 (ii) | Bylaws (7) | ||
4.1 | Form of Specimen Stock Certificate (8) | ||
4.2 | Form of letter regarding Warrant (8) | ||
4.3 | Form of Share Exchange Agreement (8) | ||
9.1 | Voting and Exchange Trust Agreement dated March 19, 2001, among the Company, 6543 Luxembourg S.A. and MFC Merchant Bank S.A. (8) | ||
10.1 | Services Agreement dated May 31, 2001, between the Company and MFC Merchant Bank, S.A.(7) | ||
10.2 | Employment Agreement dated May 3, 2001, between Pierre-Francois Serres and the Company (7) | ||
10.3 | Indemnification Agreement dated March 19, 2001, between the Company and MFC Bancorp Ltd. (7) | ||
10.4 | Agreement dated for reference May 15, 2000, between the Company and Maarten Reidel (7) | ||
10.5 | Preferred Stock Redemption and Conversion Agreement dated for reference December 21, 2000, between the Company and Sutton Park International Ltd. (10) |
10.6 | Preferred Stock Conversion Agreement dated for reference December 21, 2000, between the Company and Med Net International Ltd. (11) | ||
10.7 | Preferred Stock Conversion Agreement dated December 21, 2000, between the Company and Dresden Papier GmbH (11) | ||
10.8 | Assignment Agreement dated December 29, 2000, among the Company, Mymetics S.A. and MFC Merchant Bank S.A. (1) | ||
10.9 | Credit Facility Agreement dated July 27, 2000, between MFC Merchant Bank, S.A. and the Company (1) | ||
10.10 | Amended Credit Facility Agreement dated for reference August 13, 2001, between MFC Merchant Bank, S.A. and the Company (16) | ||
10.11 | Second Amended Credit Facility Agreement dated for reference February 27, 2002, between MFC Merchant Bank, S.A. and the Company (16) | ||
10.12 | Amended and Restated Credit Facility Agreement dated for reference February 28, 2003, among MFC Merchant Bank, S.A., MFC Bancorp Ltd., and the Company (16) | ||
10.13 | Guarantee dated for reference February 28, 2003, by MFC Bancorp Ltd. to MFC Merchant Bank S.A. (16) | ||
10.14 | Shareholder Agreement dated March 19, 2001, among the Company, the Holders of Class B Exchangeable Preferential Non-Voting Shares of 6543 Luxembourg S.A. signatory thereto and6543 Luxembourg S.A.(8) | ||
10.15 | Support Agreement dated March 19, 2001, between the Company and 6543 Luxembourg S.A. (8) | ||
10.16 | 1995 Qualified Incentive Stock Option Plan (12) | ||
10.17 | Amended 1994 Stock Option Plan (13) | ||
10.18 | 2001 ICHOR Company Stock Option Plan (7) | ||
10.19 | Employment Agreement dated March 18, 2002, between the Company and Peter P. McCann (14) | ||
10.20 | Consulting Agreement dated August 31, 2001, between the Company and Michael K. Allio (8) | ||
10.21 | Amendment to Consulting Agreement dated August 21, 2002, between the Company and Michael K. Allio (16) | ||
10.22 | Employment Agreement dated March 18, 2002, between the Company and Dr. Joseph D. Mosca (15) | ||
10.23 | Separation Agreement and Release dated January 31, 2003,between the Company and Peter P. McCann (16) | ||
10.24 | Director and Non-Employee Stock Option Agreement dated July 19, 2001, between the Company and Robert Demers (8) | ||
10.25 | Director and Non-Employee Stock Option Agreement dated July 19, 2001, between the Company and Michael K. Allio (8) | ||
10.26 | Director and Non-Employee Stock Option Agreement dated July 19, 2001, between the Company and John M. Musacchio (8) | ||
10.27 | Director and Non-Employee Stock Option Agreement dated July 19, 2001, between the Company and Patrice Pactol (8) | ||
10.2 | Director and Non-Employee Stock Option Agreement dated July 19, 2001, between the Company and Pierre-Francois Serres (8) | ||
10.29 | Director and Non-Employee Stock Option Agreement dated July 23, 2002, between the Company and Pierre-Francois Serres (16) |
10.30 | Director and Non-Employee Stock Option Agreement dated July 23 2002, between the Company and Patrice Pactol (16) | ||
10.31 | Director and Non-Employee Stock Option Agreement dated July 23,2002, between the Company and Robert Demers (16) | ||
10.32 | Director and Non-Employee Stock Option Agreement dated July 23, 2002, between the Company and John M. Musacchio (16) | ||
10.33 | Director and Non-Employee Stock Option Agreement dated July 23, 2002, between the Company and Michael K. Allio (16) | ||
10.34 | Director and Non-Employee Stock Option Agreement dated August 21, 2002, between the Company and Michael K. Allio (16) | ||
10.35 | Director and Non-Employee Stock Option Agreement dated June 20, 2002, between the Company and Peter P. McCann (16) | ||
10.36 | Director and Non-Employee Stock Option Agreement dated July 23, 2002, between the Company and Peter P. McCann (16) | ||
10.37 | Director and Non-Employee Stock Option Agreement dated February 6, 2003, between the Company and Peter P. McCann (16) | ||
10.38 | Patent Pledge Agreement dated November __, 2002 among Mymetics S.A., Mymetics Deutschland GmbH, the Company and MFC Merchant Bank S.A. (16) | ||
10.39 | Third Amendment to the Credit Facility Agreement dated for Reference December 31, 2006, between MFC Merchant Bank, S.A. and the Company (17) | ||
10.40 | Fourth Amendment to the Credit Facility Agreement dated for Reference February 16, 2005, between MFC Merchant Bank, S.A. and the Company (17) | ||
10.41 | Consulting Agreement dated for reference January 1, 2004, between the Centre Hospitalier Universitaire Vaudois (CHUV), the Company and Dr. Sylvain Fleury, Ph.D. (18) | ||
10.42 | Consulting Agreement dated for reference January 1, 2004, between the Company and Professor Marc Girard, DVM, D.Sc. (18) | ||
10.43 | Cooperation and Option Agreement dated March 10, 2005, between the Company and Pevion A.G. (18) | ||
10.44 | Consulting Agreement dated March 23, 2005, between the Company and Northern Light International. (18) | ||
10.45 | Sixth Amended Credit Facility Agreement dated for reference December 31, 2005, between MFC Merchant Bank, S.A. and the Company (19) | ||
10.46 | Employment Agreement dated July 1, 2006, between the Company and Dr. Sylvain Fleury (20) | ||
10.47 | Employment Agreement dated July 1, 2006, between the Company and Christian Rochet (20) | ||
10.48 | Employment Agreement dated July 1, 2006, between the Company and Ernst Luebke (20) | ||
10.49 | License Agreement dated March 1, 2007, between the Company and Pevion Biotech Ltd. (21) | ||
10.50 | Settlement Agreement dated March 19, 2007 between the Company and MFC Merchant Bank S.A. (22) | ||
10.51 | Co-ownership Agreement dated January 8, 2008 between the Company, INSERM and Pevion Biotech Ltd. (23) | ||
10.52 | Co-ownership Agreement dated January 8, 2008 between the Company and INSERM (23) | ||
10.53 | Exploitation Agreement dated January 8, 2008 between the Company and INSERM (23) |
10.54 | Non-Executive Director Agreement dated 21 January between the Company and Mr. Ernest M Stern.(24) | ||
10.55 | NGIN Material Transfer Agreement dated 11 February 2008 between the Company, Institute Cochin, Universite Paris Descartes and Pevion Biotech.(25) | ||
10.56 | Acquisition & License Agreement dated 19 May 2008 between the Company and Pevion Biotech Ltd. (26) | ||
10.57 | Extension of Convertible Note Maturity Date Agreement dated 22 August 2008 between the Company, Anglo Irish Bank and Round Enterprises Ltd. (27) | ||
10.58 | Gp41 Manufacturing Technology Agreement dated 26 January 2009 between the Company and PX Therapeutics (28) | ||
10.59 | Share Purchase Agreement pursuant to which the Company purchased all issued and outstanding shares of capital stock of Bestewil Holding B.V. (“Bestewil”) from its parent, Norwood Immunology Limited (“NIL”), and all issued and outstanding shares of capital stock of Virosome Biologicals B.V. now held by Bestewil. (29) | ||
10.60 | Resignation of Prof Marc Girard as Head of vaccine development for reasons of personal health. (30) | ||
10.61 | Completion of Share Purchase Agreement pursuant to which Mymetics purchased all issued and outstanding shares of capital stock of Bestewil Holding B.V. and Virosome Biologicals B.V. including Unregistered Sales of Equity Securities, Financial Statements and Exhibits. (31) | ||
10.62 | Completion of Share Purchase Agreement pursuant to which Mymetics purchased all issued and outstanding shares of capital stock of Bestewil Holding B.V. and Virosome Biologicals B.V. including Statements and Exhibits. (32) | ||
10.63 | Election of Jacques-Francois Martin as a member of the Board of Directors and Chairman of the Board, resignation of Christian Rochet as President and CEO and agreement of Jacques-Francois Martin to serve as President and CEO. (33) | ||
10.64 | Consulting Agreement dated September 1, 2009, between the Company and Mr. Christian Rochet. | ||
10.65 | Resignation of Ernest Luebke as Chief Finance Officer and Board member. (37) | ||
10.66 | Press release on partial funding by the National Institutes of Health of a new preclinical trial to test the effectiveness of a candidate HIV vaccine in a nonhuman primate model. (38) | ||
10.67 | Amendment of Exploitation Agreement dated January 8, 2008 with INSERM-TRANSFERT. (43) | ||
10.67 | Amendment of License and Cooperation Agreements for Intranasal Delivery of APRECS based Vaccines and Virosomes between Mymetics B.V. and Abbott Biologicals B.V (44) | ||
10.68 | Election of Martine Reindle to the Board of Directors. (45) | ||
10.68 | Resignation of Jacques-François Martin as President and CEO. (46) | ||
10.69 | Election of Dr. Christopher S. Henney, Ulrich Burkhard and Grant Pickering to the Board of Directors. Resignation of Jacques-François Martin, Martine Reindle, Christian Rochet and Sylvain Fleury from the Board of Directors. (47) | ||
10.70 | Second Amended and Restated Executive Employment Agreement of Dr. Sylvain Fleury. (49) | ||
10.71 | Amendment of convertible secured notes issued to Round Enterprises Ltd., Eardley Holding A.G. and Anglo Irish Bank. (50) | ||
10.72 | Election of Ronald Kempers as President and Chief Executive Officer. , Departure of Dr. Christopher S. Henney and Grant Pickering from the Board of Directors. (51) | ||
11.1 | Statement Regarding Calculation of Per Share Earnings. | ||
Code of Ethics. |
List of Subsidiaries | |||
24.1 | Powers of Attorney (included on the signature page hereto) | ||
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14 of the Securities Exchange Act of 1934 | |||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14 of the Securities Exchange Act of 1934 | |||
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer | |||
101.INS | Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
(1) | Incorporated by reference to the Company's Schedule 14C filed with the Securities and Exchange Commission on April 26, 2001. |
(2) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on October 22, 1998. |
(3) | Incorporated by reference to the Company's report on Form 8-K/A filed with the Securities and Exchange Commission on April 15, 1999. |
(4) | Incorporated by reference to the Company's report on Form 8-K/A filed with the Securities and Exchange Commission on August 13, 1999. |
(5) | Incorporated by reference to the Company's Amendment No. 1 to Form S-1 filed with the Securities and Exchange Commission on August 8, 2002. |
(6) | Incorporated by reference to the Company's report on Form 10-Q for the quarter ended March 31, 2002, filed with the Securities and Exchange Commission on May 15, 2002. |
(7) | Incorporated by reference to the Company's report on Form 10-Q for the quarter ended June 30, 2001, filed with the Securities and Exchange Commission on August 14, 2001. |
(8) | Incorporated by reference to the Company’s Registration Statement |
(9) | Incorporated by reference to the Company's report on Form 8-K/A filed with the Securities and Exchange Commission on August 9, 2000. |
(10) | Incorporated by reference to Schedule 13D/A filed by MFC Bancorp Ltd. With the Securities and Exchange Commission on dated January 2, 2001. |
(11) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2000, filed with the Securities and Exchange Commission on March 14, 2001. |
(12) | Incorporate by reference to the Company's Registration Statement on Form S-8, File No. 333-15831, filed with the Securities and Exchange Commission on November 8, 1996. |
(13) | Incorporated by reference to the Company's Registration Statement on Form S-8, File No. 333-15829, filed with the Securities and Exchange Commission on November 8, 1996. |
(14) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2004, and filed with the Securities and Exchange Commission on March 29, 2002. |
(15) | Incorporated by reference to the Company's report on Form 10-Q for the quarter ended March 31, 2002, filed with the Securities and Exchange Commission on May 15, 2002. |
(16) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2005, and filed with the Securities and Exchange Commission on March 27, 2003. |
(17) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on February 18, 2005. |
(18) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2004, filed with the Securities and Exchange Commission on March 30, 2005. |
(19) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2005, filed with the Securities and Exchange Commission on April 17, 2006. |
(20) | Incorporated by reference to the Company's report on Form 10-Q for the period ended June 30, 2006, and filed with the Securities and Exchange Commission on August 21, 2006. |
(21) | Incorporated by reference to the Company's report on Form 10-K for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission on April 17, 2007. |
(22) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 21, 2007. |
(23) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on January 14, 2008. |
(24) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on January 25, 2008. |
(25) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on February 19, 2008. |
(26) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on May 19, 2008. |
(27) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2008. |
(28) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on January 30, 2009. |
(29) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 5, 2009. |
(30) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 9, 2009. |
(31) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on June 16, 2009. |
(32) | Incorporated by reference to the Company's report on Form 8-K/A filed with the Securities and Exchange Commission on June 22, 2009. |
(33) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on June 23, 2009. |
(34) | Incorporated by reference to the Company's Statement on Form 4, filed with the Securities and Exchange Commission on July 28, 2009. |
(35) | Incorporated by reference to the Company's Statement on Form 3 filed with the Securities and Exchange Commission on July 14, 2010. |
(36) | Incorporated by reference to the Company's Statement on Form 3 filed with the Securities and Exchange Commission on August 9, 2010. |
(37) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on August 10, 2010. |
(38) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on September 13, 2010. |
(39) | Incorporated by reference to the Company's Statement on Form 4 filed with the Securities and Exchange Commission on December 2, 2010. |
(40) | Incorporated by reference to the Company's Statement on Form 3 filed with the Securities and Exchange Commission on December 20, 2010. |
(41) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 7, 2011. |
(42) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 16, 2011. |
(43) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on August 12, 2011. |
(44) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on October 4, 2011. |
(45) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on October 26, 2011. |
(46) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on February 03, 2012. |
(47) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on March 23, 2012. |
(48) | Incorporated by reference to the Company's Statement on Form 13D filed with the Securities and Exchange Commission on April 05, 2012. |
(49) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on July 02, 2012. |
(50) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on September 21, 2012. |
(51) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on November 26, 2012. |
(52) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on April 15, 2013. |
(53) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on January 03, 2014. |
(54) | Incorporated by reference to the Company's report on Form 8-K/A filed with the Securities and Exchange Commission on February 28, 2014. |
(55) | Incorporated by reference to the Company's report on Form S-8 filed with the Securities and Exchange Commission on April 11, 2014. |
(56) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on July 16, 2014. |
(57) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on September 30, 2014. |
(58) | Incorporated by reference to the Company's statement on Form SC 13D/A filed with the Securities and Exchange Commission on March 17, 2015. |
(59) | Incorporated by reference to the Company's report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2015. |
(60) | Incorporated by reference to the Company's Schedule PRE 14C filed with the Securities and Exchange Commission on Octobre 26, 2015. |
(61) | Incorporated by reference to the Company's Schedule DEF 14C filed with the Securities and Exchange Commission on Novembre 9, 2015. |
2013 | 2012 | 2015 | 2014 | |||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | E | 297 | E | 286 | E | 2,381 | E | 1,614 | ||||||||
Receivables | 3,712 | 43 | 218 | 278 | ||||||||||||
Prepaid expenses | 57 | 52 | 66 | 52 | ||||||||||||
Total current assets | 4,066 | 381 | 2,665 | 1,944 | ||||||||||||
Property and equipment, net of accumulated depreciation of E281 and E261 at December 31, 2013 and 2012, respectively | 117 | 28 | ||||||||||||||
Property and equipment, net of accumulated depreciation of E354 and E311 at December 31, 2015 and 2014, respectively | 106 | 129 | ||||||||||||||
In-process research and development | 2,266 | 2,266 | 2,266 | 2,266 | ||||||||||||
Goodwill | 6,671 | 6,671 | 6,671 | 6,671 | ||||||||||||
E | 13,120 | E | 9,346 | E | 11,708 | E | 11,010 | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | ||||||||||||||||
Current Liabilities | ||||||||||||||||
Accounts payable | E | 858 | E | 1,325 | E | 332 | E | 725 | ||||||||
Acquisition-related contingent consideration | 236 | -- | ||||||||||||||
Deferred revenue from grants | 1,098 | -- | ||||||||||||||
Convertible notes payable to related parties | 39,123 | 34,723 | 43,170 | 40,374 | ||||||||||||
Total current liabilities | 40,217 | 36,048 | ||||||||||||||
Acquisition-related contingent consideration | -- | 6,533 | ||||||||||||||
Total liabilities | 40,217 | 42,581 | 44,600 | 41,099 | ||||||||||||
Shareholders' Equity (Deficit) | ||||||||||||||||
Common stock, U.S. $.01 par value; 850,000,000 shares authorized; issued 298,418,813 at December 31, 2013 and 295,318,813 at December 31, 2012 | 2,491 | 2,468 | ||||||||||||||
Common stock, U.S. $.01 par value; 1,000,000,000 and 850,000,000 shares authorized at December 31, 2015 and 2014, respectively; issued 303,757,622 at December 31, 2015 and and 2014 | 2,530 | 2,530 | ||||||||||||||
Preferred stock, U.S. $.01 par value; 5,000,000 shares authorized; none issued or outstanding | -- | -- | -- | -- | ||||||||||||
Additional paid-in capital | 33,876 | 33,783 | 34,315 | 34,169 | ||||||||||||
Deficit accumulated during the development stage | (64,165 | ) | (70,168 | ) | ||||||||||||
Accumulated deficit | (70,427 | ) | (67,421 | ) | ||||||||||||
Accumulated other comprehensive income | 701 | 682 | 690 | 633 | ||||||||||||
(27,097 | ) | (33,235 | ) | (32,892 | ) | (30,089 | ) | |||||||||
E | 13,120 | E | 9,346 | E | 11,708 | E | 11,010 |
Accumulated During Development Stage (May 2, 1990 to December 31, | ||||||||||||
2013 | 2012 | 2013) | ||||||||||
Revenues | ||||||||||||
Sales | E | -- | E | -- | E | 660 | ||||||
License fees | 4,381 | -- | 4,381 | |||||||||
Interest | 2 | 3 | 47 | |||||||||
Gain on extinguishment of debt | -- | -- | 774 | |||||||||
Gain on sales of equipment | -- | -- | 69 | |||||||||
Government grants | -- | -- | 107 | |||||||||
4,383 | 3 | 6,038 | ||||||||||
Expenses | ||||||||||||
Research and development | 657 | 1,616 | 27,365 | |||||||||
General and administrative | 1,370 | 1,371 | 25,586 | |||||||||
Bank fee | 3 | 3 | 947 | |||||||||
Induced conversion cost | -- | -- | 807 | |||||||||
Interest | 2,589 | 2,307 | 14,523 | |||||||||
Change in the fair value of acquisition-related contingent consideration | (6,297 | ) | 780 | (3,314 | ) | |||||||
Goodwill impairment | -- | -- | 209 | |||||||||
Depreciation | 20 | 22 | 826 | |||||||||
Amortization of intangibles | -- | -- | 481 | |||||||||
Impairment of license contract | -- | -- | 2,213 | |||||||||
Directors' fees | 20 | 12 | 396 | |||||||||
Other | (30 | ) | -- | 90 | ||||||||
(1,668 | ) | 6,111 | 70,129 | |||||||||
Income (loss) before income tax provision | 6,051 | (6,108 | ) | (64,091 | ) | |||||||
Income tax provision | (48 | ) | (3 | ) | (74 | ) | ||||||
Net income (loss) | 6,003 | (6,111 | ) | (64,165 | ) | |||||||
Other comprehensive income | ||||||||||||
Foreign currency translation adjustment | 19 | 18 | 701 | |||||||||
Comprehensive income (loss) | E | 6,022 | E | (6,093 | ) | E | (63,464 | ) | ||||
Basic and diluted income (loss) per share | E | 0.02 | E | (0.02 | ) |
2015 | 2014 | |||||||
Revenues | ||||||||
Research and Development services | E | 2,043 | E | 2,359 | ||||
Interest | 3 | 3 | ||||||
Grants | 1,108 | 40 | ||||||
3,154 | 2,402 | |||||||
Expenses | ||||||||
Research and development | 1,727 | 1,565 | ||||||
General and administrative | 1,542 | 1,338 | ||||||
Bank fee | 3 | 3 | ||||||
Depreciation | 43 | 33 | ||||||
Directors' fees | 20 | 20 | ||||||
Other | 209 | 110 | ||||||
3,544 | 3,069 | |||||||
Operating Loss | (390 | ) | (667 | ) | ||||
Interest expense | 2,571 | 2,607 | ||||||
Loss before income tax (provision) benefit | (2,961 | ) | (3,274 | ) | ||||
Income tax (provision) benefit | (45 | ) | 18 | |||||
Net loss | (3,006 | ) | (3,256 | ) | ||||
Other comprehensive income (loss) Foreign currency translation adjustment | 57 | (68 | ) | |||||
Comprehensive loss | E | (2,949 | ) | E | (3,324 | ) | ||
Basic and diluted loss per share | E | 0.00 | 0.00 |
Date of Transaction | Number of Shares | Par Value | APIC | Deficit Accumulated during the Development Stage | Accumulated Other Comprehensive Income-foreign currency translation adjustment | Total | |||||||||||||||||||
Balance at May 2, 1990 | |||||||||||||||||||||||||
Shares issued for cash | June 1990 | 33,311,361 | E | 119 | E | - | E | - | E | - | E | 119 | |||||||||||||
Net losses to December 31, 1999 | - | - | - | (376 | ) | - | (376 | ) | |||||||||||||||||
Balance at December 31, 1999 | 33,311,361 | 119 | - | (376 | ) | - | (257 | ) | |||||||||||||||||
Bank fee | - | - | 806 | - | - | 806 | |||||||||||||||||||
Net loss for the year | - | - | - | (1,314 | ) | - | (1,314 | ) | |||||||||||||||||
Balance at December 31, 2000 | 33,311,361 | 119 | 806 | (1,690 | ) | - | (765 | ) | |||||||||||||||||
Effect on capital structure resulting from a business combination | March 2001 | 8,165,830 | 354 | (354 | ) | - | - | - | |||||||||||||||||
Issuance of stock purchase warrants in connection with credit facility | March 2001 | - | - | 210 | - | - | 210 | ||||||||||||||||||
Issuance of shares for bank fee | March 2001 | 1,800,000 | 21 | (21 | ) | - | - | - | |||||||||||||||||
Issuance of shares for bank fee | June 2001 | 225,144 | 3 | (3 | ) | - | - | - | |||||||||||||||||
Issuance of shares for cash | June 2001 | 1,333,333 | 15 | 2,109 | - | - | 2,124 | ||||||||||||||||||
Exercise of stock purchase warrants in repayment of debt | June 2001 | 1,176,294 | 13 | 259 | - | - | 272 | ||||||||||||||||||
Exercise of stock purchase warrants for cash | December 2001 | 3,250,000 | 37 | 563 | - | - | 600 | ||||||||||||||||||
Net loss for the year | - | - | - | (1,848 | ) | - | (1,848 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 100 | 100 | |||||||||||||||||||
Balance at December 31, 2001 | 49,261,962 | 562 | 3,569 | (3,538 | ) | 100 | 693 | ||||||||||||||||||
Exercise of stock options | March 2002 | 10,000 | - | 8 | - | - | 8 | ||||||||||||||||||
Issuance of stock purchase warrants for bank fee | June 2002 | - | - | 63 | - | - | 63 | ||||||||||||||||||
Exercise of stock purchase warrants in repayment of debt | July 2002 | 1,625,567 | 16 | 396 | - | - | 412 | ||||||||||||||||||
Issuance of remaining shares from 2001 business combination | August 2002 | 46,976 | 1 | (1 | ) | - | - | - | |||||||||||||||||
Net loss for the year | - | - | - | (3,622 | ) | - | (3,622 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 97 | 97 | |||||||||||||||||||
Balance at December 31, 2002 | 50,944,505 | 579 | 4,035 | (7,160 | ) | 197 | (2,349 | ) | |||||||||||||||||
Issuance of shares for services | September 2003 | 400,000 | 4 | 29 | - | - | 33 | ||||||||||||||||||
Shares retired | October 2003 | (51 | ) | - | - | - | - | - | |||||||||||||||||
Issuance of shares for services | November 2003 | 1,500,000 | 12 | 100 | - | - | 112 | ||||||||||||||||||
Issuance of shares for cash | December 2003 | 1,500,000 | 12 | 113 | - | - | 125 | ||||||||||||||||||
Issuance of stock purchase warrants for financing fee | December 2003 | - | - | 12 | - | - | 12 | ||||||||||||||||||
Net loss for the year | - | - | - | (2,786 | ) | - | (2,786 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 453 | 453 | |||||||||||||||||||
Balance at December 31, 2003 | 54,344,454 | 607 | 4,289 | (9,946 | ) | 650 | (4,400 | ) | |||||||||||||||||
Issuance of shares for services | January 2004 | 550,000 | 5 | 27 | - | - | 32 | ||||||||||||||||||
Issuance of shares for cash | January 2004 | 2,000,000 | 17 | 150 | - | - | 167 | ||||||||||||||||||
Issuance of stock purchase warrants for financing fee | January 2004 | - | - | 40 | - | - | 40 | ||||||||||||||||||
Issuance of shares for cash | February 2004 | 2,500,000 | 21 | 187 | - | - | 208 |
Issuance of stock purchase warrants for financing fee | February 2004 | - | - | 62 | - | - | 62 | ||||||||||||||||||
Issuance of shares for services | April 2004 | 120,000 | 1 | 11 | - | - | 12 | ||||||||||||||||||
Issuance of shares for bank fee | May 2004 | 500,000 | 4 | 62 | - | - | 66 | ||||||||||||||||||
Issuance of shares for cash | May 2004 | 2,000,000 | 16 | 148 | - | - | 164 | ||||||||||||||||||
Issuance of shares for services | August 2004 | 250,000 | 2 | 26 | - | - | 28 | ||||||||||||||||||
Issuance of shares for cash | August 2004 | 1,466,667 | 12 | 128 | - | - | 140 | ||||||||||||||||||
Issuance of stock purchase warrants for financing fee | August 2004 | - | - | 46 | - | - | 46 | ||||||||||||||||||
Issuance of shares for services | September 2004 | 520,000 | 4 | 29 | - | - | 33 | ||||||||||||||||||
Issuance of shares for cash | September 2004 | 50,000 | - | 4 | - | - | 4 | ||||||||||||||||||
Issuance of shares for services | October 2004 | 2,106,743 | 16 | 132 | - | - | 148 | ||||||||||||||||||
Issuance of shares for services | November 2004 | 2,000,000 | 15 | 177 | - | - | 192 | ||||||||||||||||||
Issuance of shares for cash | November 2004 | 40,000 | - | 4 | - | - | 4 | ||||||||||||||||||
Net loss for the year | - | - | - | (2,202 | ) | - | (2,202 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 191 | 191 | |||||||||||||||||||
Balance at December 31, 2004 | 68,447,864 | 720 | 5,522 | (12,148 | ) | 841 | (5,065 | ) | |||||||||||||||||
Issuance of shares for services | January 2005 | 500,000 | 4 | 83 | - | - | 87 | ||||||||||||||||||
Issuance of shares for services | March 2005 | 1,700,000 | 13 | 280 | - | - | 293 | ||||||||||||||||||
Issuance of shares for services | April 2005 | 60,000 | 1 | 10 | - | - | 11 | ||||||||||||||||||
Issuance of shares for cash | May 2005 | 52,000 | - | 5 | - | - | 5 | ||||||||||||||||||
Issuance of shares for cash | June 2005 | 626,800 | 5 | 27 | - | - | 32 | ||||||||||||||||||
Issuance of shares for cash | July 2005 | 433,548 | 3 | 18 | - | - | 21 | ||||||||||||||||||
Issuance of shares for cash | August 2005 | 256,452 | 2 | 10 | - | - | 12 | ||||||||||||||||||
Issuance of shares for services | September 2005 | 2,041,200 | 17 | 33 | - | - | 50 | ||||||||||||||||||
Issuance of shares for services | October 2005 | 185,000 | 2 | 6 | - | - | 8 | ||||||||||||||||||
Issuance of shares for cash | October 2005 | 378,989 | 3 | 10 | - | - | 13 | ||||||||||||||||||
Issuance of shares for services | November 2005 | 560,000 | 5 | 9 | - | - | 14 | ||||||||||||||||||
Issuance of shares for cash | November 2005 | 507,278 | 4 | 6 | - | - | 10 | ||||||||||||||||||
Issuance of shares for services | December 2005 | 140,000 | 2 | 2 | - | - | 4 | ||||||||||||||||||
Issuance of shares for cash | December 2005 | 6,781,333 | 56 | 206 | - | - | 262 | ||||||||||||||||||
Net loss for the year | - | - | - | (1,939 | ) | - | (1,939 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | (98 | ) | (98 | ) | |||||||||||||||||
Balance at December 31, 2005 | 82,670,464 | 837 | 6,227 | (14,087 | ) | 743 | (6,280 | ) | |||||||||||||||||
Issuance of shares for services | January 2006 | 2,600,000 | 22 | 33 | - | - | 55 | ||||||||||||||||||
Issuance of shares for cash | January 2006 | 4,000,000 | 33 | 132 | - | - | 165 | ||||||||||||||||||
Issuance of shares for cash | March 2006 | 5,750,000 | 47 | 144 | - | - | 191 | ||||||||||||||||||
Issuance of shares for services | April 2006 | 100,000 | 1 | 4 | - | - | 5 | ||||||||||||||||||
Issuance of shares for cash | May 2006 | 2,950,000 | 23 | 92 | - | - | 115 | ||||||||||||||||||
Debt Conversion – non cash | May 2006 | 1,000,000 | 8 | 31 | - | - | 39 | ||||||||||||||||||
Issuance of shares for cash | June 2006 | 2,600,000 | 20 | 80 | - | - | 100 | ||||||||||||||||||
Debt Conversion – non cash | July 2006 | 3,500,000 | 28 | 252 | - | - | 280 | ||||||||||||||||||
Issuance of shares for services | November 2006 | 300,000 | 2 | 4 | - | - | 6 | ||||||||||||||||||
Issuance of shares for cash | November 2006 | 2,580,000 | 20 | 180 | - | - | 200 | ||||||||||||||||||
Issuance of shares for cash | December 2006 | 2,970,000 | 23 | 202 | - | - | 225 | ||||||||||||||||||
Net loss for the year | - | - | - | (1,585 | ) | - | (1,585 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 4 | 4 | |||||||||||||||||||
Balance at December 31, 2006 | 111,020,464 | 1,064 | 7,381 | (15,672 | ) | 747 | (6,480 | ) | |||||||||||||||||
Issuance of shares for cash | January 2007 | 650,000 | 5 | 45 | - | - | 50 | ||||||||||||||||||
Issuance of shares for services | January 2007 | 750,000 | 6 | 15 | - | - | 21 | ||||||||||||||||||
Issuance of shares for services | February 2007 | 250,000 | 2 | 5 | - | - | 7 | ||||||||||||||||||
Issuance of shares for cash | February 2007 | 1,745,000 | 13 | 121 | - | - | 134 | ||||||||||||||||||
Issuance of shares for cash | March 2007 | 9,362,000 | 120 | 920 | - | - | 1,040 | ||||||||||||||||||
Debt Conversion – non cash | March 2007 | 12,500,000 | 94 | 2,505 | - | - | 2,599 | ||||||||||||||||||
Issuance of shares for services | April 2007 | 1,300,000 | 9 | 105 | - | - | 114 | ||||||||||||||||||
Issuance of shares for cash | May 2007 | 1,750,000 | 13 | 245 | - | - | 258 | ||||||||||||||||||
Debt Cancellation – non cash | May 2007 | - | - | 242 | - | - | 242 | ||||||||||||||||||
Debt Conversion – non cash | June 2007 | 9,469,000 | 70 | 891 | - | - | 961 | ||||||||||||||||||
Issuance of shares for services | June 2007 | 657,500 | 5 | 62 | - | - | 67 | ||||||||||||||||||
Issuance of shares for cash | June 2007 | 7,643,000 | 57 | 772 | - | - | 829 | ||||||||||||||||||
Issuance of shares for officer compensation | June 2007 | 16,000,000 | 120 | 2,033 | - | - | 2,153 |
Issuance of shares for cash | July 2007 | 5,550,000 | 42 | 1,208 | - | - | 1,250 | ||||||||||||||||||
Issuance of shares for cash | August 2007 | 933,333 | 7 | 193 | - | - | 200 | ||||||||||||||||||
Issuance of shares for services | August 2007 | 2,100,000 | 15 | 139 | - | - | 154 | ||||||||||||||||||
Issuance of shares for services | September 2007 | 300,000 | 2 | 21 | - | - | 23 | ||||||||||||||||||
Issuance of shares for cash | September 2007 | 1,666,667 | 12 | 344 | - | - | 356 | ||||||||||||||||||
Cancellation of shares for collateral | September 2007 | (2,000,000 | ) | - | - | - | - | - | |||||||||||||||||
Issuance of shares for cash | October 2007 | 2,350,000 | 17 | 483 | - | - | 500 | ||||||||||||||||||
Issuance of shares for cash | November 2007 | 2,966,666 | 21 | 623 | - | - | 644 | ||||||||||||||||||
Issuance of shares for services | December 2007 | 500,000 | 3 | 48 | - | - | 51 | ||||||||||||||||||
Net loss for the year | - | - | - | (9,294 | ) | - | (9,294 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | (75 | ) | (75 | ) | |||||||||||||||||
Balance at December 31, 2007 | 187,463,630 | 1,697 | 18,401 | (24,966 | ) | 672 | (4,196 | ) | |||||||||||||||||
Issuance of shares for services | January 2008 | 1,000,000 | 7 | 99 | - | - | 106 | ||||||||||||||||||
Issuance of shares for cash | February 2008 | 1,000,000 | 7 | 326 | - | - | 333 | ||||||||||||||||||
Issuance of shares for services | March 2008 | 1,000,000 | 6 | 146 | - | - | 152 | ||||||||||||||||||
Issuance of shares for cash | June 2008 | 1,600,000 | 10 | 586 | - | - | 596 | ||||||||||||||||||
Issuance of shares for services | July 2008 | 2,000,000 | 13 | 239 | - | - | 252 | ||||||||||||||||||
Issuance of shares for services | August 2008 | 250,000 | 2 | 39 | - | - | 41 | ||||||||||||||||||
Issuance of shares for cash | December 2008 | 1,000,000 | 7 | 319 | - | - | 326 | ||||||||||||||||||
Net loss for the year | - | - | - | (6,938 | ) | - | (6,938 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 13 | 13 | |||||||||||||||||||
Balance at December 31, 2008 | 195,313,630 | 1,749 | 20,155 | (31,904 | ) | 685 | (9,315 | ) | |||||||||||||||||
Issuance of shares for services | March 2009 | 250,000 | 2 | 36 | - | - | 38 | ||||||||||||||||||
Issuance of stock options for acquisition | April 2009 | - | - | 601 | - | - | 601 | ||||||||||||||||||
Issuance of shares for services | May 2009 | 250,000 | 1 | 27 | - | - | 28 | ||||||||||||||||||
Issuance of shares for services | September 2009 | 250,000 | 2 | 21 | - | - | 23 | ||||||||||||||||||
Net loss for the year | - | - | - | (10,186 | ) | - | (10,186 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | (4 | ) | (4 | ) | |||||||||||||||||
Balance at December 31, 2009 | 196,063,630 | 1,754 | 20,840 | (42,090 | ) | 681 | (18,815 | ) | |||||||||||||||||
Issuance of shares for services | March 2010 | 200,000 | 2 | 18 | - | - | 20 | ||||||||||||||||||
Issuance of warrant with debt | July 2010 | - | - | 1,200 | - | - | 1,200 | ||||||||||||||||||
Induced conversion cost | September 2010 | - | - | 807 | - | - | 807 | ||||||||||||||||||
Warrant modification cost | September 2010 | - | - | 484 | - | - | 484 | ||||||||||||||||||
Issuance of shares for services | September 2010 | 1,550,000 | 12 | 147 | - | - | 159 | ||||||||||||||||||
Issuance of shares on conversion of debt | September 2010 | 16,149,536 | 120 | 5,868 | - | - | 5,988 | ||||||||||||||||||
Stock compensation expense – options | - | - | 238 | - | - | 238 | |||||||||||||||||||
Net loss for the year | - | - | - | (11,428 | ) | - | (11,428 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | (20 | ) | (20 | ) | |||||||||||||||||
Balance at December 31, 2010 | 213,963,166 | 1,888 | 29,602 | (53,518 | ) | 661 | (21,367 | ) | |||||||||||||||||
Issuance of shares on conversion of debt | September 2011 | 41,542,722 | 289 | 2,029 | - | - | 2,318 | ||||||||||||||||||
Issuance of shares on conversion of debt | December 2011 | 20,511,451 | 145 | 1,015 | - | - | 1,160 | ||||||||||||||||||
Stock compensation expense – options | - | - | 86 | - | - | 86 | |||||||||||||||||||
Net loss for the year | - | - | - | (10,539 | ) | - | (10,539 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 3 | 3 | |||||||||||||||||||
Balance at December 31, 2011 | 276,017,339 | 2,322 | 32,732 | (64,057 | ) | 664 | (28,339 | ) | |||||||||||||||||
Issuance of shares on conversion of debt | February 2012 | 19,301,474 | 146 | 1,019 | - | - | 1,165 | ||||||||||||||||||
Stock compensation expense – options | - | - | 32 | - | - | 32 | |||||||||||||||||||
Net loss for the year | - | - | - | (6,111 | ) | - | (6,111 | ) | |||||||||||||||||
Translation adjustment | - | - | - | - | 18 | 18 | |||||||||||||||||||
Balance at December 31, 2012 | 295,318,813 | 2,468 | 33,783 | (70,168 | ) | 682 | (33,235 | ) | |||||||||||||||||
Exercise of stock options | November 2013 | 100,000 | 1 | 1 | - | - | 2 | ||||||||||||||||||
Exercise of stock options | December 2013 | 3,000,000 | 22 | 21 | - | - | 43 | ||||||||||||||||||
Stock compensation expense – options | - | - | 71 | - | - | 71 | |||||||||||||||||||
Net income for the year | - | - | - | 6,003 | - | 6,003 | |||||||||||||||||||
Translation adjustment | - | - | - | - | 19 | 19 | |||||||||||||||||||
Balance at December 31, 2013 | 298,418,813 | E | 2,491 | E | 33,876 | E | (64,165 | ) | E | 701 | E | (27,097 | ) |
Number of Shares | Par Value | APIC | Accumulated deficit | Accumulated Other Comprehensive Income | Total | |||||||||||||||||
Balance at December 31, 2013 | 298,418,813 | E | 2,491 | E | 33,876 | E | (64,165 | ) | E | 701 | E | (27,097 | ) | |||||||||
Issuance of common stock for settlement of acquisition-related contingent consideration | 5,338,809 | 39 | 196 | - | - | 235 | ||||||||||||||||
Stock compensation expense – options | - | - | 97 | - | - | 97 | ||||||||||||||||
Net loss for the year | - | - | - | (3,256 | ) | - | (3,256 | ) | ||||||||||||||
Translation adjustment | - | - | - | - | (68 | ) | (68 | ) | ||||||||||||||
Balance at December 31, 2014 | 303,757,622 | E | 2,530 | E | 34,169 | E | (67,421 | ) | E | 633 | E | (30,089 | ) | |||||||||
Stock compensation expense – options | - | - | 146 | - | - | 146 | ||||||||||||||||
Net loss for the year | - | - | - | (3,006 | ) | - | (3,006 | ) | ||||||||||||||
Translation adjustment | - | - | - | - | 57 | 57 | ||||||||||||||||
Balance at December 31, 2015 | 303,757,622 | E | 2,530 | E | 34,315 | E | (70,427 | ) | E | 690 | E | (32,892 | ) |
Total Accumulated During Development Stage (May 2, 1990 to December 31, | ||||||||||||
2013 | 2012 | 2013) | ||||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income (loss) | E | 6,003 | E | (6,111 | ) | E | (64,165 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||
Change in the fair value of acquisition-related contingent consideration | (6,297 | ) | 780 | (3,314 | ) | |||||||
Depreciation | 20 | 22 | 826 | |||||||||
Amortization of intangibles | - | - | 481 | |||||||||
Impairment of license contract | - | - | 2,213 | |||||||||
Goodwill impairment | - | - | 209 | |||||||||
Fees paid in warrants | - | - | 223 | |||||||||
Gain on sales of equipment | - | - | (69 | ) | ||||||||
Gain on extinguishment of debt | - | - | (774 | ) | ||||||||
Services and fees paid in common stock | - | - | 5,403 | |||||||||
Stock compensation expense-options | 71 | 32 | 427 | |||||||||
Amortization of debt discount | - | - | 1,410 | |||||||||
Induced conversion cost | - | - | 807 | |||||||||
Warrant modification cost | - | - | 484 | |||||||||
Changes in operating assets and liabilities, | ||||||||||||
Receivables | (3,669 | ) | 18 | (3,642 | ) | |||||||
Accounts payable | (467 | ) | 298 | 1,439 | ||||||||
Other | (5 | ) | 2 | (12 | ) | |||||||
Net cash used in operating activities | (4,344 | ) | (4,959 | ) | (58,054 | ) | ||||||
Cash Flows from Investing Activities | ||||||||||||
Patents and other | - | - | (393 | ) | ||||||||
Proceeds from sale of equipment | - | - | 137 | |||||||||
Purchase of property and equipment | (109 | ) | (1 | ) | (390 | ) | ||||||
Acquisition of subsidiary, net of cash acquired of E58 | - | - | (4,942 | ) | ||||||||
Cash acquired in reverse purchase | - | - | 13 | |||||||||
Net cash used in investing activities | (109 | ) | (1 | ) | (5,575 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from exercise of common stock options | 45 | - | 45 | |||||||||
Proceeds from the issuance of common stock and warrants | - | - | 11,630 | |||||||||
Borrowings from shareholders | - | - | 972 | |||||||||
Increase in notes payable and other short-term advances | 5,551 | 4,846 | 53,349 | |||||||||
Decrease in notes payable and other short-term advances | (1,151 | ) | - | (2,641 | ) | |||||||
Loan fees | - | - | (130 | ) | ||||||||
Net cash provided by financing activities | 4,445 | 4,846 | 63,225 | |||||||||
Effect of foreign exchange rate on cash | 19 | 18 | 701 | |||||||||
Net increase (decrease) in cash | 11 | (96 | ) | 297 | ||||||||
Cash, beginning of period | 286 | 382 | - | |||||||||
Cash, end of period | E | 297 | E | 286 | E | 297 | ||||||
Non-cash investing and financing activities | ||||||||||||
Issuance of shares on conversion of notes payable | E | -- | E | 1,165 | ||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Cash paid for interest | E | 151 | E | 511 |
2015 | 2014 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | E | (3,006 | ) | E | (3,256 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||
Depreciation | 43 | 33 | ||||||
Stock compensation expense-options | 146 | 97 | ||||||
Changes in operating assets and liabilities, | ||||||||
Receivables | 60 | 3,434 | ||||||
Accrued interests on notes payable | 2,796 | 2,789 | ||||||
Deferred revenue from grants | 1,098 | 308 | ||||||
Accounts payable | (393 | ) | (441 | ) | ||||
Other | (14 | ) | 4 | |||||
Net cash provided by operating activities | 730 | 2,968 | ||||||
Cash Flows from Investing Activities | ||||||||
Purchase of property and equipment | (20 | ) | (45 | ) | ||||
Net cash used in investing activities | (20 | ) | (45 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Decrease in notes payable and other short-term advances | - | (1,538 | ) | |||||
Net cash used in financing activities | - | (1,538 | ) | |||||
Effect of foreign exchange rate on cash | 57 | (68 | ) | |||||
Net increase in cash | 767 | 1,317 | ||||||
Cash, beginning of period | 1,614 | 297 | ||||||
Cash, end of period | E | 2,381 | E | 1,614 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid for interest | E | - | E | 76 | ||||
Supplemental Disclosure of Non-cash Financing Activities: | ||||||||
Issuance of 5,338,809 shares of common stock to settle acquisition-related contingent consideration | E | - | E | 235 |
Level | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
(i) | retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or |
(ii) | retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. |
Fixed | ||||||||||||||||
Conversion | Rate | |||||||||||||||
Lender | 1st-Issue | Principal | Duration | Interest | Price | EUR/USD | ||||||||||
Price | Date | Amount | (Note) | Rate | (stated) | Conversion | ||||||||||
Norwood Secured Loan | 04/03/2009 | E | 1,500 | (5 | ) | 10% pa | $ | None | N/A | |||||||
Eardley Holding A.G. (1) | 06/23/2006 | E | 138 | (2 | ) | 10% pa | $ | 0.10 | N/A | |||||||
Anglo Irish Bank S.A.(3) | 10/21/2007 | E | 500 | (2 | ) | 10% pa | $ | 0.50 | 1.4090 | |||||||
Round Enterprises Ltd. | 12/10/2007 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.4429 | |||||||
Round Enterprises Ltd. | 01/22/2008 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.4629 | |||||||
Round Enterprises Ltd. | 04/25/2008 | E | 2,000 | (2 | ) | 10% pa | $ | 0.50 | 1.5889 | |||||||
Round Enterprises Ltd. | 06/30/2008 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.5380 | |||||||
Round Enterprises Ltd. | 11/18/2008 | E | 1,200 | (2 | ) | 10% pa | $ | 0.50 | 1.2650 | |||||||
Round Enterprises Ltd. | 02/09/2009 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.2940 | |||||||
Round Enterprises Ltd. | 06/15/2009 | E | 5,500 | (2,4 | ) | 10% pa | $ | 0.80 | 1.4045 | |||||||
Eardley Holding A.G. | 06/15/2009 | E | 100 | (2,4 | ) | 10% pa | $ | 0.80 | 1.4300 | |||||||
Von Meyenburg | 08/03/2009 | E | 200 | (2 | ) | 10% pa | $ | 0.80 | 1.4400 | |||||||
Round Enterprises Ltd. | 10/13/2009 | E | 2,000 | (2 | ) | 5% pa | $ | 0.25 | 1.4854 | |||||||
Round Enterprises Ltd. | 12/18/2009 | E | 2,200 | (2 | ) | 5% pa | $ | 0.25 | 1.4338 | |||||||
Round Enterprises Ltd. | 08/04/2011 | E | 872 | (6,7 | ) | 10% pa | $ | 0.034 | N/A | |||||||
Eardley Holding A.G. | 08/04/2011 | E | 218 | (6,7 | ) | 10% pa | $ | 0.034 | N/A | |||||||
Round Enterprises Ltd. | 11/08/2011 | E | 400 | (7 | ) | 10% pa | $ | 0.034 | 1.3787 | |||||||
Eardley Holding A.G. | 11/08/2011 | E | 100 | (7 | ) | 10% pa | $ | 0.034 | 1.3787 | |||||||
Round Enterprises Ltd. | 02/10/2012 | E | 1,000 | (7 | ) | 10% pa | $ | 0.034 | 1.3260 | |||||||
Eardley Holding A.G. | 02/14/2012 | E | 200 | (7 | ) | 10% pa | $ | 0.034 | 1.3260 | |||||||
Round Enterprises Ltd. | 04/19/2012 | E | 321 | (7 | ) | 10% pa | $ | 0.034 | 1.3100 | |||||||
Eardley Holding A.G. | 04/19/2012 | E | 81 | (7 | ) | 10% pa | $ | 0.034 | 1.3100 | |||||||
Round Enterprises Ltd. | 05/04/2012 | E | 480 | (7 | ) | 10% pa | $ | 0.034 | 1.3152 | |||||||
Eardley Holding A.G. | 05/04/2012 | E | 120 | (7 | ) | 10% pa | $ | 0.034 | 1.3152 | |||||||
Round Enterprises Ltd. | 09/03/2012 | E | 200 | (7 | ) | 10% pa | $ | 0.034 | 1.2576 | |||||||
Eardley Holding A.G. | 09/03/2012 | E | 50 | (7 | ) | 10% pa | $ | 0.034 | 1.2576 | |||||||
Round Enterprises Ltd. | 11/14/2012 | E | 500 | (7 | ) | 10% pa | $ | 0.034 | 1.2718 | |||||||
Eardley Holding A.G. | 12/06/2012 | E | 125 | (7 | ) | 10% pa | $ | 0.034 | 1.3070 | |||||||
Round Enterprises Ltd. | 01/16/2013 | E | 240 | (7 | ) | 10% pa | $ | 0.034 | 1.3318 | |||||||
Eardley Holding A.G. | 01/16/2013 | E | 60 | (7 | ) | 10% pa | $ | 0.034 | 1.3318 | |||||||
Round Enterprises Ltd. | 03/25/2013 | E | 400 | (7 | ) | 10% pa | $ | 0.037 | 1.2915 | |||||||
Eardley Holding A.G. | 04/14/2013 | E | 150 | (7 | ) | 10% pa | $ | 0.034 | 1.3056 | |||||||
Round Enterprises Ltd. | 04/14/2013 | E | 600 | (7 | ) | 10% pa | $ | 0.034 | 1.3056 | |||||||
Eardley Holding A.G. | 05/15/2013 | E | 170 | (7 | ) | 10% pa | $ | 0.037 | 1.2938 | |||||||
Round Enterprises Ltd. | 05/15/2013 | E | 680 | (7 | ) | 10% pa | $ | 0.037 | 1.2938 | |||||||
Eardley Holding A.G. | 06/24/2013 | E | 60 | (7 | ) | 10% pa | $ | 0.025 | 1.3340 | |||||||
Round Enterprises Ltd. | 06/24/2013 | E | 240 | (7 | ) | 10% pa | $ | 0.025 | 1.3340 | |||||||
Eardley Holding A.G. | 08/05/2013 | E | 80 | (7 | ) | 10% pa | $ | 0.018 | 1.3283 | |||||||
Round Enterprises Ltd. | 08/05/2013 | E | 320 | (7 | ) | 10% pa | $ | 0.018 | 1.3283 | |||||||
Total Short Term Principal Amounts | E | 29,005 | ||||||||||||||
Accrued Interest | E | 10,118 | ||||||||||||||
Total Convertible Notes to Related Parties | E | 39,123 | ||||||||||||||
Norwood Contingent Liability | E | 236 | (5 | ) | ||||||||||||
TOTAL LOANS, NOTES,AND CONTINGENT LIABILITY | E | 39,359 |
Fixed | ||||||||||||||||||
Conversion | Rate | |||||||||||||||||
Lender | 1st-Issue | Principal | Duration | Interest | Price | EUR/USD | ||||||||||||
Price | Date | Amount | (Note) | Rate | (stated) | Conversion | ||||||||||||
Eardley Holding A.G. (1) | 06/23/2006 | E | 175 | (2 | ) | 10% pa | $ | 0.10 | N/A | |||||||||
Anglo Irish Bank S.A.(3) | 10/01/2007 | E | 500 | (2 | ) | 10% pa | $ | 0.50 | 1.4090 | |||||||||
Round Enterprises Ltd. | 12/10/2007 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.4429 | |||||||||
Round Enterprises Ltd. | 01/22/2008 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.4629 | |||||||||
Round Enterprises Ltd. | 04/25/2008 | E | 2,000 | (2 | ) | 10% pa | $ | 0.50 | 1.5889 | |||||||||
Round Enterprises Ltd. | 06/30/2008 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.5380 | |||||||||
Round Enterprises Ltd. | 11/17/2008 | E | 1,200 | (2 | ) | 10% pa | $ | 0.50 | 1.2650 | |||||||||
Round Enterprises Ltd. | 02/06/2009 | E | 1,500 | (2 | ) | 10% pa | $ | 0.50 | 1.2940 | |||||||||
Round Enterprises Ltd. | 06/15/2009 | E | 5,500 | (2,4 | ) | 10% pa | $ | 0.80 | 1.4045 | |||||||||
Eardley Holding A.G. | 06/15/2009 | E | 100 | (2,4 | ) | 10% pa | $ | 0.80 | 1.4300 | |||||||||
Von Meyenburg | 08/03/2009 | E | 200 | (2 | ) | 10% pa | $ | 0.80 | 1.4400 | |||||||||
Round Enterprises Ltd. | 10/13/2009 | E | 2,000 | (2 | ) | 5% pa | $ | 0.25 | 1.4854 | |||||||||
Round Enterprises Ltd. | 12/18/2009 | E | 2,200 | (2 | ) | 5% pa | $ | 0.25 | 1.4338 | |||||||||
Round Enterprises Ltd. | 08/04/2011 | E | 1,100 | (5,6 | ) | 10% pa | $ | 0.034 | N/A | |||||||||
Eardley Holding A.G. | 08/04/2011 | E | 275 | (5,6 | ) | 10% pa | $ | 0.034 | N/A | |||||||||
Round Enterprises Ltd. | 11/08/2011 | E | 400 | (6 | ) | 10% pa | $ | 0.034 | 1.3787 | |||||||||
Eardley Holding A.G. | 11/08/2011 | E | 100 | (6 | ) | 10% pa | $ | 0.034 | 1.3787 | |||||||||
Round Enterprises Ltd. | 02/10/2012 | E | 1,000 | (6 | ) | 10% pa | $ | 0.034 | 1.3260 | |||||||||
Eardley Holding A.G. | 02/14/2012 | E | 200 | (6 | ) | 10% pa | $ | 0.034 | 1.3260 | |||||||||
Round Enterprises Ltd. | 04/19/2012 | E | 321 | (6 | ) | 10% pa | $ | 0.034 | 1.3100 | |||||||||
Eardley Holding A.G. | 04/19/2012 | E | 81 | (6 | ) | 10% pa | $ | 0.034 | 1.3100 | |||||||||
Round Enterprises Ltd. | 05/04/2012 | E | 480 | (6 | ) | 10% pa | $ | 0.034 | 1.3152 | |||||||||
Eardley Holding A.G. | 05/04/2012 | E | 120 | (6 | ) | 10% pa | $ | 0.034 | 1.3152 | |||||||||
Round Enterprises Ltd. | 09/03/2012 | E | 200 | (6 | ) | 10% pa | $ | 0.034 | 1.2576 | |||||||||
Eardley Holding A.G. | 09/03/2012 | E | 50 | (6 | ) | 10% pa | $ | 0.034 | 1.2576 | |||||||||
Round Enterprises Ltd. | 11/04/2012 | E | 500 | (6 | ) | 10% pa | $ | 0.034 | 1.2718 | |||||||||
Eardley Holding A.G. | 12/06/2012 | E | 125 | (6 | ) | 10% pa | $ | 0.034 | 1.3070 | |||||||||
Round Enterprises Ltd. | 01/16/2013 | E | 240 | (6 | ) | 10% pa | $ | 0.034 | 1.3318 | |||||||||
Eardley Holding A.G. | 01/16/2013 | E | 60 | (6 | ) | 10% pa | $ | 0.034 | 1.3318 | |||||||||
Round Enterprises Ltd. | 03/25/2013 | E | 400 | (6 | ) | 10% pa | $ | 0.037 | 1.2915 | |||||||||
Eardley Holding A.G. | 04/14/2013 | E | 150 | (6 | ) | 10% pa | $ | 0.034 | 1.3056 | |||||||||
Round Enterprises Ltd. | 04/14/2013 | E | 600 | (6 | ) | 10% pa | $ | 0.034 | 1.3056 | |||||||||
Eardley Holding A.G. | 05/15/2013 | E | 170 | (6 | ) | 10% pa | $ | 0.037 | 1.2938 | |||||||||
Round Enterprises Ltd. | 05/15/2013 | E | 680 | (6 | ) | 10% pa | $ | 0.037 | 1.2938 | |||||||||
Eardley Holding A.G. | 06/24/2013 | E | 60 | (6 | ) | 10% pa | $ | 0.025 | 1.3340 | |||||||||
Round Enterprises Ltd. | 06/24/2013 | E | 240 | (6 | ) | 10% pa | $ | 0.025 | 1.3340 | |||||||||
Eardley Holding A.G. | 08/05/2013 | E | 80 | (6 | ) | 10% pa | $ | 0.018 | 1.3283 | |||||||||
Round Enterprises Ltd. | 08/05/2013 | E | 320 | (6 | ) | 10% pa | $ | 0.018 | 1.3283 | |||||||||
Total Short Term Principal Amounts | E | 27,827 | ||||||||||||||||
Accrued Interest | E | 15,343 | ||||||||||||||||
TOTAL LOANS AND NOTES | E | 43,170 |
2014 | E | 39,123 | ||
Contingent liability to Norwood (milestones and royalties) | 236 | |||
E | 39,359 |
2015 | 2014 | |||||||
U.S. Federal statutory rates on net loss before income taxes | E | (1,004 | ) | E | (1,113 | ) | ||
Effect of foreign statutory rate differences | (52 | ) | (65 | ) | ||||
Effect of exchange rate changes | (4,234 | ) | (2,094 | ) | ||||
Expiration/disallowance of net operating loss carry forwards | 184 | 147 | ||||||
Permanent differences | (5 | ) | (66 | ) | ||||
Change in valuation allowance | 5,156 | 3,173 | ||||||
Other | -- | -- | ||||||
Income tax provision (benefit) | E | 45 | E | (18 | ) |
2013 | 2012 | |||||||
U.S. Federal statutory rates on loss from operations | E | 2,057 | E | (2,077 | ) | |||
Effect of foreign statutory rate differences | (228 | ) | 99 | |||||
Effect of exchange rate changes | 805 | (212 | ) | |||||
Expiration/disallowance of net operating loss carry forwards | 566 | 638 | ||||||
Permanent differences | (2,141 | ) | (265 | ) | ||||
Change in valuation allowance | (1,026 | ) | 1,815 | |||||
Other | 15 | 5 | ||||||
Income tax provision | E | 48 | E | 3 |
2015 | 2014 | |||||||
Licenses capitalized for United States tax purposes | E | 904 | E | 853 | ||||
IPR&D basis difference | (770 | ) | (734 | ) | ||||
Stock options | 181 | 178 | ||||||
Foreign tax credit carry over | 243 | 200 | ||||||
Net operating loss carry forwards | ||||||||
United States | 23,857 | 18,593 | ||||||
Switzerland | 900 | 885 | ||||||
The Netherlands | -- | -- | ||||||
Luxembourg | -- | 184 | ||||||
25,315 | 20,159 | |||||||
Less valuation allowance for deferred tax asset | (25,315 | ) | (20,159 | ) | ||||
Net deferred tax asset | E | -- | E | -- |
2013 | 2012 | |||||||
Licenses capitalized for United States tax purposes | E | 928 | E | 1,080 | ||||
IPR&D basis difference | (770 | ) | (615 | ) | ||||
Stock options | 145 | 125 | ||||||
Foreign tax credit carry over | 193 | -- | ||||||
Net operating loss carry forwards | ||||||||
United States | 16,710 | 17,020 | ||||||
Switzerland | 884 | 897 | ||||||
The Netherlands | -- | 611 | ||||||
Luxembourg | 182 | 180 | ||||||
18,272 | 19,298 | |||||||
Less valuation allowance for deferred tax asset | (18,272 | ) | (19,298 | ) | ||||
Net deferred tax asset | E | -- | E | -- |
United States | Luxembourg | Switzerland | The Netherlands | |||||||||||||||
2014 | -- | -- | -- | -- | ||||||||||||||
2015 | -- | -- | -- | -- | ||||||||||||||
2016 | -- | -- | 1,367 | -- | ||||||||||||||
2017 | -- | -- | 1,267 | -- | ||||||||||||||
2018 | 570 | 469 | -- | |||||||||||||||
2019-2033 | 48,575 | -- | 448 | -- | ||||||||||||||
Perpetual | -- | 827 | -- | -- | ||||||||||||||
E | 49,145 | E | 827 | E | 3,551 | E | -- |
United States | Switzerland | |||||||
2016 | -- | 1,548 | ||||||
2017 | -- | 1,434 | ||||||
2018 | 720 | 531 | ||||||
2019 | 351 | 86 | ||||||
2020 | 517 | -- | ||||||
2021-2035 | 68,580 | -- | ||||||
Perpetual | -- | -- | ||||||
E | 70,168 | E | 3,599 |
- | On June 30, 2010, incentive stock options were awarded for a total of 3,350,000 shares with an exercise price of USD 0.14 per share, of which 2,350,000 are vested and 1,000,000 are forfeited as of December 31, 2015. |
- | On July 1, 2010, 1,000,000 employee incentive stock options were issued as part of the employment contract with the CFO of Mymetics, with an exercise price of USD 0.19 per share, which are fully vested as of December 31, 2015. |
- | On October 4, 2013, the Company awarded 20,600,000 incentive stock options to the employees and officers of the Company with an exercise price of USD 0.02 per share. 3,300,000 incentive stock options vested immediately, of which 3,100,000 were exercised as of December 31, 2014, and 17,300,000 vest in equal quantities through August 2017. |
- | No options were issued in the year ended December 31, 2014. |
- | On April 9, 2015, the Company issued 8,850,000 incentive stock options to the employees and officers of the Company with an exercise price of USD 0.023 per share. 1,770,000 incentive stock options vested immediately and 7,080,000 vest in equal quantities through August 2019. |
Number of Shares | Exercise Price Range | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | Number of Shares | Exercise Price Range | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||
Outstanding, December 31, 2011 | 4,742,500 | $ | 0.12 to $3.50 | $ | 0.20 | |||||||||||||||||||||||||||||||||||
Granted | -- | -- | -- | |||||||||||||||||||||||||||||||||||||
Expired/forfeited | (1,060,000 | ) | $ | 0.14 to $3.50 | $ | 3.19 | ||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2012 | 3,682,500 | $ | 0.12 to $3.50 | $ | 0.17 | |||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 20,850,000 | $ | 0.02 to $3.50 | $ | 0.040 | |||||||||||||||||||||||||||||||||||
Granted | 20,600,000 | $ | 0.02 | $ | 0.02 | -- | -- | -- | ||||||||||||||||||||||||||||||||
Exercised | (3,100,000 | ) | $ | 0.02 | $ | 0.02 | -- | -- | -- | |||||||||||||||||||||||||||||||
Expired/forfeited | (332,500 | ) | $ | 0.12 to $3.50 | $ | 0.33 | -- | -- | -- | |||||||||||||||||||||||||||||||
Outstanding, December 31, 2013 | 20,850,000 | $ | 0.02 to $3.50 | $ | 0.04 | 9.21 | $ | -- | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2014 | 20,850,000 | $ | 0.02 to $3.50 | $ | 0.040 | |||||||||||||||||||||||||||||||||||
Granted | 8,850,000 | 0.023 | 0.023 | |||||||||||||||||||||||||||||||||||||
Exercised | -- | -- | -- | |||||||||||||||||||||||||||||||||||||
Expired/forfeited | (120,000) | 0.023 | 0.023 | |||||||||||||||||||||||||||||||||||||
Exercisable, December 31, 2013 | 3,550,000 | $ | 0.02 to $0.19 | $ | 0.15 | 6.36 | $ | -- | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2015 | 29,580,000 | $ | 0.02 to $0.19 | $ | 0.0362 | 7.84 | $ | -- | ||||||||||||||||||||||||||||||||
Exercisable, December 31, 2015 | 13,970,000 | $ | 0.02 to $0.19 | $ | 0.0527 | 7.11 | $ | -- |
Outstanding options | Exercisable Options | Outstanding options | Exercisable Options | |||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | Weighted | Weighted | Weighted | |||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Range of Exercise | Range of Exercise | Number | Remaining | Exercise | Number | Exercise | Range of Exercise | Number | Remaining | Exercise | Number | Exercise | ||||||||||||||||||||||||
Prices per Share | Prices per Share | Outstanding | Life (Years) | Price | Exercisable | Price | Prices per Share | Outstanding | Life (Years) | Price | Exercisable | Price | ||||||||||||||||||||||||
$ | 0.14 | 2,350,000 | 6.0 | $ | 0.14 | 2,350,000 | $ | 0.14 | 0.14 | 2,350,000 | 4.0 | $ | 0.140 | 2,350,000 | $ | 0.140 | ||||||||||||||||||||
$ | 0.19 | 1,000,000 | 6.5 | $ | 0.19 | 1,000,000 | $ | 0.19 | 0.19 | 1,000,000 | 4.5 | $ | 0.190 | 1,000,000 | $ | 0.190 | ||||||||||||||||||||
$ | 0.02 | 17,500,000 | 9.8 | $ | 0.02 | 200,000 | $ | 0.02 | 0.02 | 17,500,000 | 7.8 | $ | 0.020 | 8,850,000 | $ | 0.020 | ||||||||||||||||||||
$ | 0.02 - $ 0.19 | 20,850,000 | $ | 0.04 | 3,550,000 | $ | 0.15 | 0.023 | 8,730,000 | 9.3 | $ | 0.023 | 1,770,000 | $ | 0.023 | |||||||||||||||||||||
$ | 0.02 - $ 0.19 | 29,580,000 | $ | 0.0362 | 13,970,000 | $ | 0.0527 |
Estimated volatility | % | |||
Risk free interest rate | % | |||
Expected dividend rate | -- | |||
6 years |
Office Rent Expected | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
LAUSANNE | E | 47 | E | 9 | E | -- | E | -- | E | -- | ||||||||||
LEIDEN | E | 88 | E | 104 | E | -- | E | -- | E | -- | ||||||||||
TOTAL | E | 135 | E | 113 | E | -- | E | -- | E | -- |
Fair Value Measurements Using Significant | ||||||||
Unobservable Inputs(Level 3) | ||||||||
Acquisition-related Contingent Consideration | ||||||||
2013 | 2012 | |||||||
Balance at January 1 | E | 6,533 | E | 5,753 | ||||
Change in fair value | (6,297 | ) | 780 | |||||
Balance at December 31 | E | 236 | E | 6,533 |
Mymetics Corporation | |||
By: | /s/ Ronald Kempers | ||
Name: Ronald Kempers | |||
Title: Chief Executive Officer / Chief Financial Officer | |||
March | |||
By: | /s/ Ulrich Burkhard | ||
Name: Ulrich Burkhard | |||
Title: Director | |||
March | |||
By: | /s/ Ernest Stern | ||
Name: Ernest Stern | |||
Title: Director | |||
March | |||
By: | /s/ Thomas Staehelin | ||
Name: Thomas Staehelin | |||
Title: Director | |||
March |
Mymetics Corporation | |||
By: | /s/ Ronald Kempers | ||
Name: Ronald Kempers | |||
Title: Chief Executive Officer / Chief Financial Officer | |||
March | |||
By: | /s/ Ulrich Burkhard | ||
Name: Ulrich Burkhard | |||
Title: Director | |||
March | |||
By: | /s/ Ernest Stern | ||
Name: Ernest Stern | |||
Title: Director | |||
March | |||
By: | /s/ Thomas Staehelin | ||
Name: Thomas Staehelin | |||
Title: Director | |||
March |