Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | ROCKWELL MEDICAL, INC. | |
Entity Central Index Key | 1,041,024 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,077,877 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Cash Equivalents | $ 33,172,740 | $ 65,800,451 |
Investments Available for Sale | 39,818,118 | 19,927,310 |
Accounts Receivable, net of a reserve of $88,000 in 2015 and $52,000 in 2014 | 5,896,487 | 4,472,002 |
Inventory | 7,415,281 | 3,920,185 |
Other Current Assets | 1,601,211 | 587,201 |
Total Current Assets | 87,903,837 | 94,707,149 |
Property and Equipment, net | 1,341,795 | 1,496,912 |
Intangible Assets | 207,415 | 332,686 |
Goodwill | 920,745 | 920,745 |
Other Non-current Assets | 542,223 | 542,224 |
Total Assets | 90,916,015 | 97,999,716 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts Payable | 5,223,394 | 5,294,515 |
Accrued Liabilities | 2,937,245 | 4,325,997 |
Customer Deposits | 313,082 | 183,890 |
Total Current Liabilities | 8,473,721 | 9,804,402 |
Deferred License Revenue | 18,012,839 | 19,492,520 |
Shareholders' Equity: | ||
Common Shares, no par value, 50,277,877 and 50,284,007 shares issued and outstanding | 253,777,785 | 249,018,189 |
Accumulated Deficit | (188,768,220) | (180,117,726) |
Accumulated Other Comprehensive Income (Loss) | (580,110) | (197,669) |
Total Shareholders' Equity | 64,429,455 | 68,702,794 |
Total Liabilities And Shareholders' Equity | $ 90,916,015 | $ 97,999,716 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS | ||
Allowance for reserve, accounts receivable (in dollars) | $ 88,000 | $ 52,000 |
Common Shares, par value (in dollars per share) | $ 0 | $ 0 |
Common Shares, shares issued | 50,227,877 | 50,284,007 |
Common Shares, shares outstanding | 50,227,877 | 50,284,007 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED INCOME STATEMENTS | ||||
Sales | $ 14,378,528 | $ 13,743,778 | $ 41,218,065 | $ 39,740,791 |
Cost of Sales | 11,875,122 | 11,473,961 | 34,336,359 | 33,772,125 |
Gross Profit | 2,503,406 | 2,269,817 | 6,881,706 | 5,968,666 |
Selling, General and Administrative | 3,827,904 | 4,098,835 | 12,989,261 | 12,403,240 |
Research and Product Development | 1,246,727 | 1,301,824 | 2,931,577 | 6,103,716 |
Operating Income (Loss) | (2,571,225) | (3,130,842) | (9,039,132) | (12,538,290) |
Interest and Investment Income, net | 156,672 | 55,263 | 388,638 | 199,113 |
Interest Expense | 892,027 | 2,604,333 | ||
Income (Loss) Before Income Taxes | (2,414,553) | (3,967,606) | (8,650,494) | (14,943,510) |
Net Income (Loss) | $ (2,414,553) | $ (3,967,606) | $ (8,650,494) | $ (14,943,510) |
Basic Earnings (Loss) per Share (in dollars per share) | $ (0.05) | $ (0.10) | $ (0.17) | $ (0.37) |
Diluted Earnings (Loss) per Share (in dollars per share) | $ (0.05) | $ (0.10) | $ (0.17) | $ (0.37) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net Income (Loss) | $ (2,414,553) | $ (3,967,606) | $ (8,650,494) | $ (14,943,510) |
Unrealized Gain (Loss) on Available-for-Sale Investments | (270,017) | (58,848) | (382,441) | (40,003) |
Comprehensive Income (Loss) | $ (2,684,570) | $ (4,026,454) | $ (9,032,935) | $ (14,983,513) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) | COMMON SHARES | ACCUMULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | Total |
Balance at Dec. 31, 2014 | $ 249,018,189 | $ (180,117,726) | $ (197,669) | $ 68,702,794 |
Balance (in shares) at Dec. 31, 2014 | 50,284,007 | 50,284,007 | ||
Increase (Decrease) in Shareholders' Equity | ||||
Net (Loss) | (8,650,494) | $ (8,650,494) | ||
Unrealized (Loss) on Available-for-Sale Securities | (382,441) | (382,441) | ||
Issuance of Common Shares | $ 1,575,333 | 1,575,333 | ||
Issuance of Common Shares (in shares) | 233,998 | |||
Stock Option Based Expense | $ 3,487,107 | 3,487,107 | ||
Restricted Stock Amortization | 2,610,015 | 2,610,015 | ||
Restricted Stock Tendered in Satisfaction of Tax Liabilities | $ (2,912,859) | $ (2,912,859) | ||
Restricted Stock Tendered in Satisfaction of Tax Liabilities (in shares) | (290,128) | (290,128) | ||
Balance at Sep. 30, 2015 | $ 253,777,785 | $ (188,768,220) | $ (580,110) | $ 64,429,455 |
Balance (in shares) at Sep. 30, 2015 | 50,227,877 | 50,227,877 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net (Loss) | $ (8,650,494) | $ (14,943,510) |
Adjustments To Reconcile Net Loss To Net Cash Used In Operating Activities: | ||
Depreciation and Amortization | 608,152 | 767,386 |
Share Based Compensation- Employees | 6,097,122 | 6,293,250 |
Restricted Stock Tendered in Satisfaction of Tax Liabilities | (2,912,859) | |
Amortization of Debt Issuance Costs | 357,140 | |
Non-cash Interest Expense | 353,994 | |
Loss on Disposal of Assets | 4,292 | 4,827 |
Loss on Sale of Investments, net | 58,095 | 1,223 |
Changes in Assets and Liabilities: | ||
(Increase) Decrease in Accounts Receivable | (1,424,485) | 388,653 |
(Increase) in Inventory | (3,495,096) | (181,858) |
(Increase) in Other Assets | (1,014,009) | (317,194) |
(Decrease) in Accounts Payable | (71,121) | (3,514,762) |
(Decrease) in Other Liabilities | (1,259,560) | (2,506,918) |
Deferred License Revenue | (1,479,681) | |
Changes in Assets and Liabilities | (8,743,952) | (6,132,079) |
Cash Used In Operating Activities | (13,539,644) | (13,297,769) |
Cash Flows From Investing Activities: | ||
Purchase of Investments Available for Sale | (21,800,000) | (2,000,000) |
Sale of Investments Available for Sale | 1,468,656 | 4,976,000 |
Purchase of Equipment | (336,856) | (613,311) |
Proceeds on Sale of Assets | 4,800 | |
Cash Provided By (Used In) Investing Activities | (20,663,400) | 2,362,689 |
Cash Flows From Financing Activities: | ||
Payments on Notes Payable and Capital Lease Obligations | 0 | (564,410) |
Proceeds from the Issuance of Common Shares and Purchase Warrants | 1,575,333 | 2,634,876 |
Cash Provided By Financing Activities | 1,575,333 | 2,070,466 |
Increase (Decrease) In Cash | (32,627,711) | (8,864,614) |
Cash At Beginning Of Period | 65,800,451 | 11,881,451 |
Cash At End Of Period | $ 33,172,740 | 3,016,837 |
Supplemental Cash Flow disclosure | ||
Interest Paid | $ 1,906,022 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Description of Business | |
Description of Business | 1. Description of Business Rockwell Medical, Inc. and Subsidiary (collectively, “we”, “our”, “us”, or the “Company”) is a fully-integrated pharmaceutical company targeting end-stage renal disease and chronic kidney disease with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis. We are also an established manufacturer and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the United States and abroad. We are currently developing unique, proprietary renal drug therapies. These novel renal drug therapies support disease management initiatives to improve the quality of life and care of dialysis patients and are designed to deliver safe and effective therapy, while decreasing drug administration costs and improving patient convenience and outcome. We have obtained global licenses for certain dialysis related drugs which we are developing and planning to market. We manufacture, sell and distribute hemodialysis concentrates and other ancillary medical products and supplies used in the treatment of patients with End Stage Renal Disease, or “ESRD”. We supply our products to medical service providers who treat patients with kidney disease. Our products are used to cleanse patients’ blood and replace nutrients lost during the kidney dialysis process. We primarily sell our products in the United States. We are regulated by the Federal Food and Drug Administration (“FDA”) under the Federal Drug and Cosmetics Act, as well as by other federal, state and local agencies. We obtained FDA approval of Triferic TM , our branded dialysis iron maintenance therapy drug, in January 2015 and sales began in September 2015. We have also received 510(k) approval from the FDA to market hemodialysis solutions and powders, to sell our Dri-Sate Dry Acid Concentrate product line and our Dri-Sate Mixer. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements include our accounts and the accounts for our wholly owned subsidiary, Rockwell Transportation, Inc. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America, or “GAAP,” and with the instructions to Form 10-Q and Securities and Exchange Commission Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments have been included that are necessary to make the financial statements not misleading. All of these adjustments that are material are of a normal and recurring nature. Our operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. You should read our unaudited interim financial statements together with the financial statements and related footnotes for the year ended December 31, 2014 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 includes a description of our significant accounting policies. Revenue Recognition We recognize revenue at the time we transfer title to our products to our customers consistent with generally accepted accounting principles. Generally, we recognize revenue when our products are delivered to our customer’s location consistent with our terms of sale. We recognize revenue for international shipments when title has transferred consistent with standard terms of sale. The initial payment of $20 million received pursuant to our long-term Distribution Agreement (the “Distribution Agreement”) with Baxter Healthcare Corporation (“Baxter”) in October 2014 has been accounted for as deferred license revenue. Deferred license revenue is being recognized based on the proportion of product shipments to Baxter in each period to total expected sales volume for the term of the agreement. We require certain customers, mostly international customers, to pay for product prior to the transfer of title to the customer. Deposits received from customers and payments in advance for orders are recorded as liabilities under Customer Deposits until such time as orders are filled and title transfers to the customer consistent with our terms of sale. Cash and Cash Equivalents We consider cash on hand, money market funds, unrestricted certificates of deposit and short term marketable securities with an original maturity of 90 days or less as cash and cash equivalents. Investments Available for Sale Investments Available for Sale are investments in short term duration bond funds, and are stated at fair value based upon observed market prices (Level 1 in the fair value hierarchy). These funds generally hold high credit quality short term debt instruments. These instruments are subject to changes in fair market value due primarily to changes in interest rates. The fair value of these investments was $39,818,118 as of September 30, 2015. Unrealized holding gains or losses on these securities are included in accumulated other comprehensive income (loss). Realized gains and losses, including declines in value judged to be other-than-temporary on available-for-sale securities are included as a component of other income or expense. Realized losses from repositioning our portfolio aggregated $58,095 for the nine months ended September 30, 2015. Gross unrealized gains were $18,493 and gross unrealized losses were $598,603 as of September 30, 2015. The Company has evaluated the near term interest rate environment and the expected holding period of the investments along with the duration of the fund portfolios in assessing the severity and duration of the potential impairment. Based on that evaluation the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2015. Research and Product Development We recognize research and product development expenses as incurred. We incurred product development and research costs related to the commercial development, patent approval and regulatory approval of new products, including our FDA approved iron maintenance therapy drug, Triferic™, aggregating approximately $1.2 million and $1.3 million for the three months ended September 30, 2015 and 2014, respectively. Research and product development costs were $2.9 million and $6.1 million for the nine months ended September 30, 2015 and 2014, respectively. Share Based Compensation We measure the cost of employee services received in exchange for equity awards, including stock options, based on the grant date fair value of the awards in accordance with ASC 718-10, Compensation — Stock Compensation. The cost of equity based compensation is recognized as compensation expense over the vesting period of the awards. We estimate the fair value of compensation involving stock options utilizing the Black-Scholes option pricing model. This model requires the input of several factors such as the expected option term, expected volatility of our stock price over the expected option term, and an expected forfeiture rate, and is subject to various assumptions. We believe the valuation methodology is appropriate for estimating the fair value of stock options we grant to employees and directors which are subject to ASC 718-10 requirements. These amounts are estimates and thus may not be reflective of actual future results or amounts ultimately realized by recipients of these grants. The Company’s Long Term Incentive Plan permits grantees to tender shares to the Company in satisfaction of liabilities related to the exercise of equity awards, including the exercise price of options and tax liabilities related to equity awards. During the first nine months of 2015, 290,128 shares were tendered to the Company in satisfaction of $2,912,859 of such liabilities. Net Earnings Per Share We computed our basic earnings (loss) per share using weighted average shares outstanding for each respective period. Diluted earnings per share also reflect the weighted average impact from the date of issuance of all potentially dilutive securities, consisting of stock options and common share purchase warrants, unless inclusion would have had an anti-dilutive effect. The calculation of basic weighted average shares outstanding excludes unvested restricted stock. Actual weighted average shares outstanding used in calculating basic and diluted earnings per share were: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Basic Weighted Average Shares Outstanding Effect of Dilutive Securities — — — — Diluted Weighted Average Shares Outstanding |
INVENTORY
INVENTORY | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Inventory | 3. Inventory Components of inventory as of September 30, 2015 and December 31, 2014 are as follows: September 30, December 31, 2015 2014 Raw Materials $ $ Work in Process Finished Goods Total $ $ |
Summary of Significant Accoun11
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation Our consolidated financial statements include our accounts and the accounts for our wholly owned subsidiary, Rockwell Transportation, Inc. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America, or “GAAP,” and with the instructions to Form 10-Q and Securities and Exchange Commission Regulation S-X as they apply to interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of our management, all adjustments have been included that are necessary to make the financial statements not misleading. All of these adjustments that are material are of a normal and recurring nature. Our operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. You should read our unaudited interim financial statements together with the financial statements and related footnotes for the year ended December 31, 2014 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 includes a description of our significant accounting policies. |
Revenue Recognition | Revenue Recognition We recognize revenue at the time we transfer title to our products to our customers consistent with generally accepted accounting principles. Generally, we recognize revenue when our products are delivered to our customer’s location consistent with our terms of sale. We recognize revenue for international shipments when title has transferred consistent with standard terms of sale. The initial payment of $20 million received pursuant to our long-term Distribution Agreement (the “Distribution Agreement”) with Baxter Healthcare Corporation (“Baxter”) in October 2014 has been accounted for as deferred license revenue. Deferred license revenue is being recognized based on the proportion of product shipments to Baxter in each period to total expected sales volume for the term of the agreement. We require certain customers, mostly international customers, to pay for product prior to the transfer of title to the customer. Deposits received from customers and payments in advance for orders are recorded as liabilities under Customer Deposits until such time as orders are filled and title transfers to the customer consistent with our terms of sale. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider cash on hand, money market funds, unrestricted certificates of deposit and short term marketable securities with an original maturity of 90 days or less as cash and cash equivalents. |
Investments Available for Sale | Investments Available for Sale Investments Available for Sale are investments in short term duration bond funds, and are stated at fair value based upon observed market prices (Level 1 in the fair value hierarchy). These funds generally hold high credit quality short term debt instruments. These instruments are subject to changes in fair market value due primarily to changes in interest rates. The fair value of these investments was $39,818,118 as of September 30, 2015. Unrealized holding gains or losses on these securities are included in accumulated other comprehensive income (loss). Realized gains and losses, including declines in value judged to be other-than-temporary on available-for-sale securities are included as a component of other income or expense. Realized losses from repositioning our portfolio aggregated $58,095 for the nine months ended September 30, 2015. Gross unrealized gains were $18,493 and gross unrealized losses were $598,603 as of September 30, 2015. The Company has evaluated the near term interest rate environment and the expected holding period of the investments along with the duration of the fund portfolios in assessing the severity and duration of the potential impairment. Based on that evaluation the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2015. |
Research and Product Development | Research and Product Development We recognize research and product development expenses as incurred. We incurred product development and research costs related to the commercial development, patent approval and regulatory approval of new products, including our FDA approved iron maintenance therapy drug, Triferic™, aggregating approximately $1.2 million and $1.3 million for the three months ended September 30, 2015 and 2014, respectively. Research and product development costs were $2.9 million and $6.1 million for the nine months ended September 30, 2015 and 2014, respectively. |
Share Based Compensation | Share Based Compensation We measure the cost of employee services received in exchange for equity awards, including stock options, based on the grant date fair value of the awards in accordance with ASC 718-10, Compensation — Stock Compensation. The cost of equity based compensation is recognized as compensation expense over the vesting period of the awards. We estimate the fair value of compensation involving stock options utilizing the Black-Scholes option pricing model. This model requires the input of several factors such as the expected option term, expected volatility of our stock price over the expected option term, and an expected forfeiture rate, and is subject to various assumptions. We believe the valuation methodology is appropriate for estimating the fair value of stock options we grant to employees and directors which are subject to ASC 718-10 requirements. These amounts are estimates and thus may not be reflective of actual future results or amounts ultimately realized by recipients of these grants. The Company’s Long Term Incentive Plan permits grantees to tender shares to the Company in satisfaction of liabilities related to the exercise of equity awards, including the exercise price of options and tax liabilities related to equity awards. During the first nine months of 2015, 290,128 shares were tendered to the Company in satisfaction of $2,912,859 of such liabilities. |
Net Earnings Per Share | Net Earnings Per Share We computed our basic earnings (loss) per share using weighted average shares outstanding for each respective period. Diluted earnings per share also reflect the weighted average impact from the date of issuance of all potentially dilutive securities, consisting of stock options and common share purchase warrants, unless inclusion would have had an anti-dilutive effect. The calculation of basic weighted average shares outstanding excludes unvested restricted stock. Actual weighted average shares outstanding used in calculating basic and diluted earnings per share were: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Basic Weighted Average Shares Outstanding Effect of Dilutive Securities — — — — Diluted Weighted Average Shares Outstanding |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Schedule of weighted average shares outstanding used in calculating basic and diluted earnings per share | Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Basic Weighted Average Shares Outstanding Effect of Dilutive Securities — — — — Diluted Weighted Average Shares Outstanding |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory | |
Schedule components of inventory | September 30, December 31, 2015 2014 Raw Materials $ $ Work in Process Finished Goods Total $ $ |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | |
Revenue Recognition | ||||||
Deferred License Revenue | $ 18,012,839 | $ 18,012,839 | $ 19,492,520 | |||
Investments Available for Sale | ||||||
Fair value of investments | 39,818,118 | 39,818,118 | $ 19,927,310 | |||
Gross unrealized gains | 18,493 | 18,493 | ||||
Gross unrealized losses | 598,603 | 598,603 | ||||
Realized gains or losses | 58,095 | |||||
Research and Product Development | ||||||
Product development and research costs | $ 1,246,727 | $ 1,301,824 | $ 2,931,577 | $ 6,103,716 | ||
Baxter Healthcare Organization | ||||||
Revenue Recognition | ||||||
Deferred License Revenue | $ 20,000,000 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation. | ||||
Restricted Stock Tendered in Satisfaction of Tax Liabilities | $ (2,912,859) | |||
Restricted Stock Tendered in Satisfaction of Tax Liabilities (in shares) | 290,128 | |||
Weighted average shares outstanding used in calculating basic and diluted earnings per share | ||||
Basic Weighted Average Shares Outstanding | 50,222,787 | 40,405,693 | 49,988,684 | 40,063,399 |
Diluted Weighted Average Shares Outstanding | 50,222,787 | 40,405,693 | 49,988,684 | 40,063,399 |
Inventory (Details)
Inventory (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory | ||
Raw Materials | $ 5,117,485 | $ 2,197,143 |
Work in Process | 187,392 | 197,106 |
Finished Goods | 2,110,404 | 1,525,936 |
Total | $ 7,415,281 | $ 3,920,185 |
Uncategorized Items - rmti-2015
Label | Element | Value |
Repayments of Debt and Capital Lease Obligations | us-gaap_RepaymentsOfDebtAndCapitalLeaseObligations | $ 0 |