Exhibit 99.1
International Stem Cell Corporation and Subsidiaries
Condensed Pro Forma Consolidated Balance Sheet
(in thousands, except share data)
September 30, 2014 | Pro Forma | September 30, 2014 | ||||||||||
As Reported | Adjustments | Pro Forma | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 471 | $ | — | $ | 471 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $19 | 464 | — | 464 | |||||||||
Inventory, net | 1,533 | — | 1,533 | |||||||||
Prepaid expenses and other current assets | 359 | — | 359 | |||||||||
Restricted cash | 50 | — | 50 | |||||||||
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Total current assets | 2,877 | — | 2,877 | |||||||||
Property and equipment, net | 781 | — | 781 | |||||||||
Intangible assets, net | 2,649 | — | 2,649 | |||||||||
Deposits and other assets | 57 | — | 57 | |||||||||
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Total assets | $ | 6,364 | $ | — | $ | 6,364 | ||||||
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Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||||||
Accounts payable | $ | 715 | $ | — | $ | 715 | ||||||
Accrued liabilities | 1,299 | — | 1,299 | |||||||||
Deferred revenue | — | — | — | |||||||||
Related party payable | 5 | — | 5 | |||||||||
Advances | 250 | — | 250 | |||||||||
Fair value of warrant liability | — | — | — | |||||||||
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Total current liabilities | 2,269 | — | 2,269 | |||||||||
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Convertible Redeemable Series G Preferred stock, $0.001 par value, 5,000,000 shares authorized, issued and outstanding and liquidation preference of $5,000 | 4,941 | (4,941 | ) | — | ||||||||
Commitments and contingencies | ||||||||||||
Stockholders’ Deficit | ||||||||||||
Series D Preferred stock, $0.001 par value, 50 shares authorized, 43 issued and outstanding with liquidation preference of $4,320 | — | — | — | |||||||||
Series B Preferred stock, $0.001 par value, 5,000,000 shares authorized, 300,000 issued and outstanding with liquidation preferences of $417 | — | — | — | |||||||||
Common stock, $0.001 par value, 600,000,000 shares authorized, 224,274,073 shares issued and outstanding | 224 | — | 224 | |||||||||
Convertible Series G Preferred stock, $0.001 par value, 5,000,000 shares authorized, issued and outstanding, liquidation preference of $5,000 | — | 4,941 | 4,941 | |||||||||
Additional paid-in capital | 89,080 | — | 89,080 | |||||||||
Accumulated deficit | (90,150 | ) | — | (90,150 | ) | |||||||
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Total stockholders’ deficit | (846 | ) | 4,941 | 4,095 | ||||||||
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Total liabilities, redeemable preferred stock and stockholders’ equity (deficit) | $ | 6,364 | $ | — | $ | 6,364 | ||||||
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