ADMA Biologics (ADMA) 10-Q 10 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document And Entity Information
Entity Registrant Name	ADMA BIOLOGICS, INC.
Entity Central Index Key	1,368,514
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,713,087
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$ 9,177,767	$ 17,199,030
Short-Term Investments	11,764,361	4,652,675
Accounts Receivable	1,200,615	383,961
Inventories	2,830,814	1,708,763
Prepaid Expenses	266,784	143,586
Total Current Assets	25,240,341	24,088,015
Property and Equipment at cost, Net	2,518,638	2,840,698
Other Assets
Deferred Financing Costs	37,888	67,640
Deposits	27,163	27,163
Total Other Assets	65,051	94,803
TOTAL ASSETS	27,824,030	27,023,516
Current Liabilities
Accounts Payable	2,184,686	1,779,197
Accrued Expenses	1,949,419	2,223,639
Accrued Interest	0	105,664
Current Portion of Deferred Revenue	149,326	75,556
Current Portion of Leasehold Improvement Loan	14,804	13,841
Total Current Liabilities	4,298,235	4,197,897
Notes Payable, Net of Debt Discount	14,115,986	14,568,285
Warrant Liability	0	476,760
End of Term Liability, Note Payable	1,432,000	132,500
Deferred Revenue	2,887,082	1,504,815
Deferred Rent Liability	136,316	83,214
Leasehold Improvement Loan	40,169	51,395
TOTAL LIABILITIES	22,909,788	$ 21,014,866
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common Stock $.0001 par value 75,000,000 shares authorized, and 10,713,087 and 9,291,823 shares issued and outstanding as of September 30, 2015, and December, 31	1,072	$ 929
Additional Paid-In Capital	87,750,184	75,457,458
Accumulated Deficit	(82,837,014)	(69,449,737)
TOTAL STOCKHOLDERS' EQUITY	4,914,242	6,008,650
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 27,824,030	$ 27,023,516

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Stockholders Equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, issued	10,713,087	9,291,823
Common stock, outstanding	10,713,087	9,291,823

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements Of Operations
Product revenue	$ 1,821,229	$ 1,347,041	$ 4,596,490	$ 4,370,141
License revenue	31,184	18,889	68,962	56,667
Total Revenues	1,852,413	1,365,930	4,665,452	4,426,808
OPERATING EXPENSES
Cost of product revenue	1,112,782	867,681	2,808,726	2,785,526
Research and development	2,111,505	1,482,929	5,019,138	7,597,295
Plasma centers	1,214,158	1,018,382	3,359,130	2,641,700
General and administrative expenses	2,078,166	1,035,220	4,861,598	3,711,875
TOTAL OPERATING EXPENSES	6,516,611	4,404,212	16,048,592	16,736,396
LOSS FROM OPERATIONS	(4,664,198)	(3,038,282)	(11,383,140)	(12,309,588)
OTHER INCOME (EXPENSE):
Interest income	11,102	3,508	25,878	8,912
Interest expense	(449,328)	(335,299)	(1,378,778)	(904,934)
Change in fair value of stock warrants	0	(14,616)	67,860	(44,196)
Loss on extinguishment of debt	0	0	(719,097)	0
OTHER EXPENSE, NET	(438,226)	(346,407)	(2,004,137)	(940,218)
NET LOSS	$ (5,102,424)	$ (3,384,689)	$ (13,387,277)	$ (13,249,806)
NET LOSS PER COMMON SHARE - Basic and Diluted	$ (0.48)	$ (0.36)	$ (1.28)	$ (1.43)
WEIGHTED AVERAGE SHARES OUTSTANDING, Basic and Diluted	10,707,728	9,291,823	10,425,310	9,291,823

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2014	$ 929	$ 75,457,458	$ (69,449,737)	$ 6,008,650
Beginning Balance, Shares at Dec. 31, 2014	9,291,823
Stock-based compensation	$ 0	1,221,662	0	1,221,662
Issuance of common stock, net, Amount	$ 141	10,245,239	0	10,245,380
Issuance of common stock, net, Shares	1,408,750
Stock issued in connection with stock options exercised, Amount	$ 1	49,226	0	49,227
Stock issued in connection with stock options exercised, Shares	7,514
Issuance of restricted stock, Amount	$ 1	(1)	0	0
Issuance of restricted stock, Shares	5,000
Elimination of warrant liability	$ 0	408,900	0	408,900
Warrants issued in connection with note payable	0	367,700	0	367,700
Net loss	0	0	(13,387,277)	(13,387,277)
Ending Balance, Amount at Sep. 30, 2015	$ 1,072	$ 87,750,184	$ (82,837,014)	$ 4,914,242
Ending Balance, Shares at Sep. 30, 2015	10,713,087

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (13,387,277)	$ (13,249,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	352,629	151,062
Stock-based compensation	1,221,662	921,394
Warrant liability	(67,860)	44,196
Amortization of debt discount	222,409	95,001
Amortization of deferred financing costs	39,717	94,257
Payment-in-kind interest	124,536	119,234
Amortization of license revenue	(68,962)	(56,667)
Loss on extinguishment of debt	719,097	0
Changes in operating assets and liabilities
Accounts receivable	(816,654)	(562,171)
Inventories	(1,122,051)	216,502
Prepaid expenses	(123,198)	13,068
Other assets	0	(14,586)
Accounts payable	311,899	(265,754)
Accrued expenses	(218,580)	671,367
Accrued interest	(105,664)	37,069
Deferred revenue	1,525,000	0
Deferred rent liability	53,102	(16,643)
Net cash used in operating activities	(11,340,195)	(11,802,477)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of short-term investments	(7,111,686)	(3,384,446)
Purchase of property and equipment	(30,569)	(1,766,963)
Net cash used in investing activities	(7,142,255)	(5,151,409)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Oxford note payable	16,000,000	0
Proceeds from issuance of common stock	10,257,380	0
Proceeds from stock options exercised	49,226	0
Proceeds from Hercules note payable, net of fees	0	4,850,000
Repayment of Hercules note payable	(15,300,781)	0
Prepayment penalty of early extinguishment of note payable	(229,512)	0
Debt issuance costs	(172,363)	(30,140)
Payment of Hercules end of term fee	(132,500)	0
Equity issuance costs	0	(54,543)
Payments of leasehold improvement loan	(10,263)	(9,383)
Net cash provided by financing activities	10,461,187	4,755,934
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(8,021,263)	(12,197,952)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	17,199,030	26,149,477
CASH AND CASH EQUIVALENTS - END OF PERIOD	9,177,767	13,951,525
Cash paid for interest	1,007,581	561,705
Supplemental Disclosure of Noncash Financing Activities:
Elimination of warrant liability	408,900	0
Reclassification of equity issuance costs	12,000	0
Accrued equity issuance costs	37,888	17,265
Non-cash deferred financing fees	55,702	0
End of term liability in connection with note payable	1,432,000	0
Warrants issued in connection with note payable	$ 367,700	$ 219,588

1. ORGANIZATION AND BUSINESS

1. ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
1. ORGANIZATION AND BUSINESS	ADMA Biologics, Inc. (“ADMA” or the “Company”) is a late stage biopharmaceutical company that develops, manufactures, and intends to commercialize specialty plasma-based biologics for the treatment and prevention of certain infectious diseases. The Company’s targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disease or who may be immune-suppressed for medical reasons. ADMA also operates its wholly-owned subsidiary, ADMA BioCenters Georgia, Inc., (“ADMA BioCenters”), a source plasma collection business with U.S. Food and Drug Administration (“FDA”) approved facilities in Norcross, Georgia and Marietta, Georgia. The Norcross, Georgia center also has achieved German Health Authority (“GHA”) and the Korean Ministry of Food and Drug Safety (“MFDS”) certifications. ADMA BioCenters provides ADMA with a portion of its raw material plasma for the manufacture of RI-002, ADMA’s lead product candidate, which is intended for the treatment of Primary Immune Deficiency Disease, (“PIDD”). A Biologics License Application (“BLA”) for RI-002 was submitted to the FDA on July 31, 2015 and accepted for review on September 18, 2015. The Company’s Marietta, Georgia center received FDA approval to sell human source plasma within the U.S. on September 17, 2015. The Company has experienced net losses and negative cash flows from operations since inception in 2004 and expects these conditions to continue for the foreseeable future. Since inception, the Company has needed to raise capital from the sales of its equity securities and debt financings to sustain operations. In June 2015, ADMA entered into a Loan and Security Agreement (the “LSA”) with Oxford Finance LLC (“Oxford”), as collateral agent and lender, pursuant to which ADMA accessed an initial term loan in the aggregate principal amount of $16.0 million, of which $15.7 million was used to repay an existing loan balance of $15.0 million, along with $0.4 million of interest and $0.3 million of prepayment premium and other fees, under its prior loan and security agreement, dated December 21, 2012, with Hercules Technology Growth Capital, Inc. (“Hercules”, and such loan agreement, the “Prior Loan Agreement”), as amended on February 24, 2014, (the “Prior Loan Amendment”). ADMA may elect to access an additional term loan under the LSA in the aggregate principal amount of $5.0 million if it receives approval of its BLA for RI-002 from the FDA on or before January 31, 2017. Also, at ADMA’s discretion, if it receives BLA approval for RI-002 from the FDA within the initial 18-month interest only period, it may elect to extend its interest only period for an additional six months. In March 2015, ADMA completed an underwritten public offering of its common stock, raising gross proceeds of $11.3 million. Also, in October 2013, ADMA completed an Initial Public Offering (“IPO”) of its common stock, raising gross proceeds of $29.1 million. As of September 30, 2015, the Company had working capital of $20.9 million, consisting primarily of $9.2 million of cash and cash equivalents, $11.8 million of short-term investments, $1.2 million of accounts receivable, $2.8 million of inventories, and $0.2 million of prepaid expenses, offset primarily by $2.2 million of accounts payable, $1.9 million of accrued expenses and $0.2 million of deferred revenue. Based upon the Company’s projected revenue and expenditures for 2015 and 2016, including the ongoing implementation of the Company’s commercialization and expansion activities, management currently believes that its cash, cash equivalents, short-term investments and accounts receivable as of September 30, 2015 are sufficient to fund ADMA’s operations into the second half of 2016. Because the Company does not anticipate receiving FDA approval for RI-002 earlier than the second half of 2016, if at all, the Company would not expect to generate revenue from the commercialization of RI-002 earlier than such time, if at all. Furthermore, if the Company’s assumptions underlying its estimated expenses and revenues are incorrect, it may have to raise additional capital sooner than anticipated. Due to numerous risks and uncertainties associated with the research and development and potential future commercialization of its product candidate, the Company is unable to estimate with certainty the amounts of increased capital outlays and operating expenditures associated with its development activities. The Company’s current estimates may be subject to change as circumstances regarding its business requirements evolve. The Company may decide to raise capital through public or private equity offerings, debt financings, obtain a bank credit facility, or corporate collaboration and licensing arrangements. The Company does not have any existing commitments for future external funding. The sale of additional equity or debt securities, if convertible, could result in dilution to the Company’s stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also result in covenants that would restrict the Company’s operations or other financing alternatives. Additional equity or debt financing, grants, or corporate collaboration and potential licensing arrangements may not be available on acceptable terms, if at all. If adequate funds are not available, the Company may be required to delay, reduce the scope of or eliminate the Company’s research and development programs, reduce the Company’s planned clinical trials and delay or abandon potential commercialization efforts of the Company’s lead or other product candidates. Thereafter, the Company’s ability to continue as a going concern will be dependent on its ability to achieve profitability or raise additional capital, to fund its research and development and commercial programs and meet its obligations on a timely basis. There can be no assurance that the Company's research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology and compliance with the FDA and other governmental regulations and approval requirements.

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation and principles of consolidation The accompanying condensed consolidated financial statements include the accounts of ADMA and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA BioCenters. All significant intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements for the interim periods included herein are unaudited; however, they contain all adjustments (consisting of only normal recurring adjustments) which in the opinion of management are necessary to present fairly the condensed consolidated financial position of the Company as of September 30, 2015 and its results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year. These interim financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended December 31, 2014 on Form 10-K, filed with the U.S. Securities and Exchange Commission, (the “Commission”) on March 9, 2015. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“GAAP”), in accordance with the rules and regulations of the Commission for interim reporting. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Inventories Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities) are carried at the lower of cost or market value determined on the first-in, first-out method. Research and development plasma used in clinical trials was processed to a finished product and subsequently expensed to research and development. Inventory at September 30, 2015 and December 31, 2014 consists of high titer plasma and normal source plasma. Debt In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest Revenue recognition Depending on the agreement with the customer, revenues from the sale of human plasma collected at the Company’s FDA licensed plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment. Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s revenues are substantially attributable to one customer. Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed. Revenues for the three months ended September 30, 2015 are comprised of product revenues from the sale of normal source human plasma collected from the Company’s plasma collection center segment and license revenues attributable to the out-licensing of RI-002 to Biotest AG to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation, or Biotest, a subsidiary of Biotest AG, has provided the Company with certain financial payment and services in accordance with the related license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. During the third quarter 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company upon its filing of the BLA for RI-002 with the FDA, in accordance with the terms of the license agreement. Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services provided in accordance with the same license agreement. Deferred revenue is recognized over the term of the license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement. Use of estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include valuation of inventory, assumptions used in the fair value determination of stock-based compensation, warrants and the allowance for the valuation of future tax benefits. Loss per common share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period. Potential common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potential common stock in the diluted net loss per share computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented. The aggregate number of potentially dilutive securities upon the exercise of outstanding warrants and stock options was 1.6 million and 1.2 million as of September 30, 2015 and 2014, respectively. Stock-based compensation The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair values on the grant date. The estimated fair value of stock options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three months ended September 30, 2015, the Company granted stock options to purchase 81,500 shares of common stock to employees and during the nine months ended September 30, 2015, the Company granted stock options to purchase 312,500 shares of common stock to its directors and employees. During the three and nine months ended September 30, 2015, options to purchase 7,514 shares of common stock were exercised by an employee, and options to purchase 8,875 shares of common stock, and options to purchase 9,710 shares of common stock, respectively, were forfeited. On June 19, 2014, at the Annual Meeting of stockholders, the stockholders approved the 2014 Plan, which was approved by the Board of Directors of ADMA (the “Board”) on February 21, 2014. During the nine months ended September 30, 2014, the Company granted stock options to purchase an aggregate of 167,932 shares of the Company's common stock under the 2014 Plan to three executive officers and non-qualified stock options to purchase 9,000 shares of the Company's common stock were granted to each of the Company’s six non-employee directors.

3. DEBT

3. DEBT	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
3. Debt	Loan and Security Agreement On June 19, 2015, the Company entered into the LSA with Oxford for up to $21.0 million and refinanced its existing loan with Hercules. The first tranche of $16.0 million from the Oxford loan was primarily used to repay its existing facility with Hercules and the remaining $5.0 million is available at ADMA’s option upon RI-002’s BLA being approved from the FDA on or before January 31, 2017. The LSA bears interest at a rate per annum equal to the greater of (i) 7.80% and (ii) the sum of (a) the three (3) month U.S. LIBOR rate (as reported in The Wall Street Journal In connection with the LSA, the Company issued to Oxford a 7 year warrant, expiring on June 19, 2022, to purchase 74,309 shares of common stock at an exercise price of $8.51 per share. The Company recorded $367,700 as the fair value of the warrant to additional paid-in capital and as a debt discount to the carrying value of the loan. The key assumptions used to value the warrants included: volatility of 57% on the Company’s common stock based upon a pro rata percentage of the Company’s common stock’s volatility and similar public companies’ volatilities for comparison, an expected dividend yield of 0.0%, a risk-free interest rate of 1.99% and a term of 7 years. As a result of prepaying the Hercules loan prior to maturity, the Company incurred a loss on extinguishment of debt of $0.7 million comprised of unamortized debt issuance costs, unamortized debt discount related to the warrants issued to Hercules, along with a prepayment penalty. A summary of the Oxford loan balance as of September 30, 2015 is as follows: Gross proceeds $ 16,000,000 Less: debt discount, net End of term fee (1,337,061 ) Warrants (337,573 ) Financing fees (209,380 ) Note payable $ 14,115,986 In connection with the Prior Loan Agreement, the Company issued to Hercules a warrant to purchase 31,750 shares of common stock with an exercise price of $7.56, and in connection with the Prior Loan Amendment, the Company issued to Hercules a warrant to purchase an additional 58,000 shares of its common stock, comprised of a warrant to purchase 23,200 shares of common stock issued in February 2014 and a warrant to purchase 34,800 shares of common stock issued in December 2014, each warrant issued under the amended Loan Agreement having an exercise price of $7.50. The warrants expire after 10 years and have piggyback registration rights with respect to the shares of common stock underlying the warrant. The fair value of the Prior Loan Amendment warrant was calculated using a lattice-based option model in order to account for features in the warrant that could cause the exercise price to reset (“down round protection”) as a result of the next issuance of the Company’s common stock (“the next round of equity financing”). The Company initially recorded the fair value of the warrant of $219,588 as warrant liability and as a debt discount to the carrying value of the loan. The key assumptions used to value the warrants included the expected date of the next round of equity financing, volatility of 59% for the Company’s common stock based upon similar public companies’ volatilities for comparison, an expected dividend yield of 0.0%, a risk-free interest rate of 2.53% and a term of 10 years. As of December 31, 2014, the Company recorded $476,760 as the fair value of the warrant for the purchase of 58,000 shares of common stock. As a result of the increase in warrant liability, the Company recorded an expense of $74,356 from the change in the fair value of warrant liability. During the first quarter ended March 31, 2015, the Company recorded $408,900 as the fair value of the warrant for the purchase of 58,000 shares of common stock. As a result of the decrease in warrant liability, the Company recorded a change in the fair value of stock warrants of $67,860 from the December 31, 2014 balance. The key assumptions used to value the warrants included the expected date of the next round of equity financing, volatility of 58% based upon a pro rata percentage of the Company’s common stock and similar public companies’ volatilities, an expected dividend yield of 0.0%, a risk-free rate of 1.99% and a term of 10 years. This warrant liability was adjusted from the date of the Prior Loan Agreement on February 24, 2014, to fair value each reporting period using a lattice-based option model and the debt discount will be amortized to interest expense over the term of the loan. The down round warrant protection feature resulting in the warrant liability’s quarterly “mark-to-market” valuation has terminated as of February 24, 2015, which was the end of the one-year period following the amended loan closing on February 24, 2014 and as a result the warrant liability of $408,900 was reclassified to additional paid-in capital. A summary of the recast Hercules loan balance as of December 31, 2014 is as follows: Gross proceeds $ 15,000,000 Plus: payment in kind interest 176,245 15,176,245 Less: debt discount, net Warrants (403,979 ) Financing fees (161,951 ) End of term fee (42,030 ) Note payable $ 14,568,285

4. STOCKHOLDERS' EQUITY

4. STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
4. STOCKHOLDERS' EQUITY	On March 18, 2015, the Company announced the closing of an underwritten sale of 1,225,000 shares of its common stock, as well as 183,750 additional shares of its common stock pursuant to the full exercise of the over-allotment option granted to the underwriters, for gross proceeds of approximately $11.3 million. Net proceeds from this offering were approximately $10.2 million, net of underwriting discounts and offering expenses of approximately $1.1 million. The shares were sold under a shelf registration statement on Form S-3 (File No. 333-200638) that was declared effective by the SEC on December 23, 2014. Equity incentive plan The fair value of employee options granted was determined on the date of grant using the Black-Scholes option valuation model. The Black-Scholes model was developed for use in estimating the fair value of publicly traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. The Company's employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value estimate. Because there has been minimal data for the Company's stock and very little historical experience with the Company's stock options, similar public companies and a pro rata percentage of the Company’s common stock were used for calculating ADMA’s volatility for comparison and expectations as to the assumptions required for fair value computation using the Black-Scholes methodology. Three Months Ended Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2015 September 30, 2014 Expected term 6.25 years 6.25 years 6.25 years Volatility 51-54% 51-57% 63% Dividend yield 0.0 0.0 0.0 Risk-free interest rate 1.75-2.14% 1.49-2.14% 2.22% Guidance for stock-based compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has not experienced any material forfeitures of stock options and, as such, has not established a forfeiture rate since the stock options currently outstanding are primarily held by its senior management and directors. The Company will continue to evaluate the effects of such future potential forfeitures, as they may arise, to evaluate its estimated forfeiture rate. The weighted average remaining contractual life of stock options outstanding and expected to vest at September 30, 2015 is 7.2 years. The weighted average remaining contractual life of stock options exercisable at September 30, 2015 is 6.4 years. A summary of the Company’s option activity under the Plan and related information is as follows: Nine Months Ended September 30, 2015 Weighted Average Exercise Shares Price Outstanding at beginning of period 1,048,927 $ 7.24 Exercised (7,514 ) $ 6.25 Forfeited (9,710 ) $ 9.16 Granted 312,500 $ 10.17 Outstanding at end of period and expected to vest 1,344,203 $ 7.91 Options exercisable 812,059 $ 7.11 Stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development $ 184,302 $ 66,202 $ 514,107 $ 191,112 Plasma centers 12,457 8,920 35,813 26,468 General and administrative 251,173 251,938 671,742 703,814 Total stock-based compensation expense $ 447,932 $ 327,060 $ 1,221,662 $ 921,394 As of September 30, 2015, the total compensation expense related to unvested options not yet recognized totaled $2,556,609. The weighted average vesting period over which the total compensation expense will be recorded related to unvested options not yet recognized at September 30, 2015 was approximately 2.5 years.

5. RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
5. RELATED PARTY TRANSACTIONS	The Company leases an office building and equipment from an entity owned by related parties on a month-to-month basis. Rent expense amounted to $24,112 and $72,336 for each of the three and nine months ended September 30, 2015 and 2014, respectively. The Company maintains deposits and other accounts at a bank which is less than 5%-owned by related parties and where a stockholder and Company director is a member of the Board of Directors of the bank.

6. COMMITMENT AND CONTINGENCIES

6. COMMITMENT AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
6. COMMITMENT AND CONTINGENCIES	General Legal Matters The Company is and may become subject to certain legal proceedings and claims arising in connection with the normal course of its business. In the opinion of management, there are currently no claims that would have a material adverse effect on its consolidated financial position, results of operations or cash flows.

7. SEGMENTS

7. SEGMENTS	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
7. SEGMENTS	The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics. The Company also operates FDA-licensed source plasma collection facilities located in Norcross, Georgia and in Marietta, Georgia. The Company defines its segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. The Company’s CODM, is its President and Chief Executive Officer. The plasma collection center segment includes the Company’s operations in Georgia. The research and development segment includes the Company’s plasma development operations in New Jersey. Summarized financial information concerning reportable segments is shown in the following tables: Plasma Three Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,821,229 $ - $ 31,184 $ 1,852,413 Cost of product revenue 1,112,782 - - 1,112,782 Gross profit 708,447 - 31,184 739,631 Loss from operations (505,711 ) (2,111,505 ) (2,046,982 ) (4,664,198 ) Other expense - - (438,226 ) (438,226 ) Net loss (505,711 ) (2,111,505 ) (2,485,208 ) (5,102,424 ) Property and equipment, net 2,387,682 - 130,956 2,518,638 Depreciation and amortization expense 105,192 - 12,738 117,930 Plasma Three Months Ended Collection Research and September 30, 2014 Centers Development Corporate Consolidated Revenues $ 1,347,041 $ - $ 18,889 $ 1,365,930 Cost of product revenue 867,681 - - 867,681 Gross profit 479,360 - 18,889 498,249 Loss from operations (539,022 ) (1,482,929 ) (1,016,331 ) (3,038,282 ) Other expense - - (346,407 ) (346,407 ) Net loss (539,022 ) (1,482,929 ) (1,362,738 ) (3,384,689 ) Property and equipment, net 2,227,587 - 153,613 2,381,200 Depreciation and amortization expense 41,135 1,110 11,954 54,199 Plasma Nine Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 4,596,490 $ - $ 68,962 $ 4,665,452 Cost of product revenue 2,808,726 - - 2,808,726 Gross profit 1,787,764 - 68,962 1,856,726 Loss from operations (1,571,366 ) (5,019,138 ) (4,792,636 ) (11,383,140 ) Other income (expense) - - (2,004,137 ) (2,004,137 ) Net loss (1,571,366 ) (5,019,138 ) (6,796,773 ) (13,387,277 ) Property and equipment, net 2,387,682 - 130,956 2,518,638 Depreciation and amortization expense 315,209 - 37,420 352,629 Plasma Nine Months Ended Collection Research and September 30, 2014 Center Development Corporate Consolidated Revenues $ 4,370,141 $ - $ 56,667 $ 4,426,808 Cost of product revenue 2,785,526 - - 2,785,526 Gross profit 1,584,615 - 56,667 1,641,282 Loss from operations (1,057,085 ) (7,597,295 ) (3,655,208 ) (12,309,588 ) Other income (expense) 262 - (940,480 ) (940,218 ) Net loss (1,056,823 ) (7,597,295 ) (4,595,688 ) (13,249,806 ) Property and equipment, net 2,227,587 - 153,613 2,381,200 Depreciation and amortization expense 113,292 2,729 35,041 151,062 The “Corporate” column includes general and administrative overhead expenses. Property and equipment, net, included in the “Corporate” column above includes assets related to corporate and support functions.

2. SUMMARY OF SIGNIFICANT ACC14

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	The accompanying condensed consolidated financial statements include the accounts of ADMA and its wholly-owned subsidiaries, ADMA Plasma Biologics, Inc. and ADMA BioCenters. All significant intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements for the interim periods included herein are unaudited; however, they contain all adjustments (consisting of only normal recurring adjustments) which in the opinion of management are necessary to present fairly the condensed consolidated financial position of the Company as of September 30, 2015 and its results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 2015 and 2014. The results of operations for the interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year. These interim financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended December 31, 2014 on Form 10-K, filed with the U.S. Securities and Exchange Commission, (the “Commission”) on March 9, 2015. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“GAAP”), in accordance with the rules and regulations of the Commission for interim reporting. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted.
Inventories	Plasma inventories (both plasma intended for resale and plasma intended for internal use in the Company's research and development and future anticipated commercialization activities) are carried at the lower of cost or market value determined on the first-in, first-out method. Research and development plasma used in clinical trials was processed to a finished product and subsequently expensed to research and development. Inventory at September 30, 2015 and December 31, 2014 consists of high titer plasma and normal source plasma.
Debt	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest
Revenue recognition	Depending on the agreement with the customer, revenues from the sale of human plasma collected at the Company’s FDA licensed plasma collection centers are recognized at the time of transfer of title and risk of loss to the customer, which occurs at the time of shipment. Revenue is recognized at the time of delivery if the Company retains the risk of loss during shipment. The Company’s revenues are substantially attributable to one customer. Revenue from license fees and research and development services rendered are recognized as revenue when the performance obligations under the terms of the license agreement have been completed. Revenues for the three months ended September 30, 2015 are comprised of product revenues from the sale of normal source human plasma collected from the Company’s plasma collection center segment and license revenues attributable to the out-licensing of RI-002 to Biotest AG to market and sell in Europe and selected countries in North Africa and the Middle East. Biotest AG and Biotest Pharmaceuticals Corporation, or Biotest, a subsidiary of Biotest AG, has provided the Company with certain financial payment and services in accordance with the related license agreement and is obligated to pay the Company certain amounts in the future if certain milestones are achieved. During the third quarter 2015, the Company recorded deferred revenue of $1.5 million for a milestone payment provided to the Company upon its filing of the BLA for RI-002 with the FDA, in accordance with the terms of the license agreement. Deferred revenue of $1.7 million was recorded in 2013 as a result of certain research and development services provided in accordance with the same license agreement. Deferred revenue is recognized over the term of the license. Deferred revenue is amortized into income for a period of approximately 20 years, the term of the license agreement.
Use of estimates	The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include valuation of inventory, assumptions used in the fair value determination of stock-based compensation, warrants and the allowance for the valuation of future tax benefits.
Loss per common share	Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss attributable to common stockholders as adjusted for the effect of dilutive securities, if any, by the weighted average number of common stock and dilutive common stock outstanding during the period. Potential common stock includes the shares of common stock issuable upon the exercise of outstanding stock options and warrants (using the treasury stock method). Potential common stock in the diluted net loss per share computation is excluded to the extent that it would be anti-dilutive. No potentially dilutive securities are included in the computation of any diluted per share amounts as the Company reported a net loss for all periods presented. The aggregate number of potentially dilutive securities upon the exercise of outstanding warrants and stock options was 1.6 million and 1.2 million as of September 30, 2015 and 2014, respectively.
Stock-based compensation	The Company follows recognized accounting guidance which requires all stock-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense, based on their fair values on the grant date. The estimated fair value of stock options granted under the Company’s 2007 Employee Stock Option Plan (the “Plan”) and the 2014 Omnibus Incentive Compensation Plan (the “2014 Plan”) is recognized as compensation expense over the option-vesting period. During the three months ended September 30, 2015, the Company granted stock options to purchase 81,500 shares of common stock to employees and during the nine months ended September 30, 2015, the Company granted stock options to purchase 312,500 shares of common stock to its directors and employees. During the three and nine months ended September 30, 2015, options to purchase 7,514 shares of common stock were exercised by an employee, and options to purchase 8,875 shares of common stock, and options to purchase 9,710 shares of common stock, respectively, were forfeited. On June 19, 2014, at the Annual Meeting of stockholders, the stockholders approved the 2014 Plan, which was approved by the Board of Directors of ADMA (the “Board”) on February 21, 2014. During the nine months ended September 30, 2014 the Company granted stock options to purchase an aggregate of 167,932 shares of the Company's common stock under the 2014 Plan to three executive officers and non-qualified stock options to purchase 9,000 shares of the Company's common stock were granted to each of the Company’s six non-employee directors.

3. DEBT (Tables)

3. DEBT (Tables)	9 Months Ended
	Sep. 30, 2015
Oxford Loan
Summary of loans	Gross proceeds $ 16,000,000 Less: debt discount, net End of term fee (1,337,061 ) Warrants (337,573 ) Financing fees (209,380 ) Note payable $ 14,115,986
Hercules Loan
Summary of loans	Gross proceeds $ 15,000,000 Plus: payment in kind interest 176,245 15,176,245 Less: debt discount, net Warrants (403,979 ) Financing fees (161,951 ) End of term fee (42,030 ) Note payable $ 14,568,285

4. STOCKHOLDERS' EQUITY (Tables

4. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of assumptions used for equity compensation expense	Three Months Ended Nine Months Ended Nine Months Ended September 30, 2015 September 30, 2015 September 30, 2014 Expected term 6.25 years 6.25 years 6.25 years Volatility 51-54% 51-57% 63% Dividend yield 0.0 0.0 0.0 Risk-free interest rate 1.75-2.14% 1.49-2.14% 2.22%
Schedule of stock options outstanding	Nine Months Ended September 30, 2015 Weighted Average Exercise Shares Price Outstanding at beginning of period 1,048,927 $ 7.24 Exercised (7,514 ) $ 6.25 Forfeited (9,710 ) $ 9.16 Granted 312,500 $ 10.17 Outstanding at end of period and expected to vest 1,344,203 $ 7.91 Options exercisable 812,059 $ 7.11
Stock-based compensation expense	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development $ 184,302 $ 66,202 $ 514,107 $ 191,112 Plasma centers 12,457 8,920 35,813 26,468 General and administrative 251,173 251,938 671,742 703,814 Total stock-based compensation expense $ 447,932 $ 327,060 $ 1,221,662 $ 921,394

7. SEGMENTS (Tables)

7. SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENTS	Plasma Three Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 1,821,229 $ - $ 31,184 $ 1,852,413 Cost of product revenue 1,112,782 - - 1,112,782 Gross profit 708,447 - 31,184 739,631 Loss from operations (505,711 ) (2,111,505 ) (2,046,982 ) (4,664,198 ) Other expense - - (438,226 ) (438,226 ) Net loss (505,711 ) (2,111,505 ) (2,485,208 ) (5,102,424 ) Property and equipment, net 2,387,682 - 130,956 2,518,638 Depreciation and amortization expense 105,192 - 12,738 117,930 Plasma Three Months Ended Collection Research and September 30, 2014 Centers Development Corporate Consolidated Revenues $ 1,347,041 $ - $ 18,889 $ 1,365,930 Cost of product revenue 867,681 - - 867,681 Gross profit 479,360 - 18,889 498,249 Loss from operations (539,022 ) (1,482,929 ) (1,016,331 ) (3,038,282 ) Other expense - - (346,407 ) (346,407 ) Net loss (539,022 ) (1,482,929 ) (1,362,738 ) (3,384,689 ) Property and equipment, net 2,227,587 - 153,613 2,381,200 Depreciation and amortization expense 41,135 1,110 11,954 54,199 Plasma Nine Months Ended Collection Research and September 30, 2015 Centers Development Corporate Consolidated Revenues $ 4,596,490 $ - $ 68,962 $ 4,665,452 Cost of product revenue 2,808,726 - - 2,808,726 Gross profit 1,787,764 - 68,962 1,856,726 Loss from operations (1,571,366 ) (5,019,138 ) (4,792,636 ) (11,383,140 ) Other income (expense) - - (2,004,137 ) (2,004,137 ) Net loss (1,571,366 ) (5,019,138 ) (6,796,773 ) (13,387,277 ) Property and equipment, net 2,387,682 - 130,956 2,518,638 Depreciation and amortization expense 315,209 - 37,420 352,629 Plasma Nine Months Ended Collection Research and September 30, 2014 Center Development Corporate Consolidated Revenues $ 4,370,141 $ - $ 56,667 $ 4,426,808 Cost of product revenue 2,785,526 - - 2,785,526 Gross profit 1,584,615 - 56,667 1,641,282 Loss from operations (1,057,085 ) (7,597,295 ) (3,655,208 ) (12,309,588 ) Other income (expense) 262 - (940,480 ) (940,218 ) Net loss (1,056,823 ) (7,597,295 ) (4,595,688 ) (13,249,806 ) Property and equipment, net 2,227,587 - 153,613 2,381,200 Depreciation and amortization expense 113,292 2,729 35,041 151,062

1. ORGANIZATION AND BUSINESS (D

1. ORGANIZATION AND BUSINESS (Details Narrative) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,177,767	$ 17,199,030
Short-term investments	11,764,361	4,652,675
Accounts Receivable	$ 1,200,615	$ 383,961

2. SUMMARY OF SIGNIFICANT ACC19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Sep. 30, 2015shares
Summary Of Significant Accounting Policies Details Narrative
Options issued to employees and directors	312,500

3. DEBT (Details)

3. DEBT (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Oxford Loan
Gross proceeds	$ 16,000,000
Less: debt discount, net
End of term fee	(1,337,061)
Warrants	(337,573)
Financing fees	(209,380)
Note payable	$ 14,115,986
Hercules Loan
Gross proceeds		$ 15,000,000
Plus: payment in kind interest		176,245
Less: debt discount, net
End of term fee		(403,979)
Warrants		(161,951)
Financing fees		(42,030)
Note payable		$ 14,568,285

4. STOCKHOLDERS' EQUITY (Detail

4. STOCKHOLDERS' EQUITY (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Compensation expense associated with stock options and other forms of equity compensation assumptions
Expected Term	6 years 3 months	6 years 3 months	6 years 3 months
Volatility			63.00%
Volatility, minimum	51.00%	51.00%
Volatility, maximum	54.00%	57.00%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate			2.20%
Risk-free interest rate, minimum	1.75%	1.49%
Risk-free interest rate, maximum	2.14%	2.14%

4. STOCKHOLDERS' EQUITY (Deta22

4. STOCKHOLDERS' EQUITY (Details 1)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,048,927
Exercised | shares	(7,514)
Forfeited | shares	(9,710)
Granted | shares	312,500
Outstanding at end of period and expected to vest | shares	1,344,203
Options exercisable | shares	812,059
Weighted Average Exercise Price
Outstanding at beginning of period	$ 7.24
Exercised	6.25
Forfeited	9.16
Granted	10.17
Outstanding at end of period and expected to vest	7.91
Options exercisable	$ 7.11

4. STOCKHOLDERS' EQUITY (Deta23

4. STOCKHOLDERS' EQUITY (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation expense
Total stock-based compensation expense	$ 447,932	$ 327,060	$ 1,221,662	$ 921,394
Research and development
Stock-based compensation expense
Total stock-based compensation expense	184,302	66,202	514,107	191,112
Plasma centers
Stock-based compensation expense
Total stock-based compensation expense	12,457	8,920	35,813	26,468
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 251,173	$ 251,938	$ 671,742	$ 703,814

5. RELATED PARTY TRANSACTIONS (

5. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transactions [Abstract]
Rent expense	$ 24,112	$ 24,112	$ 72,336	$ 72,336

7. SEGMENTS (Details)

7. SEGMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summarized financial information concerning reportable segments
Revenues	$ 1,852,413	$ 1,365,930	$ 4,665,452	$ 4,426,808
Cost of product revenue	1,112,782	867,681	2,808,726	2,785,526
Gross profit	739,631	498,249	1,856,726	1,641,282
Loss from operations	(4,664,198)	(3,038,282)	(11,383,140)	(12,309,588)
Other income (expense)	(438,226)	(346,407)	(2,004,137)	(940,218)
Net loss	(5,102,424)	(3,384,689)	(13,387,277)	(13,249,806)
Property and equipment, net	2,518,638	2,381,200	2,518,638	2,381,200
Depreciation and amortization expense	117,930	54,199	352,629	151,062
Plasma Collection Center Member
Summarized financial information concerning reportable segments
Revenues	1,821,229	1,347,041	4,596,490	4,370,141
Cost of product revenue	1,112,782	867,681	2,808,726	2,785,526
Gross profit	708,447	479,360	1,787,764	1,584,615
Loss from operations	(505,711)	(539,022)	(1,571,366)	(1,057,085)
Other income (expense)	0	0	0	262
Net loss	(505,711)	(539,022)	(1,571,366)	(1,056,823)
Property and equipment, net	2,387,682	2,227,587	2,387,682	2,227,587
Depreciation and amortization expense	105,192	41,135	315,209	113,292
Research And Development Member
Summarized financial information concerning reportable segments
Revenues	0	0	0	0
Cost of product revenue	0	0	0	0
Gross profit	0	0	0	0
Loss from operations	(2,111,505)	(1,482,929)	(5,019,138)	(7,597,295)
Other income (expense)	0	0	0	0
Net loss	(2,111,505)	(1,482,929)	(5,019,138)	(7,597,295)
Property and equipment, net	0	0	0	0
Depreciation and amortization expense	0	1,110	0	2,729
Corporate Member
Summarized financial information concerning reportable segments
Revenues	31,184	18,889	68,962	56,667
Cost of product revenue	0	0	0	0
Gross profit	31,184	18,889	68,962	56,667
Loss from operations	(2,046,982)	(1,016,331)	(4,792,636)	(3,655,208)
Other income (expense)	(438,226)	(346,407)	(2,004,137)	(940,480)
Net loss	(2,485,208)	(1,362,738)	(6,796,773)	(4,595,688)
Property and equipment, net	130,956	153,613	130,956	153,613
Depreciation and amortization expense	$ 12,738	$ 11,954	$ 37,420	$ 35,041