Quarterly report pursuant to sections 13 or 15(d)

6. SEGMENTS

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6. SEGMENTS
9 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
6. SEGMENTS

 

The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics.  The Company also operates an FDA-licensed source plasma collection facility located in Norcross, Georgia.  The Company defines its segments as those business units for which operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources.

 

The plasma collection center segment includes the Company’s operation 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 table:

 

Three Months Ended

September 30, 2012

  Plasma Collection Center     Research and Development     Corporate     Consolidated  
Revenues   $ 360,338     $ ---     $ ---     $ 360,338  
Cost of sales     144,691       ---       ---       144,691  
Gross profit     215,647       ---       ---       215,647  
Loss from operations     (273,653 )     (1,940,637 )     (1,034,530 )     (3,248,820 )
Other income (expense)     (2,095 )     ---       5,168       3,073  
Loss before income taxes     (275,748 )     (1,940,637 )     (1,029,362 )     (3,245,747 )
Property and equipment, net     701,637       16,306       85,766       803,709  
Depreciation and amortization expense     40,517       4,206       4,173       48,896  

 

 

Three Months Ended

September 30, 2011

Revenues   $ ---     $ ---     $ ---     $ ----  
Cost of sales     ---       ---       ---       ----  
Gross profit     ---       ---       ---       ----  
Loss from operations     (450,527 )     (56,607 )     (261,030 )     (768,164 )
Other income (expense)     (2,325 )     ----       (210,588 )     (212,913 )
Loss before income taxes     (452,852 )     (56,607 )     (471,618 )     (981,077 )
Property and equipment, net     869,829       33,460       11,709       914,998  
Depreciation and amortization expense     49,500       4,400       1,000       54,900  

 

Nine Months Ended

September 30, 2012

  Plasma Collection Center     Research and Development     Corporate     Consolidated  
Revenues   $ 594,834     $ ---     $ ---     $ 594,834  
Cost of sales     288,761       ---       ---       288,761  
Gross profit     306,073       ---       ---       306,073  
Loss from operations     (1,021,688 )     (2,201,131 )     (2,446,043 )     (5,668,862 )
Other income (expense)     (6,465 )     ---       7,936       1,471  
Loss before income taxes     (1,028,153 )     (2,201,131 )     (2,438,107 )     (5,667,391 )
Property and equipment, net     701,637       16,306       85,766       803,709  
Depreciation and amortization expense     121,553       12,618       6,572       140,743  


 

Nine Months Ended

September 30, 2011

Revenues   $ ---     $ ---     $ ---     $ ----  
Cost of sales     ---       ---       ---       ----  
Gross profit     ---       ---       ---       ----  
Loss from operations     (1,191,243 )     (2,377,818 )     (932,248 )     (4,501,309 )
Other income (expense)     (7,155 )     ---       (760,975 )     (768,130 )
Loss before income taxes     (1,198,398 )     (2,377,818 )     (1,693,223 )     (5,269,439 )
Property and equipment, net     869,829       33,460       11,709       914,998  
Depreciation and amortization expense     148,500       14,861       2,800       166,161  

 

The “Corporate” column includes general and administrative overhead expenses.  The column for Research and Development expense includes the loss on sale of research and development inventory incurred during the nine months ended September 30, 2011.

 

Property and equipment, net, included in the “Corporate” column above includes assets related to corporate and support functions.