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U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended May 31, 2021

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from              to              

Commission File Number 0-23386

 

CRYO-CELL INTERNATIONAL, INC.

(Exact name of Registrant as Specified in its Charter)

 

 

Delaware

 

22-3023093

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

700 Brooker Creek Blvd.  Oldsmar, FL 34677

 

(Address of Principal Executive Offices) (Zip Code)

 

 

Issuer's phone number, including area code: (813) 749-2100

(Former name, former address and former fiscal year, if changed since last report).

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.01 par value

 

CCEL

 

OTCQB

 

Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes        No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.    Yes      No      Not Applicable   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” “small reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

State the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date. As of July 12, 2021, 14,533,040 shares of $0.01 par value common stock were issued and 8,445,015 were outstanding.

 

 

 


 

CRYO-CELL INTERNATIONAL, INC. AND SUBSIDIARIES

 

TABLE OF CONTENTS

 

 

PAGE

PART I - FINANCIAL INFORMATION (UNAUDITED)

 

 

 

Item 1. Financial Statements

 

 

 

Consolidated Balance Sheets

3

 

 

Consolidated Statements of Income

4

 

 

Consolidated Statements of Cash Flows

5

 

 

Consolidated Statements of Stockholders’ Equity (Deficit)

6

 

 

Notes to Consolidated Financial Statements

7

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

33

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

41

 

 

Item 4. Controls and Procedures

41

 

 

PART II - OTHER INFORMATION

43

 

 

Item 1. Legal Proceedings

43

 

 

Item 1A.  Risk Factors

43

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

Item 3. Defaults Upon Senior Securities

43

 

 

Item 4. Mine Safety Disclosures

43

 

 

Item 5. Other Information

43

 

 

Item 6. Exhibits

44

 

 

SIGNATURES

45

 

 

 

2


 

CRYO-CELL INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

 

 

 

 

 

 

May 31,

 

 

November 30,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,948,069

 

 

$

10,361,125

 

Marketable securities

 

 

73,388

 

 

 

88,476

 

Accounts receivable (net of allowance for doubtful accounts of $2,794,455 and $2,781,668, respectively)

 

 

5,215,556

 

 

 

6,322,960

 

Prepaid expenses

 

 

349,936

 

 

 

611,627

 

Inventory, current portion

 

 

890,388

 

 

 

927,318

 

Other current assets

 

 

305,995

 

 

 

244,696

 

Total current assets

 

 

14,783,332

 

 

 

18,556,202

 

Property and Equipment-net

 

 

1,552,984

 

 

 

1,640,774

 

Other Assets

 

 

 

 

 

 

 

 

Investment - Tianhe stock

 

 

308,000

 

 

 

308,000

 

Patent option agreement

 

 

 

 

 

350,000

 

Duke license agreement

 

 

15,132,189

 

 

 

 

Intangible assets, net

 

 

1,596,849

 

 

 

1,181,588

 

Inventory, net of current portion

 

 

10,992,550

 

 

 

11,064,034

 

Goodwill

 

 

1,941,411

 

 

 

1,941,411

 

Deferred tax assets

 

 

10,363,967

 

 

 

10,363,967

 

Operating lease right-of-use asset

 

 

1,067,664

 

 

 

299,089

 

Deposits and other assets, net

 

 

579,466

 

 

 

495,029

 

Total other assets

 

 

41,982,096

 

 

 

26,003,118

 

Total assets

 

$

58,318,412

 

 

$

46,200,094

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,236,190

 

 

$

957,390

 

Accrued expenses

 

 

1,491,135

 

 

 

2,898,211

 

Current portion of note payable

 

 

3,100,000

 

 

 

3,100,000

 

Current portion of operating lease liability

 

 

301,613

 

 

 

275,570

 

Current portion of Duke license agreement liability

 

 

4,889,830

 

 

 

 

Deferred revenue

 

 

9,101,008

 

 

 

9,183,450

 

Total current liabilities

 

 

20,119,776

 

 

 

16,414,621

 

Other Liabilities

 

 

 

 

 

 

 

 

Deferred revenue, net of current portion

 

 

29,126,311

 

 

 

27,200,910

 

Contingent consideration

 

 

1,230,647

 

 

 

1,509,852

 

Note payable, net of current portion and debt issuance costs

 

 

326,286

 

 

 

2,841,214

 

Operating lease long-term liability

 

 

769,021

 

 

 

23,632

 

Duke license agreement liability

 

 

1,868,253

 

 

 

 

Long-term liability - revenue sharing agreements

 

 

875,000

 

 

 

875,000

 

Total other liabilities

 

 

34,195,518

 

 

 

32,450,608

 

Total liabilities

 

 

54,315,294

 

 

 

48,865,229

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders' Equity (Deficit)

 

 

 

 

 

 

 

 

Preferred stock ($.01 par value, 500,000 authorized and none issued and outstanding)

 

 

 

 

 

 

Series A Junior participating preferred stock ($.01 par value, 20,000 authorized and none issued and outstanding)

 

 

 

 

 

 

Common stock ($.01 par value, 20,000,000 authorized; 14,533,040 issued and 8,445,015 outstanding as of May 31, 2021 and 13,633,638 issued and 7,545,613 outstanding as of November 30, 2020)

 

 

145,330

 

 

 

136,336

 

Additional paid-in capital

 

 

41,376,640

 

 

 

36,581,600

 

Treasury stock, at cost

 

 

(20,563,357

)

 

 

(20,563,357

)

Accumulated equity

 

 

(16,955,495

)

 

 

(18,819,714

)

Total stockholders' equity (deficit)

 

 

4,003,118

 

 

 

(2,665,135

)

Total liabilities and stockholders' equity (deficit)

 

$

58,318,412

 

 

$

46,200,094

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


CRYO-CELL INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

May 31,

 

 

May 31,

 

 

May 31,

 

 

May 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Processing and storage fees

 

$

7,158,886

 

 

$

7,399,074

 

 

$

13,897,517

 

 

$

14,805,362

 

Public banking revenue

 

 

46,309

 

 

 

213,642

 

 

 

130,295

 

 

 

367,721

 

Licensee and royalty income

 

 

 

 

 

201,828

 

 

 

 

 

 

201,828

 

Product revenue

 

 

 

 

 

57,300

 

 

 

38,000

 

 

 

117,707

 

Total revenue

 

 

7,205,195

 

 

 

7,871,844

 

 

 

14,065,812

 

 

 

15,492,618

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

2,222,671

 

 

 

2,480,543

 

 

 

4,234,868

 

 

 

4,983,687

 

Selling, general and administrative expenses

 

 

3,148,396

 

 

 

3,558,568

 

 

 

6,581,708

 

 

 

7,428,597

 

Change in fair value of contingent consideration

 

 

(431,599

)

 

 

27,423

 

 

 

(279,205

)

 

 

(23,989

)

Research, development and related engineering

 

 

3,237

 

 

 

9,821

 

 

 

9,427

 

 

 

15,543

 

Depreciation and amortization

 

 

267,422

 

 

 

43,303

 

 

 

288,685

 

 

 

87,524

 

Total costs and expenses

 

 

5,210,127

 

 

 

6,119,658

 

 

 

10,835,483

 

 

 

12,491,362

 

Operating Income

 

 

1,995,068

 

 

 

1,752,186

 

 

 

3,230,329

 

 

 

3,001,256

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Losses) gains on marketable securities

 

 

(12,512

)

 

 

(53,572

)

 

 

(15,088

)

 

 

1,376

 

Other income

 

 

25

 

 

 

105

 

 

 

50

 

 

 

732

 

Interest expense

 

 

(341,390

)

 

 

(365,371

)

 

 

(621,609

)

 

 

(730,670

)

Total other expense

 

 

(353,877

)

 

 

(418,838

)

 

 

(636,647

)

 

 

(728,562

)

Income before income tax expense

 

 

1,641,191

 

 

 

1,333,348

 

 

 

2,593,682

 

 

 

2,272,694

 

Income tax expense

 

 

(470,562

)

 

 

(380,010

)

 

 

(729,463

)

 

 

(632,390

)

Net Income

 

$

1,170,629

 

 

$

953,338

 

 

$

1,864,219

 

 

$

1,640,304

 

Net income per common share - basic

 

$

0.15

 

 

$

0.13

 

 

$

0.24

 

 

$

0.22

 

Weighted average common shares outstanding - basic

 

 

7,956,301

 

 

 

7,545,613

 

 

 

7,765,724

 

 

 

7,543,376

 

Net income per common share - diluted

 

$

0.14

 

 

$

0.12

 

 

$

0.23

 

 

$

0.20

 

Weighted average common shares outstanding - diluted

 

 

8,279,277

 

 

 

8,112,289

 

 

 

8,066,016

 

 

 

8,120,454

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


CRYO-CELL INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Six Months Ended

 

 

 

May 31,

 

 

May 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

1,864,219

 

 

$

1,640,304

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

391,218

 

 

 

190,872

 

Loss on disposal of property and equipment

 

 

 

 

 

1,032

 

Change in fair value of contingent consideration

 

 

(279,205

)

 

 

(23,989

)

Losses (gains) on marketable securities

 

 

15,088

 

 

 

(1,376

)

Compensatory element of stock options

 

 

152,572

 

 

 

288,752

 

Provision for doubtful accounts

 

 

105,279

 

 

 

401,679

 

Amortization of debt issuance costs

 

 

35,072

 

 

 

46,818

 

Amortization of operating lease right-of-use asset

 

 

136,116

 

 

 

131,351

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,002,125

 

 

 

(278,805

)

Prepaid expenses

 

 

261,691

 

 

 

(184,615

)

Inventory

 

 

108,414

 

 

 

293,762

 

Other current assets

 

 

(61,299

)

 

 

18,519

 

Deposits and other assets, net

 

 

(113,564

)

 

 

(35,340

)

Accounts payable

 

 

278,800

 

 

 

(417,259

)

Accrued expenses

 

 

(1,407,076

)

 

 

(146,354

)

Operating lease liability

 

 

(133,259

)

 

 

(131,185

)

Deferred revenue

 

 

1,842,959

 

 

 

1,643,589

 

Net cash provided by operating activities

 

 

4,199,150

 

 

 

3,437,755

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(22,272

)

 

 

(50,228

)

Payment of Duke License Agreement

 

 

(5,106,224

)

 

 

 

Net cash used in investing activities

 

 

(5,128,496

)

 

 

(50,228

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repayments of note payable

 

 

(2,550,000

)

 

 

(1,549,999

)

Proceeds from the exercise of stock options

 

 

1,066,290

 

 

 

41,000

 

Net cash used in financing activities

 

 

(1,483,710

)

 

 

(1,508,999

)

Change in cash and cash equivalents

 

 

(2,413,056

)

 

 

1,878,528

 

Cash and cash equivalents - beginning of period

 

 

10,361,125

 

 

 

6,541,037

 

Cash and cash equivalents - end of period

 

$

7,948,069

 

 

$

8,419,565

 

Supplemental non-cash operating activities:

 

 

 

 

 

 

 

 

Operating lease liability and right-of-use asset due to adoption of ASC 842

 

$

 

 

$

562,775

 

Lease liability arising from right-of-use asset

 

$

904,691

 

 

$

 

Patent option agreement credit to purchase of patents and licenses

 

$

500,000

 

 

$

 

Liabilities incurred for the purchase of patents and licenses

 

$

11,258,083

 

 

$

 

Supplemental financing activities:

 

 

 

 

 

 

 

 

Stock issued for the purchase of patents and licenses

 

$

3,585,172

 

 

$

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


CRYO-CELL INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

(Unaudited)

 

 

 

For the Three Months Ended May 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

 

Deficit

 

 

Equity

 

Balance at February 28, 2021

 

 

13,658,938

 

 

$

136,589

 

 

$

36,857,787

 

 

$

(20,563,357

)

 

 

$

(18,126,124

)

 

$

(1,695,105

)

Common stock issued

 

 

874,102

 

 

 

8,741

 

 

 

4,451,099

 

 

 

 

 

 

 

 

 

 

 

 

4,459,840

 

Compensatory element of stock options

 

 

 

 

 

 

 

 

 

 

67,754

 

 

 

 

 

 

 

 

 

 

 

 

67,754

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,170,629

 

 

 

1,170,629

 

Balance at May 31, 2021

 

 

14,533,040

 

 

$

145,330

 

 

$

41,376,640

 

 

$

(20,563,357

)

 

 

$

(16,955,495

)

 

$

4,003,118

 

 

 

 

For the Six Months Ended May 31, 2021

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

 

Deficit

 

 

Equity

 

Balance at November 30, 2020

 

 

13,633,638

 

 

$

136,336

 

 

$

36,581,600

 

 

$

(20,563,357

)

 

 

$

(18,819,714

)

 

$

(2,665,135

)

Common stock issued

 

 

899,402

 

 

 

8,994

 

 

 

4,642,468

 

 

 

 

 

 

 

 

 

 

 

 

4,651,462

 

Compensatory element of stock options

 

 

 

 

 

 

 

 

 

 

152,572

 

 

 

 

 

 

 

 

 

 

 

 

152,572

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,864,219

 

 

 

1,864,219

 

Balance at May 31, 2021

 

 

14,533,040

 

 

$

145,330

 

 

$

41,376,640

 

 

$

(20,563,357

)

 

 

$

(16,955,495

)

 

$

4,003,118

 

 

 

 

For the Three Months Ended May 31, 2020

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Treasury

 

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

 

Deficit

 

 

Deficit

 

Balance at February 29, 2020

 

 

13,633,638

 

 

$

136,336

 

 

$

36,183,738

 

 

$

(20,563,357

)

 

 

$

(21,757,344

)

 

$

(6,000,627

)

Compensatory element of stock options

 

 

 

 

 

 

 

 

 

 

64,494

 

 

 

 

 

 

 

 

 

 

 

 

64,494

 

Net income