Ceres, Inc.

CIK:0000767884|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Revenues:
Product sales	$ 84	$ 201	$ 107	$ 300
Services	1,331	924	2,601	1,568
Total revenues	1,415	1,125	2,708	1,868
Cost and operating expenses:
Cost of revenues	538	860	2,271	3,436
Research and development	1,113	2,516	4,288	7,469
Selling, general and administrative	2,005	3,639	5,506	10,949
Total cost and operating expenses	3,656	7,015	12,065	21,854
Loss from operations	(2,241)	(5,890)	(9,357)	(19,986)
Interest expense	(2)	(20)	(5)	(32)
Interest income	1	8	2	37
Costs associated with public offering	0	0	(966)	0
Other income	737	0	4,351	0
Loss before income taxes	(1,505)	(5,902)	(5,975)	(19,981)
Income tax expense	0	0	(1)	(1)
Net loss	$ (1,505)	$ (5,902)	$ (5,976)	$ (19,982)
Basic and diluted net loss per share	$ (0.08)	$ (0.98)	$ (0.42)	$ (3.31)
Weighted average outstanding common shares:
Basic and diluted	19,843,437	6,063,326	14,238,649	6,032,347

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net loss	$ (5,976)	$ (19,982)
Adjustments to reconcile net loss to net cash used in operating activities:
Net gain on disposal of assets	(58)	(21)
Insurance proceeds	(159)	0
Depreciation and amortization	307	505
Net gain on sale of assets held for sale	(106)	0
Amortization of premiums on marketable securities	0	131
Non-cash interest income	0	(156)
Stock compensation	998	1,777
Change in fair value of common stock warrants	(4,192)	0
Changes in operating assets and liabilities:
Prepaid expenses	(154)	(69)
Accounts receivable	193	(346)
Inventories	0	69
Other assets	(166)	(358)
Accounts payables and accrued expenses	(2,023)	(683)
Other liabilities	(450)	426
Other	0	181
Net cash used in operating activities	(11,786)	(18,526)
Cash flows from investing activities:
Purchases of property and equipment	(85)	(333)
Proceeds from sale of property and equipment	59	25
Proceeds from sale of assets held for sale	598	0
Purchases of marketable securities	0	(720)
Maturities of marketable securities	0	21,500
Net cash provided by investing activities	572	20,472
Cash flows from financing activities:
Repayment of debt	0	(40)
Costs associated with public offering	966	0
Proceeds from issuance of common stock, preferred stock and common stock warrants	6,281	0
Net cash provided by (used in) financing activities	7,247	(40)
Effect of foreign currency translation on cash	24	100
Net (decrease) increase in cash and cash equivalents	(3,943)	2,006
Cash and cash equivalents at beginning of period	8,095	3,423
Cash and cash equivalents at end of period	$ 4,152	$ 5,429

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,152	$ 8,095
Prepaid expenses	638	477
Accounts receivable	384	577
Assets held for sale	0	474
Other current assets	231	143
Total current assets	5,405	9,766
Property and equipment, net	1,158	1,258
Other assets	180	98
Total assets	6,743	11,122
Current liabilities:
Accounts payable and accrued expenses	2,361	4,402
Billings in excess of costs on uncompleted contracts	366	802
Deferred rent	18	18
Total current liabilities	2,745	5,222
Deferred rent	43	56
Common stock warrant liabilities	2,712	1,631
Total liabilities	5,500	6,909
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 2,210 shares issued and outstanding at May 31, 2016; no shares issued and outstanding at August 31, 2015	0	0
Common stock, $0.01 par value; 240,000,000 shares authorized; 22,359,858 shares issued and outstanding at May 31, 2016; 8,830,700 shares issued and outstanding at August 31, 2015	224	88
Additional paid-in capital	338,262	335,424
Accumulated other comprehensive income	794	762
Accumulated deficit	(338,037)	(332,061)
Total stockholders’ equity	1,243	4,213
Total liabilities and stockholders’ equity	$ 6,743	$ 11,122