INTERLEUKIN GENETICS INC

CIK:0001037649|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Genetic testing	$ 140,638	$ 262,469
Other	55,806	698,449
Total revenue	196,444	960,918
Cost of revenue	309,876	526,946
Gross (loss) profit	(113,432)	433,972
Operating expenses:
Research and development	424,591	480,057
Selling, general and administrative	1,769,773	1,311,185
Amortization of intangibles	4,780	8,362
Total operating expenses	2,199,144	1,799,604
Loss from operations	(2,312,576)	(1,365,632)
Other expense:
Interest expense	(108,373)	(113,750)
Interest expense non-cash	(108,761)	(38,354)
Total other expense	(217,134)	(152,104)
Loss before income taxes	(2,529,710)	(1,517,736)
Benefit from income taxes	0	0
Net loss	$ (2,529,710)	$ (1,517,736)
Basic and diluted net loss per common share	$ (0.01)	$ (0.01)
Weighted average common shares outstanding, basic and diluted	229,434,511	172,951,968

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,529,710)	$ (1,517,736)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation and amortization	62,755	62,346
Amortization of loan issuance costs and fair value of warrants	82,650	26,315
Stock-based compensation expense	355,941	214,270
Changes in operating assets and liabilities:
Accounts receivable, net	28,411	(178,372)
Receivable from related party	17,394	(21,118)
Inventory	5,653	33,878
Prepaid expenses and other current assets	(46,576)	108,892
Accounts payable	103,112	(42,637)
Accrued expenses	262,464	(145,239)
Deferred revenue	145,573	(363,242)
Deferred liability	25,028	14,459
Net cash used in operating activities	(1,487,305)	(1,808,184)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital additions	0	(8,963)
Net cash used in investing activities	0	(8,963)
CASH FLOW FROM FINANCING ACTIVITIES:
Payment of notes payable	(384,092)	0
Proceeds from employee stock purchase plan	4,920	3,311
Net cash (used in) provided by financing activities	(379,172)	3,311
Net decrease in cash	(1,866,477)	(1,813,836)
Cash, beginning of period	2,657,214	4,706,018
Cash, end of period	790,737	2,892,182
Cash paid for interest	$ 113,329	$ 113,750

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 790,737	$ 2,657,214
Accounts receivable from related party	57,141	74,535
Trade accounts receivable	2,943	31,354
Inventory	67,411	73,064
Prepaid expenses	481,559	434,983
Total current assets	1,399,791	3,271,150
Fixed assets, net	453,217	511,192
Intangible assets, net	20,650	25,429
Other assets	28,001	28,001
Total assets	1,901,659	3,835,772
Current liabilities:
Accounts payable	608,742	505,630
Accrued expenses	525,579	238,087
Deferred revenue	2,648,539	2,502,966
Short term debt	2,304,545	2,304,545
Total current liabilities	6,087,405	5,551,228
Long term Debt	828,653	1,130,094
Total Liabilities	6,916,058	6,681,322
Commitments and contingencies (Note 6)
Stockholders’ deficit:
Common stock, $0.001 par value — 450,000,000 shares authorized; 229,435,726 and 229,381,059 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	229,438	229,383
Additional paid-in capital	133,688,297	133,327,491
Accumulated deficit	(138,932,134)	(136,402,424)
Total stockholders’ deficit	(5,014,399)	(2,845,550)
Total liabilities and stockholders’ deficit	$ 1,901,659	$ 3,835,772