XOTC:ACTC Quarterly Report 10-Q Filing - 6/30/2012

Effective Date 6/30/2012

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 10-Q 

 

   
x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
FOR THE QUARTERLY PERIOD ENDED June 30, 2012
     
    OR
     
o   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: 0-50295  

 

ADVANCED CELL TECHNOLOGY, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

DELAWARE   87-0656515
(STATE OR OTHER JURISDICTION OF   (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)    

 

33 LOCKE DRIVE, MARLBOROUGH, MASSACHUSETTS 01752

(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)

 

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (508) 756-1212

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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   x   No   o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x No o

 

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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o Accelerated filer  x Non-accelerated filer o Smaller reporting company  o
   

(Do not check if a smaller

reporting company)

 

 

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

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class:   Outstanding at August 1, 2012:
Common Stock, $0.001 par value per share   2,112,215,484 shares

 

 

 
 

 

ADVANCED CELL TECHNOLOGY, INC. AND SUBSIDIARY

 

INDEX

 

PART I. FINANCIAL INFORMATION    
ITEM 1. FINANCIAL STATEMENTS   3  
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   28  
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   34  
ITEM 4. CONTROLS AND PROCEDURES   35  
       
PART II. OTHER INFORMATION      
ITEM 1. LEGAL PROCEEDINGS   36  
ITEM 1A. RISK FACTORS   36  
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   36  
ITEM 3. DEFAULTS UPON SENIOR SECURITIES   37  
ITEM 4. MINE SAFETY DISCLOSURES   37  
ITEM 5. OTHER INFORMATION   37  
ITEM 6. EXHIBITS   37  
       
SIGNATURE   38  

 

 

2
 

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

ADVANCED CELL TECHNOLOGY, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2012 AND DECEMBER 31, 2011

 

  

  June 30,   December 31, 
  2012   2011 
  (unaudited)     
ASSETS          
CURRENT ASSETS:          
 Cash and cash equivalents  $9,862,536   $13,103,007 
 Deferred royalty fees, current portion   62,435    62,435 
 Prepaid expenses   122,712    241,248 
 Total current assets   10,047,683    13,406,690 
           
Property and equipment, net   153,600    154,771 
Deferred royalty fees, less current portion   201,434    232,652 
Deposits   14,766    14,766 
Deferred costs, net of amortization of $5,756,342 and $4,854,556, respectively   974,661    1,376,447 
           
 TOTAL ASSETS  $11,392,144   $15,185,326 
           
 LIABILITIES AND STOCKHOLDERS' DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable  $1,839,515   $2,128,562 
Accrued expenses   1,825,684    2,538,545 
Accrued settlement       34,155,552 
Convertible promissory notes, net of discounts of $94,887 and $0, respectively   192,898     
Embedded conversion option liabilities, current portion   186,484     
Loss contingency accrual   15,347,341    16,704,169 
Deferred revenue, current portion   338,617    222,739 
Total current liabilities   19,730,539    

XOTC:ACTC Quarterly Report 10-Q Filling

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XOTC:ACTC Quarterly Report 10-Q Filing - 6/30/2012
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