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, 2014

OR

¨

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: 001-35905

 

BIOAMBER INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

98-0601045

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

Jean-François Huc

President and Chief Executive Officer

BioAmber Inc.

1250 Rene Levesque West, Suite 4110

Montreal, Quebec, Canada H3B 4W8

Telephone: (514) 844-8000

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

 

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  ¨

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 (§ 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  x    No  ¨

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

 

Large accelerated filer

 

¨

  

Accelerated filer

 

¨

 

 

 

 

Non-accelerated filer

 

x  (Do not check if a smaller reporting company)

  

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  ¨    No   x

As of August 7, 2014, there were 21,806,299 shares of the registrant’s Common Stock, $0.01 par value per share, outstanding.

 

 

 

 

 


BIOAMBER INC.

Form 10-Q

For the Quarter Ended June 30, 2014

Table of Contents

 

 

 

 

  

Page

 

Part I—Financial Information

 

Item 1.

 

 

Condensed Financial Statements

  

3

 

 

 

Consolidated Statements of Operations (Unaudited)

  

3

 

 

Consolidated Statements of Comprehensive Loss (Unaudited)

  

4

 

 

Consolidated Balance Sheets (Unaudited)

  

5

 

 

Consolidated Statements of Shareholders’ Equity (Unaudited)

  

6

 

 

Consolidated Statements of Cash Flows (Unaudited)

  

8

 

 

Notes to Consolidated Financial Statements (Unaudited)

  

10

 

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

28

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

44

Item 4.

 

Controls and Procedures

  

45

 

Part II—Other Information

  

 

 

Item 1.

 

 

Legal Proceedings

  

45

Item 1A.

 

Risk Factors

  

46

Item 2.

 

Use of Proceeds

  

47

Item 6.

 

Exhibits

  

47

 

Signatures

  

49

 

 

 

2


PART I—FINANCIAL INFORMATION

 

Item 1.

Financial Statements

BIOAMBER INC.

(a development stage company)

Consolidated Statements of Operations

for the three and six months ended June 30, 2014 and 2013

and the period from October 15, 2008 (inception) to June 30, 2014

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 15,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008 (inception) to

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

June 30, 2014

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Licensing revenue from related parties (Note 17)

 

 

 

 

 

 

 

 

 

 

 

 

 

1,300,580

 

Product sales

 

414,600

 

 

 

1,028,389

 

 

 

765,261

 

 

 

1,359,111

 

 

 

6,282,117

 

Total revenues

 

414,600

 

 

 

1,028,389

 

 

 

765,261

 

 

 

1,359,111

 

 

 

7,582,697

 

Cost of goods sold excluding depreciation and amortization (Note 17)

 

2,251,101

 

 

 

1,411,225

 

 

 

2,530,961

 

 

 

1,609,741

 

 

 

7,802,864

 

Gross loss

 

(1,836,501

)

 

 

(382,836

)

 

 

(1,765,700

)

 

 

(250,630

)

 

 

(220,167

)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

2,865,175

 

 

 

2,292,082

 

 

 

5,784,238

 

 

 

4,630,395

 

 

 

37,767,634

 

Research and development, net

 

4,258,554

 

 

 

4,220,580

 

 

 

7,572,803

 

 

 

10,319,720

 

 

 

67,989,134

 

Sales and marketing

 

1,737,458

 

 

 

1,652,302

 

 

 

2,848,860

 

 

 

2,747,732

 

 

 

14,404,904

 

Depreciation of property and equipment and

   amortization of intangible assets

 

59,909

 

 

 

538,987

 

 

 

119,583

 

 

 

1,072,165

 

 

 

4,931,698

 

Impairment loss and write-off of property and

   equipment and of intangible assets

 

 

 

 

8,619,405

 

 

 

 

 

 

8,619,405

 

 

 

9,960,743

 

Foreign exchange (gain) loss

 

(379,442

)

 

 

(28,450

)

 

 

(211,814

)

 

 

(116,687

)

 

 

347,385

 

Operating expenses

 

8,541,654

 

 

 

17,294,906

 

 

 

16,113,670

 

 

 

27,272,730

 

 

 

135,401,498

 

Operating loss

 

10,378,155

 

 

 

17,677,742

 

 

 

17,879,370

 

 

 

27,523,360

 

 

 

135,621,665.0

 

Amortization of deferred financing costs and debt

   discounts

 

71,909

 

 

 

117,120

 

 

 

144,709

 

 

 

186,433

 

 

 

670,681

 

Financial charges (income), net (Note 10)

 

3,870,799

 

 

 

(10,616,800

)

 

 

16,223,520

 

 

 

(10,616,800

)

 

 

14,433,346

 

Gain on debt extinguishment (Note 8)

 

 

 

 

 

 

 

 

 

 

(314,305

)

 

 

(314,305

)

Interest revenue from related parties (Note 17)

 

 

 

 

 

 

 

 

 

 

 

 

 

(161,771

)

Equity participation in (income) losses of equity method investments (Note 3)

 

(162

)

 

 

51

 

 

 

(108

)

 

 

15,390

 

 

 

7,062,969

 

Gain on re-measurement of BioAmber S.A.S.

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,215,594

)

Other expense (income), net

 

(185,000

)

 

 

 

 

 

(185,000

)

 

 

 

 

 

(185,000

)

Loss before income taxes

 

14,135,701

 

 

 

7,178,113

 

 

 

34,062,491

 

 

 

16,794,078

 

 

 

150,911,991

 

Income taxes (Note 14)

 

9,439

 

 

 

46,570

 

 

 

34,690

 

 

 

46,570

 

 

 

(599,451

)

Net loss

 

14,145,140

 

 

 

7,224,683

 

 

 

34,097,181

 

 

 

16,840,648

 

 

 

150,312,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BioAmber Inc. shareholders

 

13,992,561

 

 

 

7,056,877

 

 

 

33,903,606

 

 

 

16,557,133

 

 

 

148,947,554

 

Non-controlling interest

 

152,579

 

 

 

167,806

 

 

 

193,575

 

 

 

283,515

 

 

 

1,364,986

 

 

 

14,145,140

 

 

 

7,224,683

 

 

 

34,097,181

 

 

 

16,840,648

 

 

 

150,312,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to BioAmber Inc.

   shareholders - basic

$

0.75

 

 

$

0.47

 

 

$

1.83

 

 

$

1.31

 

 

 

 

 

Weighted-average of common shares

   outstanding - basic

 

18,574,690

 

 

 

15,035,037

 

 

 

18,567,213

 

 

 

12,658,484

 

 

 

 

 

 

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

 

3


BIOAMBER INC.

(a development stage company)

Consolidated Statements of Comprehensive Loss

For the three and six months ended June 30, 2014 and 2013

and the period from October 15, 2008 (inception) to June 30, 2014

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 15,

 

 

Three Months ended

 

 

Six Months ended

 

 

2008 (inception) to

 

 

June 30,

 

 

June 30,

 

 

June 30, 2014

 

 

 

2014

 

 

 

2013

 

 

 

2014

 

 

 

2013

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Net loss

 

14,145,140

 

 

 

7,224,683

 

 

 

34,097,181

 

 

 

16,840,648

 

 

 

150,312,540

 

Foreign currency translation adjustment

 

(1,378,656

)

 

 

507,239

 

 

 

(530,548

)

 

 

619,202

 

 

 

(198,180

)

Total comprehensive loss

 

12,766,484

 

 

 

7,731,922

 

 

 

33,566,633

 

 

 

17,459,850

 

 

 

150,114,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BioAmber Inc. shareholders

 

12,972,600

 

 

 

7,709,887

 

 

 

33,473,419

 

 

 

17,136,577

 

 

 

148,891,352

 

Non-controlling interest

 

(206,116

)

 

 

22,035

 

 

 

93,214

 

 

 

323,273

 

 

 

1,223,008

 

 

 

12,766,484

 

 

 

7,731,922

 

 

 

33,566,633

 

 

 

17,459,850

 

 

 

150,114,360

 

 

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

 

 

 

4


BIOAMBER INC.

(a development stage company)

Consolidated Balance Sheets

June 30, 2014 and December 31, 2013

(Unaudited)

 

 

As of

 

 

As of

 

 

June 30,

 

 

December 31,

 

 

2014

 

 

2013

 

 

$

 

 

$

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash (Note 8 iv))

 

54,303,616

 

 

 

83,728,199

 

Accounts receivable

 

627,508

 

 

 

754,987

 

Inventories (Note 4)

 

3,977,660

 

 

 

2,415,402

 

Prepaid expenses and deposits (Note 4)

 

3,645,369

 

 

 

5,131,367

 

Valued added tax, income taxes and other receivables

 

3,405,432

 

 

 

2,262,139

 

Deferred financing costs

 

92,500

 

 

 

671,270

 

Total current assets

 

66,052,085

 

 

 

94,963,364

 

Property and equipment, net (Note 5)

 

46,156,102

 

 

 

13,554,279

 

Investment in equity method investments (Note 3)

 

35,141

 

 

 

710,033

 

Intangible assets, net (Note 6)

 

4,227,511

 

 

 

4,158,550

 

Goodwill

 

688,313

 

 

 

692,788

 

Restricted Cash

 

702,900

 

 

 

 

Deferred financing costs

 

1,006,206

 

 

 

 

Total assets

 

118,868,258

 

 

 

114,079,014

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities (Note 7)

 

12,450,573

 

 

 

7,081,471

 

Income taxes payable (Note 14)

 

1,094,626

 

 

 

1,120,669

 

Accounts payable Agro-industries Recherches et Développements (“ARD”) (Note 17)

 

2,637,304

 

 

 

29,497

 

Deferred grants (Note 9)

 

3,051,372

 

 

 

3,061,140

 

Short-term portion of long-term debt (Note 8)

 

13,103,885

 

 

 

6,520,263

 

Total current liabilities

 

32,337,760

 

 

 

17,813,040

 

Long-term debt (Note 8)

 

19,591,955

 

 

 

23,209,629

 

Warrants financial liability (Note 13)

 

20,480,000

 

 

 

5,840,000

 

Other long-term liabilities

 

105,000

 

 

 

82,500

 

Total liabilities

 

72,514,715

 

 

 

46,945,169

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

Redeemable Non-controlling interest (Note 12)

 

10,153,411

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Share capital

 

 

 

 

 

 

 

Common stock:

 

 

 

 

 

 

 

$0.01 par value per share; 250,000,000 authorized, 18,586,299 and 18,558,369 issued and

   outstanding at June 30, 2014 and December 31, 2013, respectively

 

185,863

 

 

 

185,584

 

Additional paid-in capital

 

181,956,603

 

 

 

177,275,934

 

Warrants

 

2,949,018

 

 

 

2,964,335

 

Deficit accumulated during the development stage

 

(148,947,556

)

 

 

(115,043,950

)

Accumulated other comprehensive income (loss)

 

56,204

 

 

 

(373,983

)

Total BioAmber Inc. shareholders’ equity

 

36,200,132

 

 

 

65,007,920

 

Non-controlling interest (Note 12)

 

 

 

 

2,125,925

 

Total shareholders’ equity

 

36,200,132

 

 

 

67,133,845

 

Total liabilities and equity

 

118,868,258

 

 

 

114,079,014

 

 

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

 

 

 

5


BIOAMBER INC.

(a development stage company)

Consolidated Statements of Shareholders’ Equity

for the period from June 30, 2009 to June 30, 2014

(in U.S. dollars, except for shares data)

(Unaudited)

 

 

 

Common stock

 

 

Series A Participating Convertible Preferred shares

 

 

Additional paid-in capital

 

 

Warrants

 

 

Deficit accumulated during the development stage

 

 

Accumulated other comprehensive loss

 

 

Non-controlling interest

 

 

Total shareholders' equity

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

 

 

 

 

Shares

 

 

Par value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Balance, June 30, 2009

 

 

408,100

 

 

 

4,081

 

 

 

1,177,925

 

 

 

11,779

 

 

 

3,691,382

 

 

 

1,522,465

 

 

 

2,118,563

 

 

 

(1,850,906

)

 

 

(4,120

)

 

 

 

 

 

3,970,779

 

Issuance of common stock pursuant to

   the conversion of warrants ( Note 13)

 

 

696,500

 

 

 

6,965

 

 

 

 

 

 

 

 

 

3,992,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,999,900

 

Issuance of common stock pursuant

   Private placement proceeds, net of

   issuance cost of $589,854 (Note 13)

 

 

1,393,070

 

 

 

13,931

 

 

 

 

 

 

 

 

 

7,396,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,410,348

 

Issuance of warrants pursuant to

   private placement (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(244,373

)

 

 

66,185

 

 

 

244,373

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of preferred shares to

   shares of common stock pursuant to

   private placement (Note 13)

 

 

1,177,925

 

 

 

11,779

 

 

 

(1,177,925

)

 

 

(11,779

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants exercised

 

 

82,355

 

 

 

824

 

 

 

 

 

 

 

 

 

156,445

 

 

 

(82,355

)

 

 

(54,302

)

 

 

 

 

 

 

 

 

 

 

 

102,967

 

Warrants expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,769

 

 

 

(29,050

)

 

 

(11,769

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

7,000

 

 

 

70

 

 

 

 

 

 

 

 

 

7,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,504

 

Acquisition of Sinoven Biolymers Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

339,142

 

 

 

339,142

 

Stock-based compensation (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

470,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

470,325

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,992,216

)

 

 

 

 

 

(77,306

)

 

 

(8,069,522

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(646,824

)

 

 

 

 

 

(646,824

)

Balance, June 30, 2010

 

 

3,764,950

 

 

 

37,650

 

 

 

 

 

 

 

 

 

15,482,334

 

 

 

1,477,245

 

 

 

2,296,865

 

 

 

(9,843,122

)

 

 

(650,944

)

 

 

261,836

 

 

 

7,584,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2010

 

 

3,764,950

 

 

 

37,650

 

 

 

 

 

 

 

 

 

15,482,334

 

 

 

1,477,245

 

 

 

2,296,865

 

 

 

(9,843,122

)

 

 

(650,944

)

 

 

261,836

 

 

 

7,584,619

 

Expired warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,879

 

 

 

(7,350

)

 

 

(7,879

)

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock pursuant to

   the acquisition of Bioamber SAS

 

 

1,107,540

 

 

 

11,075

 

 

 

 

 

 

 

 

 

7,333,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,344,224

 

Stock-based compensation (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

635,284

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,010,861

)

 

 

 

 

 

(101,923

)

 

 

(2,112,784

)

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

403,302

 

 

 

 

 

 

403,302

 

Balance, December 31, 2010

 

 

4,872,490

 

 

 

48,725

 

 

 

 

 

 

 

 

 

23,458,646

 

 

 

1,469,895

 

 

 

2,288,986

 

 

 

(11,853,983

)

 

 

(247,642

)

 

 

159,913

 

 

 

13,854,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2010

 

 

4,872,490

 

 

 

48,725

 

 

 

 

 

 

 

 

 

23,458,646

 

 

 

1,469,895

 

 

 

2,288,986

 

 

 

(11,853,983

)

 

 

(247,642

)

 

 

159,913

 

 

 

13,854,645

 

Issuance of common stock pursuant to

   private placement, net of issuance

   costs of $231,374 (Note 13)

 

 

3,887,485

 

 

 

38,875

 

 

 

 

 

 

 

 

 

40,730,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,769,375

 

Issuance of common stock pursuant to

   private placement, net of issuance

   costs $31,230 (Note 13)

 

 

702,135

 

 

 

7,021

 

 

 

 

 

 

 

 

 

19,962,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,969,587

 

Issuance of common stock, pursuant to

   conversion of unsecured convertible

   notes, net of costs of $8,626 (Note 13)

 

 

379,155

 

 

 

3,792

 

 

 

 

 

 

 

 

 

3,986,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,990,267

 

Issuance of warrants pursuant of

   private placement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,745

 

 

 

810,448

 

 

 

 

 

 

 

 

 

 

 

 

810,448

 

6


 

 

Common stock

 

 

Series A Participating Convertible Preferred shares

 

 

Additional paid-in capital

 

 

Warrants

 

 

Deficit accumulated during the development stage

 

 

Accumulated other comprehensive loss

 

 

Non-controlling interest

 

 

Total shareholders' equity

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

 

 

 

 

Shares

 

 

Par value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Release of common stock to Sinoven

   owners

 

 

70,000

 

 

 

700

 

 

 

 

 

 

 

 

 

1,228,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,229,100

 

Warrants exercised

 

 

45,500

 

 

 

455

 

 

 

 

 

 

 

 

 

97,164

 

 

 

(45,500

)

 

 

(9,902

)

 

 

 

 

 

 

 

 

 

 

 

87,717

 

Warrants expired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,254

 

 

 

(59,850

)

 

 

(14,254

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

7,000

 

 

 

70

 

 

 

 

 

 

 

 

 

7,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,504

 

Stock-based compensation (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,905,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,905,478

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,621,159

)

 

 

 

 

 

(231,244

)

 

 

(30,852,403

)

Acquisition of non-controlling

   interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,984,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,950

 

 

 

2,988,500

 

Contribution by non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,912,628

 

 

 

2,912,628

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(257,615

)

 

 

 

 

 

(257,615

)

Balance, December 31, 2011

 

 

9,963,765

 

 

 

99,638

 

 

 

 

 

 

 

 

 

96,375,467

 

 

 

1,459,290

 

 

 

3,075,278

 

 

 

(42,475,142

)

 

 

(505,257

)

 

 

2,845,247

 

 

 

59,415,231