OTC Bulletin Board

S & P Company Insight for WAFERGEN BIO-SYSTEMS
 
 Profile

 
Business Summary: WaferGen Biosystems, Inc., a development stage company, engages in the development, manufacture, and sale of systems for gene expression, genotyping, and stem cell research for the life sciences, pharmaceutical drug discovery, and biomarker discovery and diagnostic products industries.
 
Address
  Bayside Technology Center
  46531 Fremont Blvd.
  Fremont , CA 94538
  Phone: 510-651-4450
  Website: http://www.wafergen.com
Auditor
  George Stewart
  Reno
Transfer Agent
  Continental Stock Transfer & Trust Co.
Employees:  23
ShareHolders:  102
Founded:  2005
Domicile:  Nevada
 
  
 
 Background

 
WaferGen Biosystems, Inc., a development stage company, engages in the development, manufacture, and sale of systems for gene expression, genotyping, and stem cell research for the life sciences, pharmaceutical drug discovery, and biomarker discovery and diagnostic products industries. It offers SmartSlide Micro-Incubation system that provides a controlled environment and physiological conditions for imaging studies, allowing researchers to characterize, differentiate, and proliferate various cells, as well as provides growth conditions for stem and primary cells. The company also develops the SmartChip Real Time PCR System, which allows identification of the expressed genes. WaferGen offers its products for professionals performing genetic analysis and cell biology at pharmaceutical and biotech companies, academic and private research centers, and diagnostics companies involved in biomarker research. The company was founded in 2002 and is based in Fremont, California.
History:  INCORPORATED in Nevada Aug. 4, 2005, as Scuttlebutt Yachts, Inc.; name changed to La Burbuja Cafe, Inc. June 20, 2006, and to WaferGen Bio-systems, Inc. Jan. 31, 2007. On May 31, 2007, the company acquired WaferGen, Inc., a Delaware corporation (WaferGen), through merger of a wholly owned subsidiary of the company into WaferGen. In the merger, 8,214,523 Common shares were issued to holders of WaferGen's Common stock. In addition, the company transferred all of its pre-merger operating assets and liabilities to a wholly owned subsidiary, La Burbuja Leaseco, Inc.; and it transferred all of the outstanding capital stock of that subsidiary to a major stockholder in exchange for cancellation of 4,277,778 Common shares of the company held by such stockholder.
 
Subsidiaries:
WaferGen, Inc.
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Alnoor  ShivjiChairman, President & Chief Executive Officer
 Amjad  HudaTreasurer, Chief Financial Officer & Investor Relations Contact
 Mona  ChadhaChief Operating Officer
 Victor  JosephSecretary & Chief Technology Officer
 David H. GelfandChief Scientific Officer
 Sharat  SinghSR VP

Directors
 Raymond Dean Hautamaki
 Amjad  Huda
 Victor  Joseph
 Makoto  Kaneshiro
 Joel S. Kanter
 Alnoor  Shivji
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  200720072006
Revenues$228,973$294,268$50,495
Cost of sales79,116100,86614,750
Gross margin149,857193,40235,745
Operating expenses:
Sales and marketing848,8181,001,223152,405
Research and development2,429,2736,068,1281,624,237
General and administrative2,802,9384,786,974945,554
Total operating expenses6,081,02911,856,3252,722,196
Operating loss(5,931,172)(11,662,923)(2,686,451)
Other income and (expenses):
Interest income163,047163,047----------
Interest expense(189,539)(297,033)----------
Total other income and (expenses)(26,492)(133,986)----------
Net loss before provision for income taxes(5,957,664)(11,796,909)(2,686,451)
Provision for income taxes----------------------------------
Net loss(5,957,664)(11,796,909)(2,686,451)
Accretion on Series B Preferred Stock(51,998)(155,998)(104,000)
Net loss applicable to common stockholders $(6,009,662)$(11,952,907)$(2,790,451)
Net loss per share - basic and diluted $(0.40) $(0.81)
Shares used to compute net loss per share - basic and diluted $15,119,255 $3,448,260
Operating Income As Calculated
Depr. and Amort.
Fixed Charges Coverage:
Available for Fixed Charges
Gross Fixed Charges
Fixed Charges Times Earnings
Fixed Charges Coverages and Preferred Dividends Times Earnings
Capital Expenditures
Research & Development Expenditures
 
Balance Sheet
  2007
Assets
Current assets:
Cash and cash equivalents$5,189,858
Accounts receivables139,827
Inventories62,521
Prepaid expenses and other current assets87,487
Total current assets5,479,693
Property and equipment, net321,159
Other assets54,016
Total assets$5,854,868
Liabilities, Series B Preferred Stock, and Stockholders ' Equity (Deficit)
Current liabilities:
Accounts payable$560,641
Accrued rent19,340
Accrued payroll414,519
Accrued vacation156,234
Current portion of capital lease obligations32,443
Total current liabilities1,183,177
Capital lease obligations, net of current portion73,451
Commitment and contingencies-----------
Stockholders' equity (deficit):
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding-----------
Common Stock: $0.001 par value; 300,000,000 shares authorized; 23,217,846 shares issued and outstanding at December 31,
200723,218
Additional paid-in capital16,527,929
Accumulated deficit(11,952,907)
Total stockholders' equity (deficit)4,598,240
Total liabilities, Series B Preferred Stock, and stockholders' equity (deficit)$5,854,868
Net Working Capital
Equity per Share
Depr. and Amort. Reserve
Preferred Shares Issued
Common Shares Issued
Treasury Shares - Preferred
Treasury Shares - Common
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2008   1180,000
  2008   2180,000
  2008   3200,000
  2008   470,000
  2008   Full Year 620,000
  2007   160,000
  2007   310,000
  2007   4160,000
  2007   Full Year 230,000
  2006   110,000
  2006   330,000
  2006   410,000
  2006   Full Year 50,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1(1,890,000)
  2008   2(2,140,000)
  2008   3(2,070,000)
  2008   4(1,940,000)
  2008   Full Year (8,040,000)
  2007   3(1,690,000)
  2007   4(2,270,000)
  2007   Full Year (5,960,000)
  2006   Full Year (2,690,000)
  2005   Full Year (1,490,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2008   1(.08)
  2008   2(.09)
  2008   3(.08)
  2008   4(.08)
  2008   Full Year (.33)
  2007   1(.04)
  2007   2(.10)
  2007   3(.07)
  2007   4(.10)
  2007   Full Year (.40)
  2006   2(.04)
  2006   3(.03)
  2006   4(.11)
  2006   Full Year (.47)
  2005   Full Year (.06)
 
  
 
 Stock Data

 
 
Capitalization as of 09/30/2008:
 
 Authorized SharesOutstanding Shares
Preferred $0.001 par10,000,000None
Common $0.001 par300,000,00024,830,932
 
LONG TERM DEBT: $38,612.
 
Common $0.001 par
 
Stockholders:  03/25/2008, 102.
PRINCIPAL STOCKHOLDERS: March 31, 2008, Alnoor Shivji and a related trust owned or controlled 16.5% of the Common, YA Global Investments, LP 7.3%, CSK-VC Life Science Investment Fund LP 7.3% and The Shivji Family Trust dtd June 12, 2000 7.2%.
 
Transfer Agent:  Continental Stock Transfer & Trust Co.   New York , NY
 
OTC Bulletin Board( Primary): WGBS
 
ExchangeYearHighLow
OTC Bulletin Board20082.90000.5600
OTC Bulletin Board20072.60001.0600
 
DIVIDENDS: Common $0.001 par: No cash. Common split 3.8888889-for-1, Mar. 6, 2007.