MannKind Corporation (Nasdaq: MNKD) today
reported financial results for the quarter ended September 30,
2023.
“We had another strong quarter of revenue growth with total
revenues exceeding $51 million,” said Michael Castagna, PharmD,
Chief Executive Officer of MannKind Corporation. "With the
continued success of Tyvaso DPI®, we believe we will continue to
have the ability to execute our commercial operating plan and fund
our pipeline development efforts."
Third Quarter 2023 Results
Revenue Highlights
|
|
|
Three MonthsEnded
September 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
|
|
|
(Dollars in thousands) |
|
|
Net revenue – Afrezza |
|
$ |
13,476 |
|
|
$ |
10,831 |
|
|
$ |
2,645 |
|
|
|
24 |
% |
| Net revenue – V-Go |
|
|
4,451 |
|
|
|
5,428 |
|
|
$ |
(977 |
) |
|
|
(18 |
%) |
| Revenue – collaborations and
services |
|
|
13,108 |
|
|
|
10,346 |
|
|
$ |
2,762 |
|
|
|
27 |
% |
| Royalties – collaborations |
|
|
20,218 |
|
|
|
6,220 |
|
|
$ |
13,998 |
|
|
|
225 |
% |
|
Total revenues |
|
$ |
51,253 |
|
|
$ |
32,825 |
|
|
$ |
18,428 |
|
|
|
56 |
% |
Afrezza® net revenue for the third quarter of 2023 increased
$2.6 million, or 24%, compared to the same period in 2022 as a
result of higher product demand and higher price. V-Go® net revenue
for the third quarter of 2023 decreased $1.0 million, or 18%,
compared to the same period in 2022 as a result of lower product
demand and an increase in rebates (as a percentage of gross sales).
The increase in collaborations and services revenue was primarily
attributable to an increase in the sale of semi-finished Tyvaso DPI
to UT. Royalties related to Tyvaso DPI for the third quarter of
2023 increased $14.0 million, or 225%, primarily as a result of an
increase in patient demand.
Commercial product gross margin in the third quarter of 2023 was
78% compared to 69% for the same period in 2022, primarily
attributable to an increase in Afrezza net revenue and a decrease
in cost of goods sold.
Cost of revenue – collaborations and services for the third
quarter of 2023 was $10.3 million compared to $12.4 million for the
same period in 2022, a decrease of $2.2 million, or 18%, due to an
increase in manufacturing activities resulting in more costs being
capitalized into inventory, and an increase in labor costs
associated with the expansion of our manufacturing capacity for
Tyvaso DPI, which were capitalized and subsequently reimbursed by
UT.
Research and development ("R&D") expenses for the third
quarter of 2023 were $10.0 million compared to $4.1 million for the
same period in 2022. The $5.9 million increase was primarily
attributed to development activities for MNKD-101 (inhaled
clofazimine), an Afrezza post-marketing clinical study (INHALE-3)
which commenced in the second quarter of 2023, increased headcount,
and increased costs associated with other pipeline products.Selling
expenses was $13.4 million in the third quarter of 2023 and
remained consistent with the same period in 2022 at $13.5
million.
General and administrative expenses for the third quarter of
2023 were $10.5 million compared to $9.1 million for the same
period in 2022. The $1.4 million increase was primarily
attributable to an increase in personnel costs, including
stock-based compensation and headcount.
Interest income was $1.6 million for the third quarter of 2023
compared to $0.7 million for the same period in 2022. The increase
was primarily due to higher yields on our marketable securities and
money market funds.
Interest expense on notes was $2.8 million and interest expense
on financing liability (related to the sale-leaseback of our
Danbury manufacturing facility) was $2.5 million for the third
quarter of 2023 and remained consistent with the same period in
2022.
Nine Months September 30, 2023
Revenue Highlights
|
|
|
Nine MonthsEnded
September 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
|
Net revenue — Afrezza |
|
$ |
39,427 |
|
|
$ |
31,306 |
|
|
$ |
8,121 |
|
|
|
26 |
% |
| Net revenue — V-Go |
|
|
14,407 |
|
|
|
7,501 |
|
|
$ |
6,906 |
|
|
|
92 |
% |
| Revenue — collaborations and
services |
|
|
35,705 |
|
|
|
18,380 |
|
|
$ |
17,325 |
|
|
|
94 |
% |
| Royalties — collaborations |
|
|
50,951 |
|
|
|
6,524 |
|
|
$ |
44,427 |
|
|
* |
|
|
Total revenues |
|
$ |
140,490 |
|
|
$ |
63,711 |
|
|
$ |
76,779 |
|
|
|
121 |
% |
________________________* Not meaningful
Afrezza net revenue for the nine months ended September 30, 2023
increased $8.1 million, or 26%, compared to the same period in 2022
primarily as a result of higher product demand and price. V-Go net
revenue for the nine months ended September 30, 2023 increased $6.9
million, compared to the same period in 2022. The increase was a
result of nine months of sales in 2023 compared to four months in
the prior year as V-Go was acquired in May 2022. Net revenue from
collaborations and services for the nine months ended September 30,
2023 increased $17.3 million as a result of manufacturing revenue
being deferred in the prior year period until we began commercial
manufacturing in May 2022. Royalties related to Tyvaso DPI,
launched in the late second quarter of 2022 by UT, reached $51.0
million in the nine months ended September 30, 2023 due to an
increase in patient demand.
Commercial product gross margin in the nine months ended
September 30, 2023 was 73% compared to 69% for the same period in
2022, primarily attributable to an increase in Afrezza sales and a
decrease in cost of goods sold.
Cost of revenue – collaborations and services for the nine
months ended September 30, 2023 was $30.0 million and remained
consistent with the same period in 2022 as manufacturing activities
shifted from preproduction efforts in the first five months of 2022
to full commercial production of Tyvaso DPI thereafter.
R&D expenses for the nine months ended September 30, 2023
were $22.0 million compared to $12.6 million for the same period in
2022. The $9.5 million increase was primarily attributed to
development activities for MNKD-101, an Afrezza post-marketing
clinical study (INHALE-3) which commenced in the second quarter of
2023, increased headcount, and increased costs associated with
other pipeline products.
Selling expenses for the nine months ended September 30, 2023
were $40.8 million compared to $42.1 million for the same period in
2022. The $1.4 million decrease was primarily due to the
termination of an Afrezza pilot promotional effort targeting
primary care physicians, which ended in the third quarter of 2022,
partially offset by increased headcount and promotional activities
after the acquisition of V-Go in the second quarter of 2022.
General and administrative expenses for the nine months ended
September 30, 2023 were $33.0 million compared to $27.2 million for
the same period in 2022. The $5.8 million increase was primarily
attributable to personnel costs, including stock-based compensation
and headcount.
Interest income was $4.4 million for the nine months ended
September 30, 2023 compared to $1.6 million for the same period in
2022. The increase was primarily due to higher yields on our
marketable securities and money market funds.
Interest expense on notes and milestone rights was $12.5 million
and interest expense on financing liability was $7.3 million for
the nine months ended September 30, 2023 and remained consistent
with the same period in 2022.
Gain on available-for-sale securities for the nine months ended
September 30, 2023 was $0.9 million as a result of the change in
the fair value of the investment that related to credit risk.
Cash, cash equivalents and investments as of September 30,
2023 were $144.3 million.
Non-GAAP Measures
To supplement our unaudited condensed consolidated financial
statements presented under U.S. generally accepted accounting
principles (GAAP), we are presenting non-GAAP income (loss) from
operations, non-GAAP net income (loss) and non-GAAP net income
(loss) per share, which are non-GAAP financial measures. We are
providing these non-GAAP financial measures to disclose additional
information to facilitate the comparison of past and present
operations, and they are among the indicators management uses as a
basis for evaluating our financial performance. We believe that
these non-GAAP financial measures, when considered together with
our GAAP financial results, provide management and investors with
an additional understanding of our business operating results,
including underlying trends.
These non-GAAP financial measures are not meant to be considered
in isolation or as a substitute for comparable GAAP measures;
should be read in conjunction with our unaudited condensed
consolidated financial statements prepared in accordance with GAAP;
have no standardized meaning prescribed by GAAP; and are not
prepared under any comprehensive set of accounting rules or
principles. In addition, from time to time in the future there may
be other items that we may exclude for purposes of our non-GAAP
financial measures; and we may in the future cease to exclude items
that we have historically excluded for purposes of our non-GAAP
financial measures. Likewise, we may determine to modify the nature
of its adjustments to arrive at our non-GAAP financial measures.
Because of the non-standardized definitions of non-GAAP financial
measures, the non-GAAP financial measures as used by us in this
report have limits in their usefulness to investors and may be
calculated differently from, and therefore may not be directly
comparable to, similarly titled measures used by other
companies.
The following tables reconcile our financial measure for income
(loss) from operations, net income (loss) and earnings (loss) per
share ("EPS") for basic and diluted weighted average shares as
reported in our condensed consolidated statement of operations to a
non-GAAP presentation as adjusted for the non-cash stock-based
compensation expense, non-cash gain on foreign currency transaction
and non-cash gain on available-for-sale securities for the periods
presented:
| |
Three Months |
|
|
Nine Months |
|
| |
Ended September 30, |
|
|
Ended September 30, |
|
| |
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
(In thousands except per share data) |
|
|
GAAP income (loss) from operations |
$ |
5,097 |
|
|
$ |
(9,610 |
) |
|
$ |
820 |
|
|
$ |
(51,320 |
) |
| Increase (decrease) for
excluded non-cash items: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
4,601 |
|
|
|
3,622 |
|
|
|
13,836 |
|
|
|
10,850 |
|
|
Gain on foreign currency transaction |
|
(2,065 |
) |
|
|
(1,799 |
) |
|
|
(860 |
) |
|
|
(8,285 |
) |
| Non-GAAP income (loss) from
operations |
$ |
7,633 |
|
|
$ |
(7,787 |
) |
|
$ |
13,796 |
|
|
$ |
(48,755 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income
(loss) |
$ |
1,721 |
|
|
$ |
(14,432 |
) |
|
$ |
(13,339 |
) |
|
$ |
(69,453 |
) |
| Increase (decrease) for
excluded non-cash items: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
4,601 |
|
|
|
3,622 |
|
|
|
13,836 |
|
|
|
10,850 |
|
|
Gain on foreign currency transaction |
|
(2,065 |
) |
|
|
(1,799 |
) |
|
|
(860 |
) |
|
|
(8,285 |
) |
|
Gain on available-for-sale securities |
|
— |
|
|
|
— |
|
|
|
(932 |
) |
|
|
— |
|
| Non-GAAP net income
(loss) |
$ |
4,257 |
|
|
$ |
(12,609 |
) |
|
$ |
(1,295 |
) |
|
$ |
(66,888 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income (loss)
per share - basic |
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
| Increase (decrease) for
excluded non-cash items: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
Gain on foreign currency transaction |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.03 |
) |
|
Gain on available-for-sale securities |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
| Non-GAAP net income (loss) per
share - basic |
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.26 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| GAAP net income (loss)
per share - diluted |
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
| Increase (decrease) for
excluded non-cash items: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.04 |
|
|
Gain on foreign currency transaction |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
(0.03 |
) |
|
Gain on available-for-sale securities |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
| Non-GAAP net income (loss) per
share - diluted |
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.26 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares -
basic |
|
268,732 |
|
|
|
259,300 |
|
|
|
266,126 |
|
|
|
254,974 |
|
| Weighted average shares -
diluted |
|
323,770 |
|
|
|
259,300 |
|
|
|
266,126 |
|
|
|
254,974 |
|
Conference Call
MannKind will host a conference call and presentation webcast to
discuss these results today at 5:00 p.m. Eastern Time. Those
interested in listening to the conference call live via the
Internet may do so by visiting the Company’s website at
mannkindcorp.com under Events & Presentations. A replay will be
available on MannKind's website for 14 days.
About MannKind
MannKind Corporation (Nasdaq: MNKD) focuses on the development
and commercialization of inhaled therapeutic products for patients
with endocrine and orphan lung diseases.
We are committed to using our formulation capabilities and
device engineering prowess to lessen the burden of diseases such as
diabetes, pulmonary arterial hypertension (PAH) and nontuberculous
mycobacterial (NTM) lung disease. Our signature technologies –
dry-powder formulations and inhalation devices – offer rapid and
convenient delivery of medicines to the deep lung where they can
exert an effect locally or enter the systemic circulation.
With a passionate team of Mannitarians collaborating nationwide,
we are on a mission to give people control of their health and the
freedom to live life.
Please visit mannkindcorp.com to learn more, and follow us on
LinkedIn, Facebook, Twitter or Instagram.
Forward-Looking Statements
Statements in this press release that are not statements of
historical fact are forward-looking statements that involve risks
and uncertainties. These statements include, without limitation,
statements regarding the continued success of Tyvaso DPI, the
execution of our commercial operating plan and the potential for
our revenue from the sales of Tyvaso DPI to fund our pipeline.
Words such as “believes”, “anticipates”, “plans”, “expects”,
“intend”, “will”, “goal”, “potential” and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon MannKind’s current
expectations. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include, without limitation, risks associated with manufacturing
and supply, risks associated with product commercialization, risks
associated with developing product candidates, risks associated
with MannKind’s ability to manage its existing cash resources or
raise additional cash resources, and other risks detailed in
MannKind’s filings with the Securities and Exchange Commission
(“SEC”), including under the “Risk Factors” heading of its Annual
Report on Form 10-K for the year ended December 31, 2022,
filed with the SEC on February 23, 2023, and under the “Risk
Factors” heading of its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2023, being filed with the SEC
later today. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and MannKind
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this press release.
Tyvaso DPI is a trademark of United Therapeutics
Corporation.
AFREZZA, MANNKIND, and V-GO are registered trademarks of
MannKind Corporation.
MannKind Contact:Rose Alinaya, Investor
Relations(818) 661-5000IR@mannkindcorp.com
|
MANNKIND CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthsEnded
September 30, |
|
|
Nine MonthsEnded
September 30, |
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
(In thousands except per share data) |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue – commercial product sales |
|
$ |
17,927 |
|
|
$ |
16,259 |
|
|
$ |
53,834 |
|
|
$ |
38,807 |
|
|
Revenue – collaborations and services |
|
|
13,108 |
|
|
|
10,346 |
|
|
|
35,705 |
|
|
|
18,380 |
|
|
Royalties – collaborations |
|
|
20,218 |
|
|
|
6,220 |
|
|
|
50,951 |
|
|
|
6,524 |
|
|
Total revenues |
|
|
51,253 |
|
|
|
32,825 |
|
|
|
140,490 |
|
|
|
63,711 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
3,995 |
|
|
|
5,021 |
|
|
|
14,749 |
|
|
|
11,922 |
|
|
Cost of revenue – collaborations and services |
|
|
10,259 |
|
|
|
12,439 |
|
|
|
29,955 |
|
|
|
29,451 |
|
|
Research and development |
|
|
9,989 |
|
|
|
4,136 |
|
|
|
22,047 |
|
|
|
12,565 |
|
|
Selling |
|
|
13,440 |
|
|
|
13,541 |
|
|
|
40,752 |
|
|
|
42,137 |
|
|
General and administrative |
|
|
10,538 |
|
|
|
9,097 |
|
|
|
33,027 |
|
|
|
27,241 |
|
|
Gain on foreign currency transaction |
|
|
(2,065 |
) |
|
|
(1,799 |
) |
|
|
(860 |
) |
|
|
(8,285 |
) |
|
Total expenses |
|
|
46,156 |
|
|
|
42,435 |
|
|
|
139,670 |
|
|
|
115,031 |
|
| Income (loss) from
operations |
|
|
5,097 |
|
|
|
(9,610 |
) |
|
|
820 |
|
|
|
(51,320 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
1,580 |
|
|
|
663 |
|
|
|
4,429 |
|
|
|
1,556 |
|
|
Interest expense on financing liability |
|
|
(2,459 |
) |
|
|
(2,466 |
) |
|
|
(7,332 |
) |
|
|
(7,280 |
) |
|
Interest expense |
|
|
(2,815 |
) |
|
|
(2,812 |
) |
|
|
(12,474 |
) |
|
|
(12,202 |
) |
|
Gain on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
932 |
|
|
|
— |
|
|
Other income (expense) |
|
|
318 |
|
|
|
(207 |
) |
|
|
286 |
|
|
|
(207 |
) |
|
Total other expense |
|
|
(3,376 |
) |
|
|
(4,822 |
) |
|
|
(14,159 |
) |
|
|
(18,133 |
) |
| Income (loss) before income tax
expense |
|
|
1,721 |
|
|
|
(14,432 |
) |
|
|
(13,339 |
) |
|
|
(69,453 |
) |
| Benefit from income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net income (loss) |
|
$ |
1,721 |
|
|
$ |
(14,432 |
) |
|
$ |
(13,339 |
) |
|
$ |
(69,453 |
) |
| Net income (loss) per share –
basic |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
| Weighted average shares used to
compute net income (loss)per share – basic |
|
|
268,732 |
|
|
|
259,300 |
|
|
|
266,126 |
|
|
|
254,974 |
|
| Net income (loss) per share –
diluted |
|
$ |
0.01 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.27 |
) |
| Weighted average shares used to
compute net income (loss)per share – diluted |
|
|
323,770 |
|
|
|
259,300 |
|
|
|
266,126 |
|
|
|
254,974 |
|
|
MANNKIND CORPORATION AND
SUBSIDIARYCONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
| |
|
|
|
|
|
|
(In thousands except shareand per share
data) |
|
|
ASSETS |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
83,016 |
|
|
$ |
69,767 |
|
|
Short-term investments |
|
|
58,000 |
|
|
|
101,079 |
|
|
Accounts receivable, net |
|
|
21,822 |
|
|
|
16,801 |
|
|
Inventory |
|
|
27,117 |
|
|
|
21,772 |
|
|
Prepaid expenses and other current assets |
|
|
35,620 |
|
|
|
25,477 |
|
|
Total current assets |
|
|
225,575 |
|
|
|
234,896 |
|
| Property and equipment, net |
|
|
80,411 |
|
|
|
45,126 |
|
| Goodwill |
|
|
1,931 |
|
|
|
2,428 |
|
| Other intangible asset |
|
|
1,093 |
|
|
|
1,153 |
|
| Long-term investments |
|
|
3,271 |
|
|
|
1,961 |
|
| Other assets |
|
|
8,047 |
|
|
|
9,718 |
|
|
Total assets |
|
$ |
320,328 |
|
|
$ |
295,282 |
|
| |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
16,754 |
|
|
$ |
11,052 |
|
|
Accrued expenses and other current liabilities |
|
|
32,098 |
|
|
|
35,553 |
|
|
Financing liability – current |
|
|
9,747 |
|
|
|
9,565 |
|
|
Midcap credit facility – current |
|
|
20,000 |
|
|
|
— |
|
|
Deferred revenue – current |
|
|
3,670 |
|
|
|
1,733 |
|
|
Recognized loss on purchase commitments – current |
|
|
14,105 |
|
|
|
9,393 |
|
|
Total current liabilities |
|
|
96,374 |
|
|
|
67,296 |
|
| Mann Group convertible note |
|
|
8,829 |
|
|
|
8,829 |
|
| Accrued interest – Mann Group
convertible note |
|
|
57 |
|
|
|
55 |
|
| Financing liability – long
term |
|
|
94,375 |
|
|
|
94,512 |
|
| Midcap credit facility – long
term |
|
|
17,921 |
|
|
|
39,264 |
|
| Senior convertible notes |
|
|
226,487 |
|
|
|
225,397 |
|
| Recognized loss on purchase
commitments – long term |
|
|
50,534 |
|
|
|
62,916 |
|
| Operating lease liability |
|
|
4,289 |
|
|
|
5,343 |
|
| Deferred revenue – long term |
|
|
69,469 |
|
|
|
37,684 |
|
| Milestone liabilities |
|
|
3,772 |
|
|
|
4,524 |
|
|
Total liabilities |
|
|
572,107 |
|
|
|
545,820 |
|
| Stockholders' deficit: |
|
|
|
|
|
|
| Undesignated preferred stock,
$0.01 par value – 10,000,000 sharesauthorized; no shares issued or
outstanding as of September 30, 2023and December 31, 2022 |
|
|
— |
|
|
|
— |
|
| Common stock, $0.01 par value –
800,000,000 and 400,000,000 sharesauthorized as of September 30,
2023 and December 31, 2022, respectively,and 269,543,539 and
263,793,305 shares issued and outstanding as ofSeptember 30, 2023
and December 31, 2022, respectively |
|
|
2,695 |
|
|
|
2,638 |
|
| Additional paid-in capital |
|
|
2,975,891 |
|
|
|
2,964,293 |
|
| Accumulated other comprehensive
income |
|
|
443 |
|
|
|
— |
|
| Accumulated deficit |
|
|
(3,230,808 |
) |
|
|
(3,217,469 |
) |
|
Total stockholders' deficit |
|
|
(251,779 |
) |
|
|
(250,538 |
) |
|
Total liabilities and stockholders' deficit |
|
$ |
320,328 |
|
|
$ |
295,282 |
|
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