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Replies to post #70610 on Intellicell Biosciences Inc (fka SVFC)
06/13/14 8:29 PM
We are provided office facilities and related services by a company owned by Steven Victor, our chief executive officer, for which we paid between $10,000 to $15,000 per month. We have recorded rent and utilities expenses of $467,803 representing our portion for the year ended December 31, 2012. We have paid or accrued such rent expense since inception. On June 1, 2011, a company owned by Steven Victor, our chief executive officer, entered into a 13 year lease for new office space located at 460 Park Avenue, for which we unconditionally guaranteed any and all obligations owed under the lease to the landlord. In connection with the execution of the lease, we established a restricted cash account in the amount of approximately $650,000 to secure a line of credit to be used as a security deposit under the lease. We estimate we will pay approximtely 60% of the approximately monthly lease of $53,000 and utilities per month to sublease office space from the company owned by Dr. Victor. As of the date of the this filing herein, the Company has not finalized the sublease agreement.
SIGNATURES
Pursuant to the requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INTELLICELL BIOSCIENCES, INC.
Date: September 16, 2013
By: /s/ Steven A. Victor
Name: Steven A. Victor
Title: Chief Executive Officer (Principal Executive Officer and Principal Financial Officer), and Director
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/ Steven A. Victor
Chief Executive Officer, and Director (Principal Executive Officer,
September 16, 2013
Steven A. Victor
Principal Financial and Accounting Officer)
Net cash used in operating activities was $1,064,556 and $1,039,625 for the year ended December 31, 2012 and 2011, respectively. Cash was used primarily to fund our operating losses exclusive of non-cash expenditures such as stock compensation for services and changes in the fair value of our derivative liabilities. For the year ended December 31, 2012 and 2011, operating activities were impacted by increases in our accounts payable of $1,775,489 and $300,525, increases in deferred income related to our license agreements of $720,000 and $502,500 and an increase in accrued liabilities, related party, of $378,715 and $354,207 primarily related to salaries and research fees payable to our chief executive officer and spouse, respectively. We have also paid approximately $2.1 million towards the construction and infrastructure costs for the office space where our laboratory and corporate office are located on Park Avenue in New York, NY, which space is leased by our chief executive officer.
4.
Property and Equipment
The Company’s property and equipment at September 30, 2013 and December 31, 2012 consists of the following:
9/30/2013 12/31/2012
Lab equipment $206,089 $ 203,204
Leasehold Improvements 2,226,181 1,954,181
Furniture & Fixtures 463,769 459,498
1) Holders of some of our promissory notes which are now in default could, if they were to successfully enforce those notes in a law suit, levy on our assets and have them sold to satisfy our obligations on the notes.
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC. However, our bridge notes and our convertible promissory notes held by some of our promissory note holders are in default, and we are not in a position to repay them. We intend to use the proceeds of a future offering to pay off such notes. Holders of those notes could if they choose to sue on those notes, and if they were successful in their lawsuits they could levy on our assets and have those assets sold to satisfy the amounts we owe them.
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC.
Steven Victor Convertible Promissory Note
On October 1, 2013, the Company issued a $1,000,000 convertible promissory note to Steven Victor to memorialize $585,794 of accrued salary and $414,206 of personal loans due to Steven Victor. The convertible promissory note is payable on demand and bears an annual 12% simple interest rate. The convertible promissory note is convertible into shares of the Company’s common stock, par value, $0.001 per share (the “Common Stock”) at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by two.
On October 11, 2013, the Company was advised that the convertible promissory note was assigned to Redwood Management, LLC.
Anna Rhodes Convertible Promissory Note
On October 1, 2013, the Company issued a $389,711 convertible promissory note to Anna Rhodes to memorialize $229,464 of accrued salary and $160,247 of personal loans due to Anna Rhodes. The convertible promissory note is payable on demand and bears an annual 12% simple interest rate. The convertible promissory note is convertible into shares of the Company’s common stock, par value, $0.001 per share (the “Common Stock”) at a price equal to the average five trading day closing bid price during the five days immediately prior to the conversion date multiplied by two.
On October 11, 2013, the Company was advised that the convertible promissory note was assigned to Redwood Management, LLC.
1) Holders of some of our promissory notes which are now in default could, if they were to successfully enforce those notes in a law suit, levy on our assets and have them sold to satisfy our obligations on the notes.
2) Part of our debt held by promissory note holders has been assumed by Redwood Management, LLC. However, our bridge notes and our convertible promissory notes held by some of our promissory note holders are in default, and we are not in a position to repay them. We intend to use the proceeds of a future offering to pay off such notes. Holders of those notes could if they choose to sue on those notes, and if they were successful in their lawsuits they could levy on our assets and have those assets sold to satisfy the amounts we owe them.
06/13/14 8:49 PM
PART I
We urge you to read this entire Annual Report on Form 10-K, including the “Risk Factors” section and the financial statements and related notes included herein. As used in this Annual Report, unless context otherwise requires, the words “we,” “us”, “our,” “the Company,” “Intellicell” and “Registrant” refer to Intellicell Biosciences, Inc., including subsidiaries and predecessors, except where it is clear that the term refers to Intellicell Biosciences, Inc. Also, any reference to “common shares,” or “common stock,” refers to our common stock, par value $0.0001 per share.
We are provided office facilities and related services by a company owned by Steven Victor, our chief executive officer, for which we paid between $10,000 to $15,000 per month. We have recorded rent and utilities expenses of $467,803 representing our portion for the year ended December 31, 2012. We have paid or accrued such rent expense since inception. On June 1, 2011, a company owned by Steven Victor, our chief executive officer, entered into a 13 year lease for new office space located at 460 Park Avenue, for which we unconditionally guaranteed any and all obligations owed under the lease to the landlord. In connection with the execution of the lease, we established a restricted cash account in the amount of approximately $650,000 to secure a line of credit to be used as a security deposit under the lease. We estimate we will pay approximtely 60% of the approximately monthly lease of $53,000 and utilities per month to sublease office space from the company owned by Dr. Victor. As of the date of the this filing herein, the Company has not finalized the sublease agreement.
We have also paid approximately $2.1 million towards the construction and infrastructure costs for the office space where our laboratory and corporate office are located on Park Avenue in New York, NY, which space is leased by our chief executive officer.
