SEC Filings

S-1/A
AVEXIS, INC. filed this Form S-1/A on 02/01/2016
Entire Document
 

Table of Contents


AveXis, Inc.

Notes to Consolidated Financial Statements (Continued)

6. Property and Equipment, Net

          Property and equipment, net, consists of the following:

 
  December 31,    
 
 
 
September 30,
2015
 
 
 
2013
 
2014
 
 
   
   
  (unaudited)
 

Office furniture and equipment

  $ 2,228   $ 31,512   $ 108,432  

Less: accumulated depreciation

    (112 )   (3,462 )   (9,282 )

Property and equipment, net

  $ 2,116   $ 28,050   $ 99,150  

          During the year ended December 31, 2013, the Company recognized a $134,125 impairment loss on fixed assets utilized in its Stem Cell Business as a result of a decision to exit that business (see Note 4). Such amount is included in loss from discontinued operations, net of tax, for the year ended December 31, 2013.

          Depreciation expense was $14,774 and $3,350 for the years ended December 31, 2013 and 2014, respectively, and $2,139 and $5,820 for the nine months ended September 30, 2014 and 2015, respectively (unaudited).

7. Accrued Expenses

          Accrued expenses consist of the following:

 
  December 31,    
 
 
 
September 30,
2015
 
 
 
2013
 
2014
 
 
   
   
  (unaudited)
 

Due to Related Party: BioLife Cell Bank Dallas, LLC (see Note 19)

  $ 710,375   $ 659,837   $  

Accrued professional fees

            649,081  

Accrued issuance costs for planned initial public offering

            322,914  

Accrued severance (see Note 14)

            288,462  

Accrued manufacturing costs

            74,225  

Accrued clinical trial costs (see Note 5)

    7,560     122,129     45,305  

Accrued payroll, bonus and deferred compensation

    65,568     12,327     356,786  

Accrued Interest payable (see Notes 4 and 8)

    20,260          

Accrued license maintenance fees (see Note 5)

        38,870     43,311  

Accrued patent reimbursement costs (see Note 5)

        20,791      

Other

    21,497     29,409     73,075  

Accrued expenses

  $ 825,260   $ 883,363   $ 1,853,159  

8. Accrued Indemnification Obligation

          In January 2014, the Company issued 2,334,391 shares of restricted common stock to a member of its Board of Directors pursuant to a consulting agreement for scientific advisory services to be performed by the director on behalf of the Company (see Note 12). In connection with the restricted stock purchase agreement, the Company agreed to indemnify this consultant for any taxes, interest, fines, penalties or other costs and expenses that the consultant may incur in the future should the Internal Revenue Service ("IRS") succeed in a tax determination that the stock

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