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Document And Entity Information
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6 Months Ended | |
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Oct. 31, 2011
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Dec. 09, 2011
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | PEREGRINE PHARMACEUTICALS INC | |
| Document Type | 10-Q | |
| Current Fiscal Year End Date | --04-30 | |
| Entity Common Stock, Shares Outstanding | 86,788,817 | |
| Amendment Flag | false | |
| Entity Central Index Key | 0000704562 | |
| Entity Current Reporting Status | Yes | |
| Entity Voluntary Filers | No | |
| Entity Filer Category | Accelerated Filer | |
| Entity Well-known Seasoned Issuer | No | |
| Document Period End Date | Oct. 31, 2011 | |
| Document Fiscal Year Focus | 2012 | |
| Document Fiscal Period Focus | Q2 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value of all classes of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares exclude common shares repurchased by the entity and held as treasury shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of prepayments received from customers for goods or services to be provided in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of receivables that are derived from government contracts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
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Oct. 31, 2011
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Apr. 30, 2011
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| Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 325,000,000 | 325,000,000 |
| Common stock, shares outstanding | 82,638,201 | 69,837,142 |
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 6 Months Ended | ||
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Oct. 31, 2011
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Oct. 31, 2010
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Oct. 31, 2011
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Oct. 31, 2010
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| REVENUES: | ||||
| Contract manufacturing revenue | $ 4,154,000 | $ 3,627,000 | $ 9,593,000 | $ 4,610,000 |
| Government contract revenue | 966,000 | 3,077,000 | ||
| License revenue | 78,000 | 78,000 | 294,000 | 193,000 |
| Total revenues | 4,232,000 | 4,671,000 | 9,887,000 | 7,880,000 |
| COSTS AND EXPENSES: | ||||
| Cost of contract manufacturing | 3,718,000 | 3,003,000 | 6,735,000 | 4,159,000 |
| Research and development | 9,818,000 | 7,344,000 | 17,578,000 | 14,411,000 |
| Selling, general and administrative | 2,732,000 | 2,702,000 | 5,661,000 | 5,200,000 |
| Total costs and expenses | 16,268,000 | 13,049,000 | 29,974,000 | 23,770,000 |
| LOSS FROM OPERATIONS | (12,036,000) | (8,378,000) | (20,087,000) | (15,890,000) |
| OTHER INCOME (EXPENSE): | ||||
| Interest and other income | 9,000 | 996,000 | 22,000 | 1,014,000 |
| Interest and other expense | (28,000) | (131,000) | (82,000) | (332,000) |
| NET LOSS | $ (12,055,000) | $ (7,513,000) | $ (20,147,000) | $ (15,208,000) |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
| Basic and Diluted (in Shares) | 77,523,005 | 56,761,412 | 74,089,786 | 55,559,493 |
| BASIC AND DILUTED LOSS PER COMMON SHARE (in Dollars per share) | $ (0.16) | $ (0.13) | $ (0.27) | $ (0.27) |
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- Definition
Revenue earned during the period arising from products sold or services provided under the terms of a contract, not elsewhere specified in the taxonomy. May include government contracts, construction contracts, and any other contract related to a particular project or product. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Costs incurred in production of other products during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Revenue not otherwise defined in the taxonomy from the sale of manufactured products. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in deferred government contract revenue. No definition available.
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- Definition
The increase (decrease) during the reporting period in government contract receivables. No definition available.
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- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Future cash outflow to pay for purchases of fixed assets that have occurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amount of prepayments by customers for goods or services to be provided at a later date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other current operating liabilities not separately disclosed in the statement of cash flows. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other noncurrent operating assets not separately disclosed in the statement of cash flows. No definition available.
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
Current year acquisitions of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt and payment of capital lease obligations. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount by which the statement of cash flows was affected by a transaction in which equity securities were issued to pay for goods or nonemployee services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense reported during the period resulting from the transaction in which equity securities were issued to pay for goods or nonemployee services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
|
6 Months Ended | |
|---|---|---|
|
Oct. 31, 2011
|
Oct. 31, 2010
|
|
| Issuance costs for common stock | $ 785,000 | $ 314,000 |
| X | ||||||||||
|
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
1. ORGANIZATION AND BUSINESS
|
6 Months Ended |
|---|---|
|
Oct. 31, 2011
|
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| Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] |
1. ORGANIZATION
AND BUSINESS
Peregrine
Pharmaceuticals, Inc. (“Peregrine” or
“Company”) is a clinical-stage biopharmaceutical
company developing first-in-class monoclonal antibodies for
the treatment of cancer and viral infections. The
Company is advancing two Phase II oncology programs with our
lead product candidates, bavituximab and Cotara, as well as
our Phase II hepatitis C virus (“HCV”) program
for bavituximab. Peregrine also has in-house
manufacturing capabilities through its wholly-owned
subsidiary Avid Bioservices, Inc. (“Avid”), a
Contract Manufacturing Organization (“CMO”) that
provides fully integrated services from cell line development
to commercial cGMP biomanufacturing for Peregrine and its
third party customers.
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|
- Definition
The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. No definition available.
|
|
2. BASIS OF PRESENTATION
|
6 Months Ended |
|---|---|
|
Oct. 31, 2011
|
|
| Basis of Presentation and Significant Accounting Policies [Text Block] |
2. BASIS
OF PRESENTATION
The
accompanying interim unaudited condensed consolidated
financial statements have been prepared in accordance with
United States generally accepted accounting principles
(“U.S. GAAP”) and with the rules and regulations
of the U.S. Securities and Exchange Commission
(“SEC”) related to quarterly reports on Form
10-Q. Accordingly, they do not include all of the
information and disclosures required by U.S. GAAP for a
complete set of financial statements. These
interim unaudited condensed consolidated financial statements
and notes thereto should be read in conjunction with the
audited consolidated financial statements and notes thereto
included in the Company’s Annual Report on Form 10-K
for the year ended April 30, 2011. The unaudited
financial information for the interim periods presented
herein reflects all adjustments which, in the opinion of
management, are necessary for a fair presentation of the
financial condition and results of operations for the periods
presented, with such adjustments consisting only of normal
recurring adjustments. Results of operations for
interim periods covered by this quarterly report on Form 10-Q
may not necessarily be indicative of results of operations
for the full fiscal year.
The
interim unaudited condensed consolidated financial statements
include the accounts of Peregrine Pharmaceuticals, Inc., and
its wholly-owned subsidiary, Avid Bioservices,
Inc. All intercompany accounts and transactions
have been eliminated in the interim unaudited condensed
consolidated financial statements.
The
preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions
that affect the reported amounts, as well as disclosures of
commitments and contingencies in the financial statements and
accompanying notes. Actual results could differ
from those estimates.
Reclassification
Certain
comparative amounts in the interim unaudited condensed
consolidated financial statements for the six months ended
October 31, 2010 have been reclassified to conform to the
current year presentation. These reclassifications
had no effect on previously reported operating expenses or
net loss. The
condensed consolidated balance sheet at April 30, 2011
has been derived from audited financial statements at that
date. It does not include, however, all of the information
and notes required by U.S. GAAP for complete financial
statements.
Going
Concern
Our
interim unaudited condensed consolidated financial statements
have been prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction
of liabilities in the normal course of
business. The financial statements do not include
any adjustments relating to the recoverability of the
recorded assets or the classification of liabilities that may
be necessary should it be determined that we are unable to
continue as a going concern.
At
October 31, 2011, we had $18,055,000 in cash and cash
equivalents. We have expended substantial funds on
the research, development and clinical trials of our product
candidates, and funding the operations of Avid. As
a result, we have historically experienced negative cash
flows from operations since our inception and we expect the
negative cash flows from operations to continue for the
foreseeable future. Our net losses incurred during
the past three fiscal years ended April 30, 2011, 2010 and
2009 amounted to $34,151,000, $14,494,000, and $16,524,000,
respectively. Unless and until we are able to
generate sufficient revenues from Avid’s contract
manufacturing services and/or from the sale and/or licensing
of our products under development, we expect such losses to
continue for the foreseeable future.
Therefore,
our ability to continue our clinical trials and development
efforts is highly dependent on the amount of cash and cash
equivalents on hand combined with our ability to raise
additional capital to support our future operations through
one or more methods, including but not limited to, issuing
additional equity or debt.
With
respect to financing our operations through the issuance of
equity, during the six months ended October 31, 2011, we
raised $16,235,000 in gross
proceeds. Subsequent to October 31, 2011 and
through December 9, 2011, we raised an additional $4,609,000
in gross proceeds. As of December 9,
2011, additional shares of our common stock for aggregate
gross proceeds of up to $50,868,000 remained available under
two effective shelf registration statements.
Although
we believe we can raise sufficient capital to meet our
obligations through fiscal year 2012, our ability to raise
additional capital in the equity markets is dependent on a
number of factors, including, but not limited to, the market
demand for our common stock. The market demand or
liquidity of our common stock is subject to a number of risks
and uncertainties, including but not limited to, negative
economic conditions, adverse market conditions, adverse
clinical trials results, and significant delays in one or
more clinical trials. If our ability to access the
capital markets becomes severely restricted, it could have a
negative impact on our business plans, including our clinical
trial programs and other research and development
activities. In addition, even if we are able to
raise additional capital, it may not be at a price or on
terms that are favorable to us.
We
may also raise additional capital through licensing or
partnering our products in development or increasing revenue
from our wholly-owned subsidiary, Avid. While we
will continue to explore these potential opportunities, there
can be no assurances that we will be successful in generating
additional revenue from Avid or under potential licensing or
partnering agreements to complete the research, development,
and clinical testing of our product candidates.
Based
on our current projections, which include projected revenues
under signed contracts with existing customers of Avid, and
assuming we do not generate any additional revenues or raise
any additional capital from the capital markets or other
potential sources, we believe we have sufficient cash on hand
combined with amounts expected to be received from Avid
customers to meet our obligations as they become due through
at least the remainder of our fiscal year
2012. There are a number of uncertainties
associated with our financial projections, including but not
limited to, termination of third party contracts, technical
challenges, the rate at which patients are enrolled into any
current or future clinical trials, any of which could reduce,
delay or accelerate our future projected cash inflows and
outflows. In addition, in the event our projected
cash-inflows are reduced or delayed we might not have
sufficient capital to operate our business through the
remainder of our fiscal year 2012 unless we raise additional
capital. The uncertainties surrounding our future
cash inflows have raised substantial doubt regarding our
ability to continue as a going concern.
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| X | ||||||||||
|
- Definition
The entire disclosure for the basis of presentation, or accounting, and significant accounting policies. No definition available.
|
|
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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Oct. 31, 2011
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| Significant Accounting Policies [Text Block] |
3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Adoption
of Recent Accounting Pronouncements
On
May 1, 2011, we elected to adopt on a prospective basis
Financial Accounting Standards Board’s
(“FASB”) Accounting Standards Update
(“ASU”) No. 2010-17, Revenue Recognition
(Topic 605): Milestone Method
of Revenue Recognition (“Milestone
Method”). Under the Milestone Method
contingent consideration received from the achievement of a
substantive milestone is recognized in its entirety in the
period in which the milestone is achieved, which we believe
is more consistent with the substance of our performance
under our various licensing agreements. A
milestone is defined as an event (i) that can only be
achieved based in whole or in part on either the
entity’s performance or on the occurrence of a specific
outcome resulting from the entity’s performance,
(ii) for which there is substantive uncertainty at the
date the arrangement is entered into that the event will be
achieved, and (iii) that would result in additional
payments being due to the entity. A milestone is
considered substantive when it meets all of the following
criteria: (i) the consideration earned from
the achievement of the milestone is commensurate with either
the entity’s performance to achieve the milestone or
the enhancement of the value of the delivered item(s) as a
result of a specific outcome resulting from the
entity’s performance to achieve the milestone, (ii) the
consideration relates solely to past performance, and (iii)
the consideration is reasonable relative to all of the other
deliverables and payments within the
arrangement. Our license agreements with Affitech
A/S provide for payments to us upon the achievement of
development milestones, such as the completion of clinical
trials or regulatory approval for drug
candidates. As of May 1, 2011, potential
future payments to us upon the achievement of all development
milestones totaled approximately $16.5 million under our
agreements with Affitech A/S. Given the challenges
inherent in developing and obtaining approval for
pharmaceutical products, there was substantial uncertainty
whether any such milestones would be achieved at the time
these licensing agreements were entered into. In
addition, we evaluated whether the development milestones met
the remaining criteria to be considered
substantive. As a result of our analysis, we
consider our development milestones to be substantive and,
accordingly, we expect to recognize as revenue these future
potential milestone payments as each milestone is
achieved. The election to adopt the Milestone
Method did not impact the accompanying interim unaudited
condensed consolidated financial
statements. However, this policy election may
result in revenue recognition patterns for future milestones
that are materially different from those recognized for
milestones received prior to adoption.
Milestone
payments received prior to May 1, 2011 from arrangements
where we have continuing performance obligations have been
deferred and are recognized as revenue on a straight-line
basis over the performance obligation period. We
will continue to recognize milestones payments received prior
to May 1, 2011 in this manner. As of
October 31, 2011, we have deferred revenue of $431,000
from milestone payments received prior to May 1, 2011
that we are recognizing on a straight-line basis through July
2013.
On
May 1, 2011, we elected to adopt on a prospective basis
FASB’s ASU No. 2009-13, Revenue Recognition (Topic
605): Multiple-Deliverable
Revenue Arrangements. ASU No. 2009-13
requires an entity to allocate arrangement consideration at
the inception of an arrangement to all of its deliverables
based on their relative selling prices. ASU
No. 2009-13 eliminates the use of the residual method of
allocation and requires the relative-selling-price method in
all circumstances in which an entity recognizes revenue for
an arrangement with multiple deliverables subject to
Accounting Standards Code 605-25. This guidance
became effective for revenue arrangements entered into or
materially modified as of May 1, 2011. The
adoption of ASU No. 2009-13 did not have a material
impact on the accompanying interim unaudited condensed
consolidated financial statements.
Pending
Adoption of Accounting Pronouncements
In
June 2011, the FASB issued ASU No. 2011-05,
Comprehensive Income (Topic 220): Presentation of
Comprehensive Income. In ASU
No. 2011-05, an entity has the option to present the
total of comprehensive income, the components of net income,
and the components of other comprehensive income either in a
single continuous statement of comprehensive income or in two
separate but consecutive statements. In both
choices, an entity is required to present each component of
net income along with total net income, each component of
other comprehensive income along with a total for other
comprehensive income, and a total amount for comprehensive
income. ASU No. 2011-05 eliminates the option
to present the components of other comprehensive income as
part of the statement of changes in stockholders’
equity. The amendments in ASU No. 2011-05 do
not change the items that must be reported in other
comprehensive income or when an item of other comprehensive
income must be reclassified to net income. The
amendments in ASU No. 2011-05 are effective for fiscal
years, and interim period within those years, beginning after
December 15, 2011. We do not expect the
adoption of ASU No. 2011-05 to have a material impact on
our consolidated financial statements.
Revenue
Recognition
We
currently derive revenue from two sources: (i)
contract manufacturing services provided by Avid, and (ii)
licensing revenues related to agreements associated with
Peregrine’s technologies under development.
We
recognize revenue in accordance with the authoritative
guidance for revenue recognition. We recognize
revenue when all of the following criteria are met: (i)
persuasive evidence of an arrangement exists, (ii) delivery
(or passage of title) has occurred or services have been
rendered, (iii) the seller’s price to the buyer is
fixed or determinable, and (iv) collectability is reasonably
assured. We also comply with the authoritative
guidance for revenue recognition regarding arrangements with
multiple deliverables.
Contract
Manufacturing Revenue
Revenue
associated with contract manufacturing services provided by
Avid is recognized once the service has been rendered and/or
upon shipment (or passage of title) of the product to the
customer. On occasion, we recognize revenue on a
“bill-and-hold” basis in accordance with the
authoritative guidance. Under
“bill-and-hold” arrangements, revenue is
recognized once the product is complete and ready for
shipment, title and risk of loss has passed to the customer,
management receives a written request from the customer for
“bill-and-hold” treatment, the product is
segregated from other inventory, and no further performance
obligations exist.
In
addition, we also follow the authoritative guidance when
reporting revenue as gross when we act as a principal versus
reporting revenue as net when we act as an
agent. For transactions in which we act as a
principal, have discretion to choose suppliers, bear credit
risk and perform a substantive part of the services, revenue
is recorded at the gross amount billed to a customer and
costs associated with these reimbursements are reflected as a
component of cost of sales for contract manufacturing
services.
Any
amounts received prior to satisfying our revenue recognition
criteria are recorded as deferred revenue in the accompanying
interim unaudited condensed consolidated financial
statements. We also record a provision for
estimated contract losses, if any, in the period in which
they are determined.
License
Revenue
Revenue
associated with licensing agreements primarily consists of
non-refundable upfront license fees, non-refundable annual
license fees and milestone
payments. Non-refundable upfront license fees
received under license agreements, whereby continued
performance or future obligations are considered
inconsequential to the relevant license technology, are
recognized as revenue upon delivery of the
technology. If a licensing agreement has multiple
elements, we analyze each element of our licensing agreements
and consider a variety of factors in determining the
appropriate method of revenue recognition of each
element.
Multiple Element
Arrangements. Prior to the adoption of ASU
No. 2009-13 on May 1, 2011, if a license agreement
has multiple element arrangements, we analyze and determine
whether the deliverables, which often include performance
obligations, can be separated or whether they must be
accounted for as a single unit of accounting in accordance
with the authoritative guidance. Under multiple
element arrangements, we recognize revenue for delivered
elements only when the delivered element has stand-alone
value and we have objective and reliable evidence of fair
value for each undelivered element. If the fair
value of any undelivered element included in a multiple
element arrangement cannot be objectively determined, the
arrangement would then be accounted for as a single unit of
accounting, and revenue is recognized over the estimated
period of when the performance obligation(s) are
performed.
In
addition, under certain circumstances, when there is
objective and reliable evidence of the fair value of the
undelivered items in an arrangement, but no such evidence for
the delivered items, we utilize the residual method to
allocate the consideration received under the
arrangement. Under the residual method, the amount
of consideration allocated to delivered items equals the
total arrangement consideration less the aggregate fair value
of the undelivered items, and revenue is recognized upon
delivery of the undelivered items based on the relative fair
value of the undelivered items. Amounts received
prior to satisfying the above revenue recognition criteria
are recorded as deferred revenue in the accompanying interim
unaudited condensed consolidated financial statements.
For
new licensing agreements or material modifications of
existing licensing agreements entered into after May 1,
2011, we follow the provisions of ASU No.
2009-13. If a licensing agreement includes
multiple elements, we identify which deliverables represent
separate units of accounting, and then determine how the
arrangement consideration should be allocated among the
separate units of accounting, which may require the use of
significant judgment.
If
a licensing agreement includes multiple elements, a delivered
item is considered a separate unit of accounting if both of
the following criteria are met:
Arrangement
consideration is allocated at the inception of the agreement
to all identified units of accounting based on their relative
selling price. The relative selling price for each
deliverable is determined using vendor specific objective
evidence (“VSOE”), of selling price or
third-party evidence of selling price if VSOE does not exist.
If neither VSOE nor third-party evidence of selling price
exists, the Company uses its best estimate of the selling
price for the deliverable. The amount of allocable
arrangement consideration is limited to amounts that are
fixed or determinable. The consideration received
is allocated among the separate units of accounting, and the
applicable revenue recognition criteria are applied to each
of the separate units. Changes in the allocation
of the sales price between delivered and undelivered elements
can impact revenue recognition but do not change the total
revenue recognized under any agreement.
Milestone
Payments. Prior to the adoption of ASU
No. 2010-17 on May 1, 2011, milestone payments were
recognized as revenue upon the achievement of the specified
milestone, provided that (i) the milestone event was
substantive in nature and the achievement of the milestone
was not reasonably assured at the inception of the agreement,
(ii) the fees were non-refundable, and (iii) there was no
continuing performance obligations associated with the
milestone payment. Any milestone payments received
prior to satisfying these revenue recognition criteria were
recorded as deferred revenue in the accompanying interim
unaudited condensed consolidated financial statements.
Effective
May 1, 2011, we adopted on a prospective basis the
Milestone Method under ASU No. 2010-17 for new licensing
agreements or material modifications of existing licensing
agreements entered into after May 1,
2011. Under the Milestone Method, we recognize
consideration that is contingent upon the achievement of a
milestone in its entirety as revenue in the period in which
the milestone is achieved only if the milestone is
substantive in its entirety. A milestone is
considered substantive when it meets all of the following
criteria:
A
milestone is defined as an event (i) that can only be
achieved based in whole or in part on either the
entity’s performance or on the occurrence of a specific
outcome resulting from the entity’s performance,
(ii) for which there is substantive uncertainty at the
date the arrangement is entered into that the event will be
achieved and (iii) that would result in additional
payments being due to the Company.
Other
Income
Other income for
the six months ended October 31, 2010 includes aggregate
one-time grants of $978,000 awarded to us under Section 48D
of the Internal Revenue Code as reimbursement for four
separate qualifying therapeutic discovery projects, which we
applied for under the Patient Protection and Affordable Care
Act of 2010.
Fair
Value Measurements
We
determine fair value measurements in accordance with the
authoritative guidance for fair value measurements and
disclosures for all assets and liabilities within the scope
of this guidance. This guidance clarifies the
definition of fair value for financial reporting, establishes
a framework for measuring fair value and requires additional
disclosures about the use of fair value
measurements. The guidance also clarifies its
application in a market that is not active and provides an
example to illustrate key considerations in determining the
fair value of a financial asset when the market for that
financial asset is not active. The guidance
prioritizes the inputs used in measuring fair value into the
following hierarchy:
As
of October 31, 2011, we do not have any Level 2 or Level 3
financial assets or liabilities and our cash and cash
equivalents are carried at fair value based on quoted market
prices for identical securities (Level 1 input).
Research
and Development
Research
and development costs are charged to expense when incurred in
accordance with the authoritative guidance for research and
development costs. Research and development
expenses primarily include (i) payroll and related costs
associated with research and development personnel, (ii)
costs related to clinical and preclinical testing of our
technologies under development, (iii) costs to develop and
manufacture the product candidates, including raw materials
and supplies, product testing, depreciation, and facility
related expenses, (iv) expenses for research services
provided by universities and contract laboratories, including
sponsored research funding, and (v) other research and
development expenses.
Accrued
Clinical Trial and Related Fees
We
accrue clinical trial and related fees based on work
performed in connection with advancing our clinical trials,
which relies on estimates and/or representations from
clinical research organizations (“CRO”),
hospitals, consultants, and other clinical trial related
vendors. We maintain regular communication with
our vendors, including our CRO vendors, and gauge the
reasonableness of estimates provided. However,
actual clinical trial costs may differ from estimated
clinical trial costs and are adjusted for in the period in
which they become known. There were no material
adjustments for a change in estimate to research and
development expenses in the accompanying interim unaudited
condensed consolidated statements of operations for the three
and six months ended October 31, 2011 and 2010.
Share-Based
Compensation
We
account for stock options and other share-based awards
granted under our equity compensation plans in accordance
with the authoritative guidance for share-based
compensation. The estimated fair value of
share-based payments to employees in exchange for services is
measured at the grant date, using a fair value based method,
and is recognized as expense on a straight-line basis over
the requisite service periods. Share-based
compensation expense recognized during the period is based on
the value of the portion of the share-based payment that is
ultimately expected to vest during the
period. Share-based compensation expense for a
share-based payment with a performance condition is
recognized on a straight-line basis over the requisite
service period when the achievement of the performance
condition is determined to be probable. If a
performance condition is not determined to be probable or is
not met, no share-based compensation is recognized and any
previously recognized compensation expense is
reversed.
In
addition, we periodically grant stock options and other
share-based awards to non-employee consultants, which we
account for in accordance with the authoritative guidance for
share-based compensation. The cost of non-employee
services received in exchange for share-based awards are
measured based on either the fair value of the consideration
received or the fair value of the share-based award issued,
whichever is more reliably measurable. In
addition, guidance requires share-based compensation related
to unvested options and awards issued to non-employees to be
recalculated at the end of each reporting period based upon
the fair market value on that date until the share-based
award has vested, and any adjustment to share-based
compensation resulting from the remeasurement is recognized
in the current period.
Total
share-based compensation expense for the three and six-month
periods ended October 31, 2011 and 2010 are included in the
accompanying interim unaudited condensed consolidated
statements of operations as follows:
As
of October 31, 2011, the total estimated unrecognized
compensation cost related to non-vested stock options was
$2,795,000. This cost is expected to be recognized
over a weighted average vesting period of 1.96 years based on
current assumptions.
Comprehensive
Loss
Comprehensive
loss is equal to net loss for all periods presented.
Basic
and Dilutive Net Loss Per Common Share
Basic
net loss per common share is computed by dividing our net
loss by the weighted average number of common shares
outstanding during the period excluding the dilutive effects
of stock options, unvested stock awards and warrants in
accordance with the authoritative
guidance. Diluted net loss per common share is
computed by dividing the net loss by the sum of the weighted
average number of common shares outstanding during the period
plus the potential dilutive effects of stock options,
unvested stock awards and warrants outstanding during the
period calculated in accordance with the treasury stock
method, but are excluded if their effect is
anti-dilutive. Because the impact of options,
awards and warrants are anti-dilutive during periods of net
loss, there was no difference between basic and diluted loss
per share amounts for the three and six months ended October
31, 2011 and 2010.
The
calculation of weighted average diluted shares outstanding
excludes the dilutive effect of outstanding stock options,
stock awards and warrants to purchase up to 2,693 and 29,459
shares of common stock for the three and six months ended
October 31, 2011, respectively, and 4,044 and 128,639
shares of common stock for the three and six months ended
October 31, 2010, respectively, since their impact are
anti-dilutive during periods of net loss.
The
calculation of weighted average diluted shares outstanding
also excludes weighted average outstanding stock options,
stock awards and warrants to purchase up to 6,146,976 and
5,789,399 shares of common stock for the three and six months
ended October 31, 2011, respectively, and 4,969,511 and
4,423,808 shares of common stock for the three and six months
ended October 31, 2010, respectively, as their exercise
prices were greater than the average market price of our
common stock during the respective periods, resulting in an
anti-dilutive effect.
Subsequent
to October 31, 2011 and through December 9, 2011, we issued
an aggregate of 4,150,616 shares of common stock (Note 8),
which are not included in the calculation of basic and
dilutive net loss per common share for the three and
six-month periods ended October 31, 2011.
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- Definition
The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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4. ACCOUNTS RECEIVABLE
|
6 Months Ended |
|---|---|
|
Oct. 31, 2011
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| Receivables, Policy [Policy Text Block] |
4. ACCOUNTS
RECEIVABLE
Accounts
receivable is recorded at the invoiced amount net of an
allowance for doubtful accounts, if
necessary. Trade and other receivables primarily
include amounts billed for contract manufacturing services
provided by Avid (“trade”
receivables). Government contract receivables
include amounts billed under a former contract with the
Transformational Medical Technologies (“TMT”) of
the U.S. Department of Defense’s Defense Threat
Reduction Agency, which expired on April 15, 2011.
These
receivables are evaluated to determine if any allowance for
doubtful accounts should be established at each reporting
date. Based on our analysis of our
receivables as of October 31, 2011 and April 30, 2011, we
determined an allowance for doubtful accounts of $19,000 and
$20,000, respectively, was necessary with respect to trade
and other receivables.
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- Definition
Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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5. PROPERTY
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Oct. 31, 2011
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| Property, Plant and Equipment Disclosure [Text Block] |
5. PROPERTY
Property,
net consists of the following at October 31, 2011 and April
30, 2011:
Depreciation
and amortization expense for three and six months ended
October 31, 2011 was $223,000 and $426,000, respectively, and
$157,000 and $295,000 for the three and six months ended
October 31, 2010, respectively.
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- Definition
The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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6. INVENTORIES
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Oct. 31, 2011
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| Inventory Disclosure [Text Block] |
6. INVENTORIES
Inventories
are stated at the lower of cost or market and primarily
include raw materials, direct labor and overhead costs
associated with our wholly-owned subsidiary, Avid.
Inventories
consist of the following at October 31, 2011 and April 30,
2011:
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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7. NOTE PAYABLE
|
6 Months Ended |
|---|---|
|
Oct. 31, 2011
|
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| Debt Disclosure [Text Block] |
7. NOTE
PAYABLE
On
December 9, 2008, we entered into a loan and security
agreement whereby we borrowed $5,000,000 (“Loan
Agreement”) from MidCap Financial LLC and BlueCrest
Capital Finance, L.P (collectively, the
“Lenders”).
As
of October 31, 2011, the outstanding principal balance under
the Loan Agreement was $333,000, bears interest at the thirty
(30) day LIBOR rate (set at a floor of 3%) plus 9% (12% from
inception to October 31, 2011), and is paid in thirty (30)
equal monthly principal payments through December
2011. On December 1, 2011, the Loan Agreement
balance was paid in full.
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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8. STOCKHOLDERS' EQUITY
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6 Months Ended | |||||||||||||||||||||||||
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Oct. 31, 2011
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| Stockholders' Equity Note Disclosure [Text Block] |
8. STOCKHOLDERS’
EQUITY
Our ability to continue
our clinical trials and development efforts is highly
dependent on the amount of cash and cash equivalents on hand
combined with our ability to raise additional capital to
support our future operations through one or more methods,
including but not limited to, issuing additional
equity.
On
December 29, 2010, we entered into an At Market Issuance
Sales Agreement (the “December 2010 AMI
Agreement”), with McNicoll, Lewis & Vlak LLC
(“MLV”), under which we may sell shares of our
common stock from time to time through MLV, as our agent for
the offer and sale of our shares of common stock, in an
aggregate amount not to exceed the amount that can be sold
under the Company’s registration statement on Form S-3
(File No. 333-171252) filed with the SEC on December 29,
2010, which amount as of October 31, 2011 was
$45,477,000. MLV may sell our shares of common
stock by any method permitted by law deemed to be an
“at the market” offering as defined in Rule 415
of the Securities Act, including without limitation sales
made directly on The NASDAQ Capital Market, on any other
existing trading market for the shares of common stock or to
or through a market maker.
During
the six months ended October 31, 2011, we sold 6,440,416
shares of our common stock at market prices for aggregate
gross proceeds of $9,295,000 under the December 2010 AMI
Agreement before deducting commissions and other issuance
costs of $260,000.
On
September 2, 2011, we entered into a placement agency
agreement with Roth Capital Partners, LLC (the
“Placement Agent”), pursuant to which the
Placement Agent agreed to arrange for the sale of up to
6,252,252 shares of our common stock in a registered direct
public offering (the “Offering”).
In
addition, on September 2, 2011, we entered into separate
subscription agreements with three institutional investors in
connection with the Offering, pursuant to which we agreed to
sell an aggregate of 6,252,252 shares of our common stock at
a purchase price of $1.11 per share for aggregate gross
proceeds, before deducting fees to the Placement Agent and
other estimated offering expenses payable by the Company, of
approximately $6,940,000. The net proceeds
received under the Offering, which closed on September 8,
2011, after deducting placement agent fees and other offering
expenses were approximately $6,415,000. The shares
of common stock sold in connection with the Offering were
issued pursuant to a prospectus supplement filed with the SEC
on September 2, 2011 to the Company’s registration
statement on Form S-3 (File No. 333-171252), which we filed
with the SEC on December 29, 2010 and became effective on
January 5, 2011.
As
of October 31, 2011, aggregate gross proceeds of up to
$55,477,000 remained available under two effective shelf
registration statements.
Subsequent
to October 31, 2011 and through December 9, 2011, we sold an
additional 4,150,616 shares of common stock at market prices
under the December 2010 AMI Agreement in exchange for
aggregate gross proceeds of $4,609,000. As of
December 9, 2011, aggregate gross proceeds of $50,868,000
remained available under our two effective shelf registration
statements.
As
of October 31, 2011, we reserved 17,315,210 additional shares
of our common stock which may be issued under our equity
compensation plans and outstanding warrant agreements,
excluding shares of common stock that could potentially be
issued under our current effective shelf registration
statements, as further described in the following
table:
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- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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9. EQUITY COMPENSATION PLANS
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Oct. 31, 2011
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| Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] |
9. EQUITY
COMPENSATION PLANS
Stock
Incentive Plans
On
October 20, 2011, our stockholders approved our 2011 Stock
Incentive Plan (“2011 Plan”) which allows for the
issuance of up to 3,500,000 shares of our common stock for
the granting of incentive stock options, nonqualified stock
options, restricted stock awards, performance shares and
other forms of share-based awards (collectively,
“Awards”). As of October 31, 2011,
3,500,000 shares of our common stock were available for
Awards under the 2011 Incentive Plan.
As
of October 31, 2011, we had an aggregate of 12,308,478 shares
of common stock reserved for issuance under all Stock
Incentive Plans, of which, 5,853,341 shares were subject to
outstanding options and 6,455,137 shares were available for
future grants of share-based awards.
The
following summarizes our stock option transaction activity
for the six months ended October 31, 2011:
The
following summarizes our restricted stock award transaction
activity for the six months ended October 31, 2011:
Employee
Stock Purchase Plan
We
have reserved a total of 5,000,000 shares of common stock to
be purchased under our 2010 Employee Stock Purchase Plan (the
“2010 ESPP”), of which 4,786,765 shares of common
stock remain available for purchase as of October 31,
2011. Under the 2010 ESPP, we will sell shares to
participants at a price equal to the lesser of 85% of the
fair market value of stock at the (i) beginning of a
six-month offering period or (ii) at the end of the six-month
offering period. The 2010 ESPP provides for two
six-month offering periods each year; the first offering
period will begin on the first trading day on or after each
November 1; the second offering period will begin on the
first trading day on or after each May 1. During
the six months ended October 31, 2011, 108,391 shares of
common stock were purchased under the 2010 ESPP at a weighted
average purchase price per share of $0.89.
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- Definition
Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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10. WARRANTS
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6 Months Ended |
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|
Oct. 31, 2011
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| Debt Instrument, Convertible, Type of Equity Security |
10. WARRANTS
As
of October 31, 2011, we had warrants outstanding to purchase
up to 219,967 shares of our common stock at an exercise price
of $1.48 per share with an expiration date of December 19,
2013. The aforementioned warrants were issued
during fiscal year 2009 in connection with the loan and
security agreement we entered into on December 9,
2008 (Note 7). There were no warrants granted
or exercised during the six months ended October 31,
2011.
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- Definition
Description of the type of equity security or securities into which conversion will be made (for example, common stock or preferred shares). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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11. SEGMENT REPORTING
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| Segment Reporting Disclosure [Text Block] |
11. SEGMENT
REPORTING
Our
business is organized into two reportable operating segments
and both operate in the U.S. Peregrine is engaged
in the research and development of monoclonal antibodies for
the treatment of cancer and viral infections. Avid
is engaged in providing contract manufacturing services for
Peregrine and outside customers on a fee-for-service
basis.
The
accounting policies of the operating segments are the same as
those described in Note 3. We evaluate the
performance of our contract manufacturing services segment
based on gross profit or loss from third-party
customers. However, our products in the research
and development segment are not evaluated based on gross
profit or loss, but rather based on scientific progress of
the technologies. As such, gross profit or loss is
only provided for our contract manufacturing services segment
in the below table. All revenues shown below are
derived from transactions with third-party customers.
Segment
information for the three and six-month periods is summarized
as follows:
Revenues
generated from our contract manufacturing services segment
were from the following customers:
Revenue
generated from our products in our research and development
segment was from the following sources:
______________
Our
long-lived assets consist of leasehold improvements,
laboratory equipment, and furniture, fixtures, office
equipment, and software and are net of accumulated
depreciation. Long-lived assets by segment consist
of the following:
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- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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12. LICENSING AGREEMENTS
|
6 Months Ended |
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|
Oct. 31, 2011
|
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| Revenue Recognition, Services, Licensing Fees [Policy Text Block] |
12. LICENSING
AGREEMENTS
During
July 2009, we entered into a patent assignment and sublicense
(collectively, the “Affitech Agreements”) with
Affitech A/S (“Affitech”) whereby we licensed
exclusive worldwide rights to develop and commercialize
certain products under our anti-VEGF intellectual property
portfolio, including the fully human antibody
AT001/r84. In consideration for the rights granted
under our anti-VEGF antibody technology platform, we received
non-refundable up-front license fees of
$250,000. In addition, we received aggregate
milestone payments of $1,000,000 associated with the delivery
of two preclinical development packages as defined in the
Affitech Agreements. We could also receive up to
$16,500,000 in future milestone payments based on the
achievement of all clinical and regulatory milestones for
initial product approval plus a royalty on net sales, as
defined in the Affitech Agreements. However, given
the challenges inherent in developing and obtaining approval
for pharmaceutical products, there was substantial
uncertainty whether any such future development milestones
included in the aggregate total of $16,500,000 would be
achieved at the time these licensing agreements were entered
into. In addition, we evaluated whether these
future development milestones met the remaining criteria to
be considered substantive. As a result of our analysis, we
consider our development milestones to be substantive and,
accordingly, we expect to recognize as revenue the future
potential milestone payments as each milestone is
achieved. In addition, in the event Affitech
enters into a sublicense agreement for the anti-VEGF
technology platform before the treatment of the first patient
in a Phase I study, we shall receive forty-five percent (45%)
of all payments received under any such sublicenses after
Affitech deducts fifty percent (50%) of its incurred
development costs under the program. Under
the Affitech Agreements, we also granted Affitech a research
license in the ocular field with an option to grant
sub-licenses in the ocular field. If Affitech
exercises this option to grant sub-licenses in the ocular
field, we would receive pre-defined up-front fees, milestone
payments, and a royalty on net sales. In
accordance with the authoritative guidance for revenue
recognition, the license includes multiple elements that are
not separable and, accordingly, are being accounted for as a
single unit of accounting. In addition, we
determined that our obligations would be up to a four year
period and therefore, we are recognizing the non-refundable
up-front license fees of $250,000 and the additional
$1,000,000 associated with other deliverables, as defined in
the Affitech Agreements, on a straight-line basis over a four
year period. However, we will continue to reassess
the length of our obligation period, and accordingly, our
estimated obligation period may change based on future
events. We recognized revenue under the Affitech
Agreements of $78,000 and $194,000 for the three and six
months ended October 31, 2011, respectively, and $78,000 and
$193,000 for the three and six months ended October 31, 2010,
respectively, which amounts are included in license revenue
in the accompanying interim unaudited condensed consolidated
financial statements. Amounts received prior to
satisfying our revenue recognition criteria are recorded as
deferred revenue in the accompanying interim unaudited
condensed consolidated financial statements.
During
September 2010, we entered into a binding term sheet with
Affitech to amend certain terms of the Affitech
Agreements. Under the binding term sheet,
Peregrine and Affitech amended certain terms of their
worldwide license agreements for Brazil, Russia and other
countries of the Commonwealth of Independent States (CIS) to
expedite the development of AT001/r84 for these
territories. Under the amended terms, Peregrine
agreed to forego its aforementioned sublicense fee equal to
forty-five percent (45%) of the payments received (after
Affitech deducts fifty percent (50%) of its incurred
development costs under the program) for the countries of
Brazil, Russia, and the CIS, provided Affitech has reinvested
such payments toward the further development of
AT001/r84. As of October 31, 2011, no amounts were
due from Affitech under the September 2010 binding term sheet
as the development costs Affitech has incurred as of October
31, 2011 (unaudited) has exceeded the proceeds Affitech has
received as of October 31, 2011 under its sublicense
agreement for the territory of Russia, which resulted in no
impact to the accompanying interim unaudited condensed
consolidated financial statements. In the event
Affitech enters into a licensing deal for AT001/r84 in a
major pharmaceutical market (defined as U.S., European Union,
Switzerland, United Kingdom and/or Japan), Affitech has
agreed to reimburse us the aforementioned sublicense fees we
agreed to forego that were applied to the AT001/r84 program
while Affitech will be eligible to be reimbursed for up to
50% of their development costs in Brazil, Russia and CIS
territories. The remaining terms of the Affitech
Agreements remain unchanged, including milestone and royalty
payments. To date, we have not received any
payments under this September 2010 binding term sheet.
During
May 2010, we entered into an assignment agreement and a
license agreement (collectively, the
“Agreements”) with an unrelated entity to develop
our Tumor Necrosis Therapy (“TNT”) technologies
in certain Asia-Pacific Economic Cooperation (APEC)
countries. Under the terms of the Agreements, we
licensed certain non-exclusive and exclusive rights and
assigned certain exclusive development and commercialization
rights under our TNT program in certain APEC countries.
We have retained exclusive rights to our TNT program in the
U.S., European Union countries, and other select countries
internationally. Under the terms of the Agreements,
aggregate fees in the amount of $500,000 are to be paid over
a period of two years plus annual maintenance fees ranging
from $100,000 to $250,000, as defined in the Agreements
beginning May 2011 through 15 years following the date of the
first commercial sale. In addition, we could also
receive low double digit royalties on net sales, as defined
in the Agreements. In accordance with the terms of the
Agreements, we are obligated to deliver certain purchased
patents, know-how and materials (the “Purchased
Assets”), and we are obligated to supply certain
quantities of research materials as defined in the
Agreements. In addition, we have also agreed to provide
certain manufacturing services, provided such manufacturing
services are requested by the unrelated entity within a
certain period of time and for certain agreed upon fees as
defined in the Agreements. We have determined that,
pursuant to the authoritative guidance for revenue
recognition for multiple element arrangements, there was
objective and reliable evidence of fair value of the
undelivered elements (manufacturing commitment services) in
the arrangement, but no such evidence of fair value for any
other element in the arrangement. Therefore, we utilize
the residual method to allocate the consideration received
under the arrangement. Under the residual method, the
amount of consideration allocated to all other elements in
the arrangement (delivered and undelivered) equals the total
arrangement consideration less the aggregate fair value of
the undelivered elements with stand-alone fair value
(manufacturing commitment services). To date, we have
allocated the total arrangement consideration to the
undelivered elements with stand-alone fair value
(manufacturing commitment services) since the fair value of
these undelivered elements exceeded the total consideration
received to date under the arrangement. As such, we
will recognize revenue associated with the Purchased Assets
and manufacturing commitment services we agreed to under the
Agreements upon delivery of these manufacturing services
based on the relative fair value of the services. To
date, we have not recognized any revenue associated with the
Purchased Assets and manufacturing commitment services we
agreed to under these Agreements. However, during the
quarter ended July 31, 2011, we received a non-refundable
annual maintenance fee of $100,000 in accordance with the
terms of the Agreements, which amount is included in license
revenue in the accompanying interim unaudited condensed
consolidated financial statements for the six months ended
October 31, 2011. Any amounts received prior to
satisfying our revenue recognition criteria are recorded as
deferred revenue in the accompanying interim unaudited
condensed consolidated financial statements.
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- Definition
Disclosure of accounting policy for revenue recognition for licensing fees, which is consideration paid to the entity (licensor) by another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, or trademark. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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13. COMMITMENTS AND CONTINGENCIES
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6 Months Ended |
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Oct. 31, 2011
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| Commitments and Contingencies Disclosure [Text Block] |
13. COMMITMENTS
AND CONTINGENCIES
From
time to time, we are involved in legal disputes arising in
the normal course of our business. We are not
presently subject to any material litigation or other dispute
nor, to management’s knowledge, is any litigation or
other proceeding threatened against us that collectively is
expected to have a material adverse effect on our
consolidated cash flows, financial condition or results of
operations.
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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