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Arch Therapeutics, Inc. (ARTH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, September 30, 2014

SEC Filings

ARTH Registration of Securities

Arch Therapeutics, Inc.

CIK: 1537561 Ticker: ARTH

Exhibit 99.1

 

Arch Therapeutics Announces Third Quarter 2014 Results

 


WELLESLEY, MA – August 6, 2014

— Arch Therapeutics, Inc. (OTCQB: ARTH) (“Arch” or the “Company”), a life sciences company and developer of the AC5 Surgical Hemostatic Device™, a novel product aimed at controlling bleeding and fluid loss in order to provide faster and safer surgical and interventional care, today announced financial results for the three and nine months ended June 30, 2014.

 

FINANCIAL RESULTS

 

Third Quarter ended June 30

 

Operating loss was approximately $1.1 million for the three months ended June 30, 2014, compared to an operating loss of approximately $500,000 for the three months ended June 30, 2013. There were no revenues for the three months ended June 30, 2014 or June 30, 2013.

 

General and administrative expenses were approximately $826,000 for the three months ended June 30, 2014, compared to approximately $451,000 for the three months ended June 30, 2013. This increase in general and administrative expenses was primarily a result of increased legal and accounting fees, investor relations expenses related to becoming a publicly traded company as well as increased compensation related expenses in connection with attracting and retaining key employees.

 

Research and development expenses were approximately $320,000 for the three months ended June 30, 2014, compared to approximately $44,000 for the three months ended June 30, 2013. This increase in research and development expenses was primarily a result of increased pre-clinical development, additional headcount and outside consultants.

 

For the three months ended June 30, 2014, Arch reported net income of approximately $411,000 compared to a net loss of approximately $514,000 for the three months ended June 30, 2013. The net income in 2014 was primarily the result of a non-cash accounting adjustment of the derivative liabilities to fair market value, in an amount of approximately $1.6 million, related to our outstanding warrants issued as part of our private placement financing that was completed in February 2014.

 

Nine months ended June 30

 

Operating loss was approximately $3.2 million for the nine months ended June 30, 2014, compared to an operating loss of approximately $800,000 for the nine months ended June 30, 2013. There were no revenues for the nine months ended June 30, 2014 or June 30, 2013.

 


The following information was filed by Arch Therapeutics, Inc. (ARTH) on Wednesday, August 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' (deficit) Equity
Consolidated Statements Of Changes In Stockholders' (deficit) Equity (parenthetical)
Consolidated Statements Of Operations
Annual License Maintenance Fee Commitments (detail)
Assumptions Used For Derivative Liability (detail)
Coldstream Financing
Coldstream Financing - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Convertible Notes Payable
Convertible Notes Payable - Additional Information (detail)
Description Of Business
Fair Value Measurements Using Significant Unobservable Inputs Level 3 (detail)
Income Taxes
Income Taxes (detail)
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Merger
Merger - Additional Information (detail)
Note Payable
Note Payable - Additional Information (detail)
Pre Merger Warrants
Pre Merger Warrants - Additional Information (detail)
Private Placement Financing
Private Placement Financing (tables)
Private Placement Financing - Additional Information (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Schedule Of Future Minimum Lease Payments Due (detail)
Stock Based Compensation Restricted Stock Award Activity (detail)
Stock Based Compensation Stock Option Activity (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Weighted Average Restricted Stock Award (detail)
Ticker: ARTH
CIK: 1537561
Form Type: 10-K Annual Report
Accession Number: 0001144204-14-073579
Submitted to the SEC: Fri Dec 12 2014 7:50:32 AM EST
Accepted by the SEC: Fri Dec 12 2014
Period: Tuesday, September 30, 2014
Industry: Surgical And Medical Instruments And Apparatus

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